Pi network - KYC is needed to use it!

[avikz]

I am sure a lot of altcoin people have heard this name - Pi Network. It is a mobile only cryptocurrency which can be mined only through mobile. I had downloaded their mobile app out of curiosity and by now I have few thousands of Pi token. Now, the Pi network is planning to move to their next phase where it will be listed to the market. But, miners will have to complete their KYC information before they can withdraw their mined tokens.

My only question to the community is that - are you guys comfortable to share your KYC details to a mobile only cryptocurrency? We have had few mobile only cryptos earlier as well but all of them failed miserably! What's you take on Pi network?

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[NeuroticFish]

What's you take on Pi network?

There were plenty of signals that Pi is "too good to be true" and it'll turn out to be, in a way or another, a scam.
I fear that KYC may be only the first step in making people earn nothing from the time they've spent acquiring those coins.

[DU18]

indeed some mobile-based cryptocurrency projects are very interesting if we look at every detail of the concepts they offer, and I remember some time ago there was also a project that offered cellular / sim card services by the Miracle Tele project, the first time running the tele project did not have supervision at all but after their sale was completed and their token was listed, the news that the tele project was indicated as a scam, so that the tele token price in the market finally weakened. If indeed the developer can offer a strong guarantee of security for the KYC data that we send, of course this is something that we should consider, but if there is no strong guarantee from them, I think it is better to leave the project because personal data is quite important.

[mnporter2001]

I am sure a lot of altcoin people have heard this name - Pi Network. It is a mobile only cryptocurrency which can be mined only through mobile. I had downloaded their mobile app out of curiosity and by now I have few thousands of Pi token. Now, the Pi network is planning to move to their next phase where it will be listed to the market. But, miners will have to complete their KYC information before they can withdraw their mined tokens.

My only question to the community is that - are you guys comfortable to share your KYC details to a mobile only cryptocurrency? We have had few mobile only cryptos earlier as well but all of them failed miserably! What's you take on Pi network?

Pi network will be like the previous coins, will also scam and never be able to thrive. It's really bad that a coin can grow a lot on PC but choose to be limited by mobile phones. While this theory didn't really work, projects would die in the same way.
They just draw out a lot of things to create a community and force us to do KYC. Previous projects have done the same thing and they misappropriated users' information instead of developing the project

[Harlot]

I don't know if this will help but based from what I have read the PI Network isn't purely ran in the mobile only as the PI Node itself is required to have some kind of software for the computers for them to be able to become a "Node" . I have read this under their Whitepaper:

There are four roles Pi users can play, as Pi miners. Namely:

Pioneer. A user of the Pi mobile app who is simply confirming that they are not a “robot” on a daily basis. This user validates their presence every time they sign in to the app. They can also open the app to request transactions (e.g. make a payment in Pi to another Pioneer)

Contributor. A user of the Pi mobile app who is contributing by providing a list of pioneers he or she knows and trusts. In aggregate, Pi contributors will build a global trust graph.

Ambassador. A user of the Pi mobile app who is introducing other users into Pi network.

Node. A user who is a pioneer, a contributor using the Pi mobile app, and is also running the Pi node software on their desktop or laptop computer. The Pi node software is the software that runs the core SCP algorithm, taking into account the trust graph information provided by the Contributors.

As for the KYC I think you need to do more research regarding on where they are situated in and how reputable their team is since there are really some jurisdictions that would make them ask for KYC which I think is the reason why they are doing right now. If you haven't seen any red flags yet then I think it is worth the try on giving your information to them.

[batang_bitcoin]

AFAIK that's more of a simulation mining and they're only making it look like that you're actually mining. And for the KYC, I'm not confident passing that if it's a requirement for you to mine. That's not just worth it IMHO.

I often hear about PI coins and many people promote it on Facebook and telegram groups, if asked to send important documents, it's better to stay away, because this coin hasn't entered the market yet and has no value, I'm not sure about their promise to enter the market,

They are active in several social media platforms and IIRC, there were some people that actively posted about them.

[Twinkledoe]

AFAIK that's more of a simulation mining and they're only making it look like that you're actually mining. And for the KYC, I'm not confident passing that if it's a requirement for you to mine. That's not just worth it IMHO.

I often hear about PI coins and many people promote it on Facebook and telegram groups, if asked to send important documents, it's better to stay away, because this coin hasn't entered the market yet and has no value, I'm not sure about their promise to enter the market,

They are active in several social media platforms and IIRC, there were some people that actively posted about them.

I have heard this project long time ago so now when they decided to list this coin, they are asking KYC from their clients? Why? If people mined their coins via their mobile, what's the use of KYC from their end? I really don't get the need to ask KYC here. This is very shady I guess. Does the team give valid reason why they are now asking KYC?

[20kevin20]

May be the Pi team required KYC because of the multitude of people mining the coin. So many mine with all their mobile so to reduce that team now required KYC

Or it's just the old "request KYC -> steal coins" strat a lot of platforms abused back when KYC was freshly introduced and nobody knew about it. If you request everyone a KYC all of a sudden, they will not expect it and so there will be a lot of people who would rather lose their mined coins than complete such stupid forms. Hence, all that money (considering it's a centralized coin as KYC is mandatory to withdraw) goes just straight into Pi founder's wallet. The other way around is just requesting KYC and selling the info later on. Personal information from a large database of users is quite expensive.

