You’re probably here to find out if Pi Network is a legit way to make money, am I right?
You might have heard about it from someone else, or you discovered it on social media. In any case, I understand why you are interested in the Pi Network.
If you want to make money with cryptocurrencies, Pi Network claims you can do so for free by installing an app on your phone. Who wouldn’t want something like that? I’m sure I do.
But, as cool as it sounds, I’m sure you’ll agree that it’s all too good to be true. In fact, you may have already heard people calling Pi Network a scam.
So, in this review, we’ll go over what Pi Network is all about and whether or not you can actually make money with this opportunity.
Table of Contents
What is Pi Network?
Pi Network is a mobile application where you can mine a cryptocurrency called Pi. All you have to do is log-in everyday and click a button.
The app’s users get nothing but basic features like in-app messaging. Most users hope to one day exchange their virtual coins for real money.
You can recruit more users to the platform using your Pi Network invitation code. Inviting more people gives you more daily digital currency.
No wonder so many people share their invitation codes on social media. The more invites you get, the more Pi coin you have.
The app will also serves as the holder’s wallet for the Pi coins.
How Does Pi Network Work
First, download the Pi Network app in the play or app store. Next, register with your phone number or Facebook account. Then, start mining.
Take note. You can’t register without a referral code. Just like an MLM, you need an upline (someone who invited you to join the business).
Aside from mining Pi every 24 hours and in-app messaging, the Pi Network ecosystem has no other features. Because they claim the Pi has been mined before, your application is not running any consensus algorithms or protocols.
Every tenfold increase in Pi users reduces the number of “mined” Pi by half. Experts say that in addition to the risk of losing personal data, miners or let’s say members, will soon be forced to top up this application.
Like most crypto MLM does, you might see the same familiar pattern: scam.
Pi Network Coin Worth or Value
Pi Network’s coin value is zero at the moment. However, people behind this project promised Pi holders can spend or exchange their Pi for fiat currency on the Pi marketplace.
As of this date, the marketplace was not released yet.
Using the app is as simple as clicking to receive Pi every 24 hours. It’s difficult to see how this action could be valuable.
While Pi Network encourages developers to build apps on the platform, it does little for users. With enough supply and no use of Pi, the value of Pi will always be zero.
You can’t withdraw your Pi coins yet because they aren’t traded on any exchanges.
Can You Make Money With Pi Network?
Pi Network mining is currently unprofitable. You can’t sell the Pi coin, buy anything with it, or use it to pay for services.
But if you want to hoard Pi tokens today in the hope that one day Pi will be valuable, then go ahead. Remember that Pi may never have real economic or financial value.
There is a risk that all your efforts and time invested in Pi today will be in vain.
Red Flags About this Project
Is Pi Network a fraud? Isn’t it a pyramid or a Ponzi? Uncovering the project’s red flags will tell us.
Relies on Recruitment of New Members
This project, like most MLMs and pyramid schemes, requires a recruiter before joining. It’s ironic that a blockchain project has an upline since the technology is decentralized.
I believe OneCoin, one of the biggest cryptocurrency scams, also needs a recruiter.
A blockchain runs real coins or tokens. Sadly, I couldn’t find any proof that the Pi coin, which members already mine, is blockchain-based.
Chances are the Pi coins were created out of thin air: stored in a centralized database and distributed thru the app.
Collection of User Data
Apart from KYC, Pi Network collects a lot of data about your phone.Data collection is absurd because mining Pi requires almost none of the above rights.
Furthermore, the project clearly violates an important criterion of Blockchain technology: anonymity. The amount of data collected by Pi Network can be very valuable to the project founders if they sell it to a third party.
Lack of Transparency
Despite emphasizing the founders’ qualifications, Pi Network’s White Paper provides no technical information and only describes their project’s intentions. We have no idea if Blockchain exists.
Pi Network Makes Money from Ads
Pi Network is still worthless due to the lack of clarity surrounding the project, but the founders have started making money by running ads on app launches.
I guess they are making a significant amount of money considering the amount of data they collected. So the project provides no value to you, instead, you provide value to them.
Sure. You can turn off the ads. But, the setting is enabled by default.
Is Pi Network Legit or Scam?
Pi Network is a scam. This project clearly emphasizes new member recruitment. This isn’t how blockchain works. There’s no proof it’s on the blockchain because the developers aren’t open about the project’s technical details.
While no money is involved, people gave their data to developers to monetize thru in-app advertising or worse, selling to third parties.
For newbies to blockchain, crypto wallets don’t show ads to their users. Neither KYC is required to use the app (unless it’s an exchange wallet). Having a KYC-verified audience would increase advertising revenue.
Pi is a worthless cryptocurrency designed to collect user data. Your data may be used for malicious purposes over which you have no control. If you don’t care about your personal data and don’t mind the time-consuming use of Pi Network, go for it.
Consider how Pi Network uses you and other members to promote its platform for free. Even if you say you get Pi every day using the app, Pi still wins.
Pi Network is a scam. Its Pi coin is worthless. It’s a pyramid scheme. The people behind this projected profit from your data. No evidence of blockchain in this project.
You get nothing but basic features like in-app messaging. Most users hope to one day exchange their virtual coins for real money.
This project started sometime in 2019, however, there wasn’t any blockchain released yet. Pi Network’s marketing emphasizes the academic credentials of its founders. But, I was unable to find any successful blockchain projects created by these founders.
It is clear that the app benefits the founders. They monetize your data through in-app advertising, which is unusual for a purported blockchain project.
Avoid Pi Network because it’s a scam.
Better invest in real cryptocurrency projects. You can create your account in Binance.com (affiliate link) and find legitimate coins or tokens (NOT A FINANCIAL ADVICE). It’s not free, so invest only what you can afford to lose.
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