SudipM (OP)
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August 20, 2021, 05:56:34 AM |
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A lot of Indians are curious about Pi Cryptocurrency. Especially those who are new to the crypto world. The most asked question is "Is it another fraud?" Here is my reasoning for Pi as legit crypto. https://www.blognox.com/pi-cryptocurrency/Is it acceptable? Your views, please.
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avikz
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Pi coin is bound to fail. It doesn't have any utilities and people can mine it from mobile. It doesn't require anything special to get into Pi network. So as per the rule of economics, it would not have any value because it is so easy to get your hands onto it.
Look at bitcoin and it's price chart since inception. The harder it becomes to mine bitcoin, the pricier it has become, coupled with other factors.
I am personally sitting on few thousand Pi tokens which can't be transferred and now the team is planning to do kyc validation for all. So seriously I don't see any future for Pi token.
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SudipM (OP)
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August 24, 2021, 12:51:30 PM |
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Thanks for sharing your point of view. Check this quora thread - https://qr.ae/pGW5lWIt says, Pi does not allow any one to have have multiple accounts. Pi wants to remove out the multiple and bots accounts. For this purpose Pi is doing KYC (Know your customer). Since multiple accounts and bots account cannot be verified by KYC, these accounts and their Pi will be burnout, is clearly mentioned by the core team of Pi.
But this will take time. Since only 100000 slots are available for KYC verification in a month, legitimacy of more than 13 M users will also take time. This burning is only possible after the verification of all legitimate users. Core team is developing different techniques for KYC verification. Are all these a part of a hoax? Or it sounds fake as it is path-breakingly easy?
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amishmanish
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August 25, 2021, 05:47:11 AM |
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Pi does not allow any one to have have multiple accounts. Pi wants to remove out the multiple and bots accounts. For this purpose Pi is doing KYC (Know your customer). Since multiple accounts and bots account cannot be verified by KYC, these accounts and their Pi will be burnout, is clearly mentioned by the core team of Pi.
But this will take time. Since only 100000 slots are available for KYC verification in a month, legitimacy of more than 13 M users will also take time. This burning is only possible after the verification of all legitimate users. Core team is developing different techniques for KYC verification. Are all these a part of a hoax? Or it sounds fake as it is path-breakingly easy? If millions of users are willing to provide their personal information to get KYC'd on a mobile platform, which is what Pi really is. I don't know why they keep holding this pretense of a blockchain. If all those users get KYC'd, then that by itself grants value to the owners of that data. Keep in mind that its not the millions of so-called "pioneers" who own that data. I think it is all just a privacy risk for a few worthless tokens. There are plenty of other opportunities in the crypto space where you can earn money by doing legit work rather than clicking on a link everyday and doing "mining" and adding your friends and relatives onto a mobile application. If there was any doubt in your mind that all this app intends to do is to enrichen its owners with the network effect of having thousands of gullible indian on board, it now has targeted ads when the app launches.
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pakhitheboss
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August 25, 2021, 07:13:55 AM |
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A lot of Indians are curious about Pi Cryptocurrency. Especially those who are new to the crypto world. The most asked question is "Is it another fraud?" Here is my reasoning for Pi as legit crypto. https://www.blognox.com/pi-cryptocurrency/Is it acceptable? Your views, please. I had never heard about this project until today. I am not sure what technology or product will be driving the demand for this coin. When half of India still believe that Bitcoin is either a Ponzi scheme or a get rich quick scheme, In such a scenario, you are selling a coin that does not have any utilization, how do they plan to sustain it for the long run? My opinion is that it is another short term coin trying to capitalize on the present market condition until they can and then bye bye users.
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avikz
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August 25, 2021, 10:59:56 AM |
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Thanks for sharing your point of view. Check this quora thread - https://qr.ae/pGW5lWIt says, Pi does not allow any one to have have multiple accounts. Pi wants to remove out the multiple and bots accounts. For this purpose Pi is doing KYC (Know your customer). Since multiple accounts and bots account cannot be verified by KYC, these accounts and their Pi will be burnout, is clearly mentioned by the core team of Pi.
But this will take time. Since only 100000 slots are available for KYC verification in a month, legitimacy of more than 13 M users will also take time. This burning is only possible after the verification of all legitimate users. Core team is developing different techniques for KYC verification. Are all these a part of a hoax? Or it sounds fake as it is path-breakingly easy? Lol! That's a very normal excuse for any company who are willing to gather kyc information from random people. Then those kyc data appears for sale in dark web. Personally I think pi token will be a big failure because it's super easy to earn. Free things don't have value. Think a simple things, why would anyone spend money on buying a token which can be right from their mobile phone at ze4o expense. Doesn't make sense, right? I personally would not go for KYC verification with them even though I have few thousands of it.