[Tallylat]

i think they request for kyc in order to fish out cheaters. but i think having to pass kyc before one can use a crypto/blockchain platform is contrary to the tenet of blockchain technology. identity of blockchain users should be concealed.

[CaVO32]

May be the Pi team required KYC because of the multitude of people mining the coin. So many mine with all their mobile so to reduce that team now required KYC

Or it's just the old "request KYC -> steal coins" strat a lot of platforms abused back when KYC was freshly introduced and nobody knew about it. If you request everyone a KYC all of a sudden, they will not expect it and so there will be a lot of people who would rather lose their mined coins than complete such stupid forms. Hence, all that money (considering it's a centralized coin as KYC is mandatory to withdraw) goes just straight into Pi founder's wallet. The other way around is just requesting KYC and selling the info later on. Personal information from a large database of users is quite expensive.

Either way, it is on the team's advantage about implementing this KYC. They should have informed this requirement at the start or in the early stages of their development, so people will have the chance to decide whether to continue or not. From their site, it is decentralized but don't know what kind of decentralization they are talking about here if they are now asking KYC? People use their phones to mine so even if they use 2  or 3 phones, still they are using different phones. This kind of move from the team will be the start of losing trust on this project.


Ref : https://minepi.com/

[examplens]

Pi Network. It is a mobile only cryptocurrency which can be mined only through mobile.

There is no mining or anything like that. It is just an application which counts some number and names it as a Pi coin. the only thing that needs to be done here is to run the application once a day, it is far from mining.

My only question to the community is that - are you guys comfortable to share your KYC details to a mobile only cryptocurrency? We have had few mobile only cryptos earlier as well but all of them failed miserably! What's you take on Pi network?

Pi network starters doing smart business here. They promise great new valuable coin, and a lot of people had in his wallet high number "mined" Pi coins. they were awakened to hope that one day they might be worth it $1 - $10 per coin. So if anyone submits KYC there, it is because of big promises from the team.

[In the silence]

I was asking questions from the community months ago and planning to buy more, turns out the team is still not revealing the product and usecase of the Pi coins. I am convinced that the viral marketer plays a huge part from the spreading of information of Pi through out social medias.

https://bitcointalk.org/index.php?topic=5273192

[sunilkumars]

I am sure a lot of altcoin people have heard this name - Pi Network. It is a mobile only cryptocurrency which can be mined only through mobile. I had downloaded their mobile app out of curiosity and by now I have few thousands of Pi token. Now, the Pi network is planning to move to their next phase where it will be listed to the market. But, miners will have to complete their KYC information before they can withdraw their mined tokens.

My only question to the community is that - are you guys comfortable to share your KYC details to a mobile only cryptocurrency? We have had few mobile only cryptos earlier as well but all of them failed miserably! What's you take on Pi network?

I think pi move on feature and finding the fruds then taking desition to apply to kyc it's best way to remove duplicate members i am also completed kyc already verified my pi kyc  my desition is kyc is needed this a bigg project

[rahmat86]

I hope team Pi network does mass KYC after the Pi network has value and has entered the exchange. so everyone feels safe sending their own documents or KYC to the team.
but I heard that 100,000 people have been randomly selected to do KYC through the Yoti application, hopefully there's no scam

[Adreman23]

No i am not comportable to share my identity if the reason of submitting kyc was unreasonable or shallow reason. I heard about Pi Network before and downloaded the app but uninstalled it because i realize nothing real mining happening inside the app. What i understand about crypto mining is, it is the process to verify the transactions then added it to blockchain public ledger. I dont know what kind of mining is that on Pi Network maybe better they labeled it as staking or whatever suitable terms but not mining IMO.

[Phoenix_PROG]

I am sure a lot of altcoin people have heard this name - Pi Network. It is a mobile only cryptocurrency which can be mined only through mobile. I had downloaded their mobile app out of curiosity and by now I have few thousands of Pi token. Now, the Pi network is planning to move to their next phase where it will be listed to the market. But, miners will have to complete their KYC information before they can withdraw their mined tokens.

My only question to the community is that - are you guys comfortable to share your KYC details to a mobile only cryptocurrency? We have had few mobile only cryptos earlier as well but all of them failed miserably! What's you take on Pi network?

Yes i am very familiar with Pi Network has the team or members of the team have spam this forum several times with newbie accounts talking and spreading words about Pi Network only, anyways now I heard they are planning to list on exchanges, I never expected any good strategy from the team already, KYC for miners is new, maybe they are trying to avoid multiple miners from same person?

[Phoenix_PROG]

I could remember when Electroneum (ETN) introduced their mobile miner through their application many start using more than one smartphone to mine, that's cheating, some even use Android emulator software on their PC to mine ETN and they are getting more coins in 24hrs than those using only on smartphones, using KYC seems like the only way to make this mobile mining stuff last longer because ETN have closed down their mobile mining app already

[noorman0]

I suggest not doing any KYC for this token. Think about their listing plans on the market. Are you sure they will be listed on the exchange? Which exchanges want to include this token with the non sense mining feature?
Moreover, there is no connection between KYC and mining activities. Identity is never required to mine any coins.

[maria1110]

So, for all this long time, Pi is not listed?

[JHORN]

I'd relax and wait patiently for Pi Network to list on exchange before trying to mine, they've waited for too long and no updates now they claim KYC will be needed to mine their tokens? Is the project now centralized? This project team aren't making any sense at all, mining with KYC is a big Red Flag for me, sorry I still don't trust this project