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Is PiNetwork a scam?

My sister showed me this project that claims it’s decentralised and you can mine their coin directly from your phone.

I visited their website which looks sketchy, I’m a freelance Brand Identity designer myself and a bad UI is a red flag for me. (For others, not used to how design works, compare [PiNetwork](https://minepi.com) to [Stellar](https://www.stellar.org), you’ll instantly understand what I mean) The app is no different.

They state everywhere they can that their founders are Stanford’s graduates. Like Everywhere! Website, video, app, whitepaper. That’s another big red flag for me. If you’re a valuable person, you don’t talk about your accomplishments, you let them talk for you.
And on their website they show only two people in their team, which is sketchy. Only two?

They have a whitepaper full of goals, but with 0 technical details. This is a huge red flag again.

But the biggest red flag is that the users mine something that isn’t listed on any exchange/website. It’s like the coin doesn’t exist anymore or ever existed.

Does anybody have any more info on this? How are they making money with this though?



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16 Comments

  1. [Check out this post before deciding on downloading](https://np.reddit.com/r/CryptoCurrency/comments/ltv9tk/bee_network_steals_data_even_when_the_app_isnt/?utm_source=share&utm_medium=ios_app&utm_name=iossmf)

    I personally recommend you do not download the app and stay away from all types of “mobile mining cryptos”.

    Also keep in mind the referral codes necessary to partake in those apps are not allowed in this sub and posting them will result in a permanent ban.

  2. It doesn’t really matter if it is a scam or not. Either way, you aren’t going to be able to make any money in it. Any investor would be mad to put there money in there. Who is going to chuck a dollar on a coin after finding out that their dollar is going to be spread between them and millions of others that didn’t contribute a dollar of their own? That “investment” literally guarantees a loss, so the only value it could hold would be money laundering or something.

    Chances are that the coin will never actually be made. The minute that Pi becomes a crypto, everything just falls apart, so they are better off just stringing people along on their hopes and dreams indefinitely, so they can keep bringing in that advertising revenue.

  3. I doubt many folks will take the time to read it, but this is the Pi Network white paper.

    https://www.picoinwallet.com/white-paper.html

    If anyone is interested in ACTUALLY learning what Pi is doing/ trying to do, this would be a really great place to start.

    It’s not a scam, it doesn’t steal data, yes the “pyramid-scheme-ish” style of marketing is off-putting, but they have 13+ million people signed up around the globe. So obviously it’s working so far.( Americans are currently the largest group not keen about the project, interestingly enough )

    It’s based on the Stellar consensus protocol.

    The testnet blockchain can be viewed here

    https://pi-blockchain.net/

    If you would like to know more, or get an opinion from someone that knows a thing or two about crypto,
    Wes Spencer has a few YouTube videos on it and he takes a fairly balanced stance on the project. He clearly outlines what he likes and dislikes about Pi.

    Will it ever amount to anything? Who knows.
    Does it cost me anything? No.
    Could it be worth something? Yes.
    Zero risk, possibility of even some reward. Sounds good to me.

  4. I don’t know if it’s a scam or not. What I do know is they just launched their blockchain testnet and node operators are testing transactions. There are some red flags like you mentioned but I’m not sure where the scam is.

  5. Not sure if a scam, but the design really is poor and makes it feel like very little effort is being put into it, as it is a product trying to get public adoption.
    However isn’t Pi basically just doing a premine through beta and calling it mining?

  6. It’s not a scam. They’re trying to increase the userbase and spread the coins.

    This is all so that when they eventually try to get funding they can go to the VCs and say ” this many people have our app and our coins!”. Money please!

    It’s highly doubtful it’ll get anywhere though.

  7. The fact that the app is on the App Store is a good indicator that it’s legitimate, and it does seem to have a lot of people working on the project. On the flip side, there are many people around here who think the whole thing is phony bologna so who knows? I will confess that I have the app and mine on a spare phone from time to time. 😐

  8. I was super skeptical until I saw [this](https://youtu.be/PekumsFGWuc). It changed my mind. It’s a 45 minute video, but if you are seriously contemplating downloading the app, it’s worth your time.

    Essentially, right now it’s just a “social network” to see if there is enough interest in it. I think they are trying to build their user base for when the coin/crypto actually launches.

    Right now it is in phase 2 (of 3) and trying to build momentum until it becomes a coin/crypto in late 2021 or early 2022.

    The coins literally have NO VALUE NOW. You can “mine” them and if/when it actually become a coin/crypto, they will hold value. Really all “mining” them is is just checking your phone once a day and clicking “mine”.
    You can literally delete, force stop, log out, etc. of the app and you will still be able to “mine” the coins daily.

    With that said, I would wager to guess the value will be something like $0.0025 per coin at first launch. If you watch any other cryptos, they will eventually grow to at least $0.25 if not more.

    Please feel free to ask me any more questions and I will be willing to answer them as best I can. However, the YouTube link I sent answers almost everything.

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