Pi Coin | A decentralized economy or another form of MLM scheme?

[DVlog]

People have already talked about this coin countless times in these forums. Some thought it is a scam project and remove it from their phone. For those of you who haven't heard about the pi coin before let me give you a quick introduction:

pi coin is a form of cryptocurrency that can be mined through a smartphone. A user just needs to install the app into their phone a start mining. They claimed to be a DAO which was maintained and secured by the community. They have a community of 33millions of users worldwide.

Recently they announced their main net launch and mined pi is being transferred to their mainnet slowly. What amazed me is people are accepting pi as a form of payment. There were countless attempts to use BTC as a form of payment in store for purchases of goods which weren't very successful. But I got information that in Vietnam and some regions of china many restaurants, and shopping malls are accepting pi as payments. There is a huge P2P transaction is going on all over the internet for pi because of its demands. It seems totally hype to me but what is going on right now tells me one thing and that is Pi is not a scam.



Some downside of Pi, in my opinion, is you can only use Pi through your smartphone and you need to pass KYC to use your mined Pi.

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[Z-tight]

There were countless attempts to use BTC as a form of payment in store for purchases of goods which weren't very successful. But I got information that in Vietnam and some regions of china many restaurants, and shopping malls are accepting pi as payments.

If bitcoin as a form of payment is unsuccessful anywhere in the world, it is because the people there don't understand it, or they do not want to use it for reasons best known to them, your post sounded like Bitcoin failed as a medium of exchange, which isn't possible because that is one of its usefulness. I do not know why some restaurants and shopping malls accept Pi in Vietnam, maybe it is a way to encourage more people to join the Pi mining fever, or they think it is going to be the next bitcoin.

It seems totally hype to me but what is going on right now tells me one thing and that is Pi is not a scam.

If a coin becomes worthless like Luna, it doesn't make it a scam, but the outcome is the same with a scam coin, people's money being lost.

[Uang_kartal]

you gave a topic that is quite viral in my country. Maybe the DAO type is one of the few tokens that has ever appeared and gave a sensation. I used to follow this. But unfortunately recovery doesn't support via forgotten email. And the affordable one might be via sms but roaming this didn't work.
especially from the market you provide maybe in every country there is a coordinator. like everything is structured. I am in a neutral line maybe if you have connections with people from that pi coin. you can give news updates on your tread

[so98nn]

Its definitely scam and do you know why? Well in my country there is huge craze for this coin but to get it you have to install a software on your phone which mines pi coin in the background. The problem started coming up when there was breach in the personal data over pi network and guess what was leaking? Well KYC documents in the open market.

Peeps were so dumb they still use this mining on their phone in the hope that they will able to spend like this.

All this is driven with the force of “together” stimulation and nothing more. I couldn’t believe its still working.

The question is for how long?

[Apocollapse]

You need to take a look with this thread first, this project has been exposed since 2 years ago PI network! A huge trap[Warning!]

It's a MLM scheme since the main purpose is to referral as much as you can to get more people joined this project, if you can't get new people, you wouldn't get a lot share. You're also need to know this project is lack of many information and cell phone mining is obviously never profitable due to low performance. I saw someone video if mining this coin using cell phone is quite fast, it's impossible.

[DVlog]

You need to take a look with this thread first, this project has been exposed since 2 years ago PI network! A huge trap[Warning!]

It's a MLM scheme since the main purpose is to referral as much as you can to get more people joined this project, if you can't get new people, you wouldn't get a lot share. You're also need to know this project is lack of many information and cell phone mining is obviously never profitable due to low performance. I saw someone video if mining this coin using cell phone is quite fast, it's impossible.

Some people don't care if it's an MLM scheme or not. Till now I know people are selling their PI coins through P2P transactions in the open market. That means some people made money out of it. In long term, anything can be turned into a scam.

If bitcoin as a form of payment is unsuccessful anywhere in the world, it is because the people there don't understand it, or they do not want to use it for reasons best known to them, your post sounded like Bitcoin failed as a medium of exchange, which isn't possible because that is one of its usefulness. I do not know why some restaurants and shopping malls accept Pi in Vietnam, maybe it is a way to encourage more people to join the Pi mining fever, or they think it is going to be the next bitcoin.

You know what when BTC came into public many called it a scam like many people saying about PI. I am not comparing pi with BTC nor I do care if PI becomes a successful project or not in long term. My attention is on what they are doing right now. In the current situation, I can see people are using it as a medium of payment. If people accept it then it has some value.

[avikz]

Pi coin is clearly a scam business without any future potential. Please understand one simple thing, you don't require any specialized hardwares for mining this coin, you can do it right from your phone. So it means this coin is available for free of cost, there is no production cost to it. Why do you think it will have a value?? People will just use their smartphones to mine!

Secondly, you need to be KYC compliant before you can withdraw this coin. This way the owners are gathering millions of KYC data from its miners. Who knows, these data will someday available in the black market!

Avoid this at all cost!

[hd49728]

People have already talked about this coin countless times in these forums. Some thought it is a scam project and remove it from their phone.

It's scam. It's not a blockchain-based currency.

A user just needs to install the app into their phone a start mining.