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Lordshiva
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Welcome back 🙏
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August 25, 2021, 11:03:28 AM |
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Pi coin is bound to fail. It doesn't have any utilities and people can mine it from mobile. It doesn't require anything special to get into Pi network. So as per the rule of economics, it would not have any value because it is so easy to get your hands onto it.
Look at bitcoin and it's price chart since inception. The harder it becomes to mine bitcoin, the pricier it has become, coupled with other factors.
I am personally sitting on few thousand Pi tokens which can't be transferred and now the team is planning to do kyc validation for all. So seriously I don't see any future for Pi token.
I agree with you with this fact as the thing is which is so easier to get cannot have any real good value. Yes may be it may come in exchanges after some time but even then it will not have any good value and it is surely bound to fail.
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teosanru
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A lot of Indians are curious about Pi Cryptocurrency. Especially those who are new to the crypto world. The most asked question is "Is it another fraud?" Here is my reasoning for Pi as legit crypto. https://www.blognox.com/pi-cryptocurrency/Is it acceptable? Your views, please. You have to be a complete crypto rookie to think Pi is successful, a currency which had pretty much the similar idea and concept was Electroneum which came in 2017, it got a lot of steam initially but later people realised that mining it using your hardware isn't that profitable and the lock in period sucks the most, imagine doing sheer hardwork of mining it for 4 years and at the end of it you don't even have an exchange where it is listed. Also the biggest problem with such coin is the utility, only because people are mining it doesn't makes it a good coin, what's the utility of all the coins that get mined? You have to be crypto rookie to think that an altcoin can beat bitcoin, you have more than 11000 listed Cryptos.
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pawanjain
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August 27, 2021, 03:29:25 PM |
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A lot of Indians are curious about Pi Cryptocurrency. Especially those who are new to the crypto world. The most asked question is "Is it another fraud?" Here is my reasoning for Pi as legit crypto. https://www.blognox.com/pi-cryptocurrency/Is it acceptable? Your views, please. I had never heard about this project until today. I am not sure what technology or product will be driving the demand for this coin. When half of India still believe that Bitcoin is either a Ponzi scheme or a get rich quick scheme, In such a scenario, you are selling a coin that does not have any utilization, how do they plan to sustain it for the long run? My opinion is that it is another short term coin trying to capitalize on the present market condition until they can and then bye bye users. You are right on point here. Cryptocurrency is gaining traction yet many people in India think it will lead to a scam. Indians are still hesitant when investing in cryptocurrencies and so investing in a token which is good for nothing is far from the league. Besides that, even Poly network faced the biggest hack recently how can we trust Pi network to be so secure. For the time being, Pi network is surely going down the drain unless it has a vision, utility and a working product.
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teosanru
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August 27, 2021, 05:38:55 PM |
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A lot of Indians are curious about Pi Cryptocurrency. Especially those who are new to the crypto world. The most asked question is "Is it another fraud?" Here is my reasoning for Pi as legit crypto. https://www.blognox.com/pi-cryptocurrency/Is it acceptable? Your views, please. I had never heard about this project until today. I am not sure what technology or product will be driving the demand for this coin. When half of India still believe that Bitcoin is either a Ponzi scheme or a get rich quick scheme, In such a scenario, you are selling a coin that does not have any utilization, how do they plan to sustain it for the long run? My opinion is that it is another short term coin trying to capitalize on the present market condition until they can and then bye bye users. You are right on point here. Cryptocurrency is gaining traction yet many people in India think it will lead to a scam. Indians are still hesitant when investing in cryptocurrencies and so investing in a token which is good for nothing is far from the league. Besides that, even Poly network faced the biggest hack recently how can we trust Pi network to be so secure. For the time being, Pi network is surely going down the drain unless it has a vision, utility and a working product. Actually, that is not the case, I have been in touch with some newbie crypto investors, and to my surprise they are quite interested in these new projects, they think these coins can beat bitcoin/ Ether because they are told so. Actually, these companies hold seminars in cities inviting people to showcase their coin, they say that they are here to make all of you millionaires, they give a few negative points about the bitcoin fees and transaction times and then show that how their project is a better alternative than investing in BTC/ Ether, and people are giving their hard-earned money to these people, I went to the seminar and even met people who have invested ₹5 lakhs in these projects.
