[Newbies] Scam coins and scam exchanges with wash tradings. Avoid them!

[tranthidung]

I guess you knew about Pi coin which is not a cryptocurrency at all. It lacks of so many specifications to be considered as a cryptocurrency, not yet considering about centralized or decentralized network.

Recent days, it has been listed on exchanges but let's see what exchanges listed this superb shit coin.

• Pi Network (Coinmarketcap)
• Huobi: https://www.huobi.com/en-us/exchange/pi_usdt
• Biconomy: https://www.biconomy.com/exchange?coin=PI_USDT
• XT: https://www.xt.com/trade/pi_usdt

With these pumps and dumps for this superb shit coin especially on Biconomy and Huobi exchanges, my message (also warning !) for you are

• Do neither invest in nor trade Pi Network
• Consider to stop using these exchanges.
• Why?
  
  • They have wash trades and you will lose money if you can not control your greed.
  • Their exchanges can collapse anytime by wash trades and manipulations. FTX exchange is a case study which is still hot for you to learn.
  • Exchanges like Huobi already has many investigations about their operations. Do your own research, you will find more investigation about them
• Many exchanges continue to engage in wash trading
• BitWise Asset Management

Exchanges are very scam. Please remember it and be very careful when you want to use any exchange.

• Reminder: do not keep your money in online accounts
• Reminder for crypto newbies, traders. Be cautious with new exchanges
• Beware of "Pay original fine" - a scam method

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[AbuBhakar]

Exchange is using the popularity of this scam coin to scam there user legally by providing IOU tokens to hype the current Pi token that is not tradeable. I’m sure thise user that buying this IOU tokens are those users that holding the real Pi and just hype to buy more on exchange along with the wash trading given by XT and Huobi that obviously coordinates this pump and dump scheme.

It's only funny that even the Pi network team doesn't have any idea on what’s really happening. Huobi is just using a scam token to milk on the money from those greedy traders that believes on his scam project. 

[tranthidung]

Huobi is just using a scam token to milk on the money from those greedy traders that believes on his scam project.  

I am not attacking Huobi exchange personally but for me (at least for me), if I am trading on Huobi with my account, I would definitely stop it and abandon my account as well as that exchange. After this terrible scam and the pump, dump, wash trade on Huobi, I find no other reason to use this one.

For you, for others, you guys make your conclusions but please do it as soon as possible. Don't make decision too late and get rekted like millions of people got on FTX exchange.

FTX exchange is an exchange with wash trading too. Again, do your own research about FTX wash trades.

It's only funny that even the Pi network team doesn't have any idea on what’s really happening.

Does Pi network actually have a blockchain network? 

[Renampun]

what's going on here, last week I just saw someone selling his PI tokens for $0.25/token and earlier this PI token made a new ATH which is ridiculous.

Hello sir,there's no guarantee this will turn out to be amazing. i have 600 pi balance. the hype of the community makes it festive.for the last 2 years. although not yet listed in any market. and still in the form of offline P2p for those who want, and know the risks of transactions like this.

I have sold it sir for $0.25/ token. as many as 700 tokens. thank you for your offer. maybe another time I will contact you. currently i have nft and doge network token in addition to pi network.

newbies who are just investing in crypto should stay away from tokens with Pump an Dump schemes like this.

It's only funny that even the Pi network team doesn't have any idea on what’s really happening.

Does Pi network actually have a blockchain network? 

from what I can see, PI Network has its own blockchain - https://minepi.com/blockexplorer/ - even they have app to mine PI tokens/day.

[nakamura12]

A good aim which is to notify or bring awareness to mewbies about such scheme to scam people by using a product that newbies might say that it is a Crypto as you have said. Well, we can't blame them as scammers are everywhere in my point of view and newbies are the ones who are easy enough or within their reach to make them fall for it. Honestly, I haven't seen or noticed post or a thread warning people about such schemes and I am glad for this even though I am being cautious but still appreciate you doing this especially for newbies. I think they have their own blockchain but still I would consider it as a non-crypto since it is a pump and dump scheme in the first place. Good luck and good job.

[ajiz138]

We can infer from the Coinmaketcap price data that it is not the same among the exchanges that are listing Pi tokens, we can judge that this is clearly a manipulation that is blatantly obvious.

I’m sure thise user that buying this IOU tokens are those users that holding the real Pi and just hype to buy more on exchange along with the wash trading given by XT and Huobi that obviously coordinates this pump and dump scheme.

What about the fate of the Pi token community that mines from their phones? While the application has been downloaded more than 50 million and how many tokens have been generated over the past few years?
It is clear that in my opinion the mainnet will not be the same later as the coins that have been traded and for those communities who mine from mobile phones maybe it will only be used by Pi developers who are even more popular.

I have no interest in Pi tokens at all, and always remind those close to me who believe too much in Pi to be aware of this token scam.

[Adbitco]

I have been seeing the wave of the Pi network all over but have not really given it attention about what they are but just of few days hearing their listing was like a shock to me. Why would a reason user or reputable member of this forum trade on huobi and XT, and this Biconomy seems new to me i have not heard about them before.

Below is the warning message from cmc

There have been reports questioning the legitimacy of Pi Network. Please note that mainnet has not launched yet and the price displayed below for certain exchanges reflect the value of the IOUs and it may not be transferable across exchanges. Read more here and DYOR.

Newbie really need to avoid this scam.



From twitter page no listing has been done yet

[Alone055]

No verdicts about the token since it hasn't hit the real markets yet, but the listings are fake and Pi Network has itself announced this on their website and social channels:



This is nothing more than a mere scam attempt and a lot of people will probably fall for it, unfortunately.

[AbuBhakar]

I am not attacking Huobi exchange personally but for me (at least for me), if I am trading on Huobi with my account, I would definitely stop it and abandon my account as well as that exchange. After this terrible scam and the pump, dump, wash trade on Huobi, I find no other reason to use this one.

I think everyone is shock since Huobi is considered as one of the top exchange due to its volume but offering an IOU for this questionable token without owner permission is really shady. The price doesn’t stop pumping despite all warnings for this token being not the real Pi network. Huobi and other exchange that coordinated this listing is injecting too much funds to pump the price and later on dump once retail Fomo buy. I believe there’s still few retail buyers purchasing this token which is why the price keeps surging as part of there wash trading.

I bet the price dump to 0.000000x$ will happened for a quick time once this exchange take profit.

Does Pi network actually have a blockchain network? 

They are claiming that they are close mainnet to cover their fancy blockchain. This project exist for many years yet they don’t have any clear achievement aside from wasting energy from the mobile cpu mining scheme.