You missed a point. They claimed that people can mine Pi coin even they don't connect to Internet or when their phone is off. What?

Only it is enough to be a very clear signal of scam. More signals of scam, you can find. Rumor is recently people can use Pi coin as a payment  method, that is not true. It's only a half of story and more likely a scam marketing.

[gabbie2010]

The developers of Pi coin has not reveal it roadmap and when it's going to be listed in any exchange, it hype has been all over in my country, my colleagues mined and locked up their Pi coin in a bid to get more coins after some years, some of them are even speculating that it price will be $3000 per 1 Pi coin, well I knew a lot them don't understand how crypto works thus they are carried away by all sort of Advertisement relating to the coin especially from China where they alleged that some stores had started accepting Pi coin and some car dealers too accept Pi coin, however whether it's real or MLM in no distant future everything regarding to it will be unveiled.

[StormHawk]

Mining coins on phone have been a scam since 2017 I heard, the last real project that used this strategy was Electronuem and they cancel the mining in a few months, Pi network has nothing to offer compared to Electroneum, fools are those still mining Pi or storing it.

[Morningstarr]

One thing is mandatory in almost everyone's reply and that is the Pi Token craze is present in every country, same is the case in my country too, especially social media platforms, in almost every post you will find a comment like where someone compared pi with Bitcoin and there will be a referral link at the end of the post. Well when I came to know about it, I thought why would anyone pay for something that only takes one click and costs nothing? Then I found a crypto-related group on Facebook in which they explained that it is just a Scam, it has no blockchain and no fixed supply. At that time, these two things were enough for me to understand.

[Leviathan.007]

This discussion is pretty much and people also saw my topic here: https://bitcointalk.org/index.php?topic=5237735 where I said everything about them, I see many people are saying PI is legit because they are old while this cannot prove anything or they say PI is legit because they won't ask for money from the users and the people who start mine while they ask for kyc which is more important than asking for money, they can use the personal documents for any lousy purpose they want asl asking for the personal documents itself can show us they are not really decentralized because these two are against each other.

[ryzaadit]

Scam no doubt! ~XD

It's also quite famous on my country ~XD but the targeting scam is a user with don't have knowledge about cryptocurrency. Like usual, the person/they targeting user with zero knowledge for crypto (Old and other).

If you ask here, we almost know this type scheme.

[popeye95]

Yeah, most bitcointalk-er agree this Pi coin is a scam and very popular in our own countries for people that know nothing about crypto. Explain why Pi coin never had a strong front over bitcointalk because everyone here would see its scam miles away.

[X-ray]

It's just another scam coin. So many people in my countries were also mining this stupid scam coin used their old android phone. Those people have been mined since a a few years ago lol. I don't even know who so many people still being mined this obvious scam coin.
I guess if that was just another trick from the developer of this scam coin. People being fooled for years. lol

[icalical]

This is definitely is a pyramid scheme, the Pi coin itself does not have utility. And their claim of use of Pi coin in some area are mostly a hoax, and some people even make up a ridiculous value of Pi up to $314k. And if you just heard about this coin, actually Pi has been around for few years now, their developer promise big exchange listing like Binance, Bittrex, etc, and even a big tech company adoption since day 1 but it never happened. Even Coinmarketcap put flag on Pi coin.

[Minecache]

Some downside of Pi, in my opinion, is you can only use Pi through your smartphone and you need to pass KYC to use your mined Pi.

Another major downside is that, since its release date, this PI coin has not been listed on any exchange, it is worse than a shitcoin listed on a DEX.

Its definitely scam and do you know why? Well in my country there is huge craze for this coin but to get it you have to install a software on your phone which mines pi coin in the background. The problem started coming up when there was breach in the personal data over pi network and guess what was leaking? Well KYC documents in the open market.

Peeps were so dumb they still use this mining on their phone in the hope that they will able to spend like this.

All this is driven with the force of “together” stimulation and nothing more. I couldn’t believe its still working.

The question is for how long?

It seems like it's becoming a craze in every country, not just my own country, it's terrible. People have easily installed crypto mining app on their phone and provide KYC directly for that app, too dangerous for sensitive and private information stored on phone. It is an MLM program for user information purposes, hopefully phone carriers will soon issue warnings to users.

[CryptoATM]

If truly this Pi Network exists another person needs to take over and start building, until that time I don't want to have anything to do with this project, I mean, if people are so crazy about this Pi coin why cant they take chances with small projects that may be successful tomorrow? ..like

Illuvium, Bitget, Altura, UFO gaming, Star Atlas, Gods Unchained, HoT, and many others?

[masterrex]

Honestly speaking, I was one of those early users who install it at first, but later on, I also removed and uninstalled the app because I'm doubting if it works, for me because it's like an MLM scheme to me, MLM gives me a headache before so I never join on any MLM type of business anymore, but base on many available reports that in some parts of Asia PI coin is already accepted as payment, particularly in Vietnam so I guess PI has some sort of truth after all but still I don't want to use this coin or even mine it. 

[DevFile90]

After a very long term delay they decided to introduce a KYC verification system that's when I knew that this project is up to no good, there are just too many good projects in this space to care about now than this Pi Coin, total waste of your time.