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amishmanish
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August 28, 2021, 04:56:26 AM |
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--snip-- Actually, these companies hold seminars in cities inviting people to showcase their coin, they say that they are here to make all of you millionaires, they give a few negative points about the bitcoin fees and transaction times and then show that how their project is a better alternative than investing in BTC/ Ether, and people are giving their hard-earned money to these people, I went to the seminar and even met people who have invested ₹5 lakhs in these projects.
This has become such a sure shot way of fleecing investors in India. There are probably just less than 50 of us here in the forum who are interested in telling people that they shouldn't be giving up their money to random coins. Very unfortunate that people are still falling for the same tricks that the promoters of MLM schemes and fake coins used 4 years ago in small towns and cities. This time around though there are quite a few profitable entities like WazirX and other platforms that should have an interest in not letting people give money to scammers. There can be advertisement campaigns to make people aware of these ponzi promoters and telling people to not rely on word of mouth for crypto investments. This can lead to people being defrauded and cryptocurrencies getting a bad name unnecessarily. Could you share where did you notice these seminars taking place?
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TechyB
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August 28, 2021, 04:29:03 PM |
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This looks interesting, will give it a go and keep an eye on it on this website.
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teosanru
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--snip-- Actually, these companies hold seminars in cities inviting people to showcase their coin, they say that they are here to make all of you millionaires, they give a few negative points about the bitcoin fees and transaction times and then show that how their project is a better alternative than investing in BTC/ Ether, and people are giving their hard-earned money to these people, I went to the seminar and even met people who have invested ₹5 lakhs in these projects.
This has become such a sure shot way of fleecing investors in India. There are probably just less than 50 of us here in the forum who are interested in telling people that they shouldn't be giving up their money to random coins. Very unfortunate that people are still falling for the same tricks that the promoters of MLM schemes and fake coins used 4 years ago in small towns and cities. This time around though there are quite a few profitable entities like WazirX and other platforms that should have an interest in not letting people give money to scammers. There can be advertisement campaigns to make people aware of these ponzi promoters and telling people to not rely on word of mouth for crypto investments. This can lead to people being defrauded and cryptocurrencies getting a bad name unnecessarily. Could you share where did you notice these seminars taking place? In almost every city of Northern India, the problem is that people think that this person doesn't want us to earn money which is why he is not letting us invest in these coins. One such token is this token, their developers are from Mohali or Chandigarh, they issue locked tokens to the buyers and have luckily got their project listed on shitty exchanges like BuyUcoin and Probit where they show fake volumes and make users believe that their coin is going to the moon soon. They have a referral system where if you buy coins using referral of other person he gets 9% reward or something like that, and this chain goes on and on and on, if you have a look here https://etherscan.io/token/0x6a4c76874e686a7d080d173987a35a9c48905583#balances not very recently the devs had 86% of the total supply and still top 3 holders have almost 83% of the total supply.
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SudipM (OP)
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Thanks for this discussion folks.
My takeaway - 1. Most probably Pi will provide no value as it's extremely easy to gain. 2. Providing KYC for crypto defeats its own purpose. 3. There are a lot of better alternatives, why go for Pi?
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amishmanish
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August 31, 2021, 04:41:27 PM |
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In almost every city of Northern India, the problem is that people think that this person doesn't want us to earn money which is why he is not letting us invest in these coins.
Indian scammers have become experts in this kind of reverse Psy-ops. The website didn't load and I did not try too much. It is one of the examples where people are getting scammed because of the greed of high returns. I looked at the telegram with its invoices of payments. There were even pictures of people buying lakhs of tokens while posing with their kids and the sellers. It does seem that the people who are selling these have their identities out in the open. The contract is simply a basic ICO contract on Ethereum. There are videos of people dancing to "balle balle" tunes in auditoriums hoping that they will get back 60 months worth of payments. "Bitconnnnnnect" vibes. At least the people involved are not anonymous so if the people lose money, it'll just be a bunch of fools being parted from their money, who will then know who to blame.
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deadley
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September 14, 2021, 09:10:09 AM |
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A lot of Indians are curious about Pi Cryptocurrency. Especially those who are new to the crypto world. The most asked question is "Is it another fraud?" Here is my reasoning for Pi as legit crypto. https://www.blognox.com/pi-cryptocurrency/Is it acceptable? Your views, please. No one curious except you or some who think they will become rich by clicking daily...
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