is the pi application a fake?

The app does not provide any utility to its users beyond functionality such as in-app messaging. There are hundreds of posts online saying that the pi network cannot be a scam because users do not put any money into it. Users' time and data are valuable to them and they spend it on the app. Pi Network claims that users can mine the currency through the mobile app without draining their phone's battery.

This project clearly has an emphasis on recruiting new members. There is no proof that it is on the blockchain because the developers are not open about the technical details of the project. The people behind this project profit from your data. There is no evidence of blockchain in this project.

It's not going to explode, because of the sheer number of pi coins in circulation and with no supply limit, you're going to need millions of pi coins for a single dollar. The consensus algorithm they use is the Stellar Consensus Protocol (SCP) which was designed by David Mazieres, a professor of Computer Science at Stanford University, as stated in the Pi Network white paper. They monetise their data through in-app advertising, which is unusual for a so-called blockchain project. No, you don't need to spend a penny at first for a limited time, if you have a smartphone you can mine from your phone for free, simply by downloading the official Pi app from the play store.

Basically since the pi coin right now is not a cryptocurrency, it is like a score in an online video game, if developers want to turn it into a decentralised cryptocurrency, they are going to have to develop a new cryptocurrency, call it pi coin, generate millions of wallets and distribute them to users, delete the current pi coins they have and send the exact amount of new pi coins PRE-MINED to their wallets. Becoming a Contributor allows you to earn more Pi by building a security circle of 3-5 trusted members. This is just my personal opinion and if you decide to go for it I will be grateful if you use my code to join. The amount of data collected by Pi Network can be very valuable for the founders of the project if they sell it to a third party.

As a result, Pi has the potential to have more impact in the future when massive populations of people are involved. However, Pi Network cannot technically be described as a pyramid scheme, as no money has changed hands yet. To achieve that goal, Pi incentivises its early members to make contributions to ensure its success (e.g. today you can mine (or earn) Pi by helping to protect the currency and increase Pi's network of trust).

Although there are doubts about the legitimacy of the Pi network programme, some clues would lead one to believe that it is legitimate. As Pi cannot yet be traded, it is currently worthless, said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown.

Nelda Ledee
Nelda Ledee

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