Pi is a cryptocurrency that users can mine for free on their mobiles without draining its battery, in contradiction with Bitcoin& Dogecoin, the mining of which requires advanced computers, multiple screens & 24/7 electricity.
But mind you, Pi is not yet a listed cryptocurrency, implying that users can’t sell it for real money and hence, hold 0 value. The founders of Pi Network twice have pushed the cryptocurrency’s listing from 2018 to 2019 and now, they have ‘promised’ users that Pi will be listed on major exchanges by 2022.
Despite the major drawback of the Pi not holding any value, the Pi Network has blown up with 33 million worldwide users!
The Pi app allows you to mine Pi at a faster rate if you invite more people to download the app and sign up using your referral code. Does this entire thing sound familiar?
Yes, it’s a pyramid scheme.
To add to the shadiness of this cryptocurrency project, The founder of the network, Dr. Nicolas Kokkalis, doesn’t mention such a massive project anywhere on his Linkedin. The official Instagram account is unverified, possibly because it did not satisfy Instagram’s verification requirements.
Now, you may think that what is wrong in experimenting with Pi Network, when it’s completely free and doesn’t require any investment?! Well, Pi Network does take something else, which may be more valuable to you: your time and data! While your phone mines for you, it does take away your personal data.
Moreover, the Pi founder claims that they are able to achieve mobile mining by using a tech different from Bitcoin. Great! But, where’s the open-source code for the project? There is no proof to testify that such tech is being actually implemented
To put an end to it, if you feel it’s worth trading your time and effort for a shady crypto project that may or may not fruitify in the near future, then go for it. But don’t forget, there’s nothing like a free lunch!