There are hundreds of messages 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 the. Start earning cryptocurrencies today with our free, low-power mobile app. PI Network is one of the newest digital currencies attracting the attention of cryptocurrency investors.
Pi coin, or PI, is the cryptocurrency that runs on the Pi network, and like other cryptocurrencies such as bitcoin, it was designed to undergo regular "halving" to protect its scarcity. To be honest, I wouldn't blame them for not providing support, it's a free product with millions of users so providing only community support would make sense. Nowadays, you can mine (or acquire) Pi by helping to raise the money and developing Pi's trust in the organisation. Just one more thing, the example of the OneCoin scam executive touting his past experiences at McKinsey, comparing them to those of the Pi Network founders, seemed a bit off to me.
Compared to other digital currency launches, experts predict that the Pi cryptocurrency will have a lower value against the US dollar. Pi achieves this by using a different type of consensus algorithm on its blockchain instead of the widely known and energetically exhaustive Proof of Work (PoW). Pi Network is a digital currency project that aims to keep cryptocurrency mining accessible, as the centralisation of first-generation currencies such as bitcoin has put them out of reach of everyday users. While I think his article is quite expository and, to a large extent, presents a solid argument against Pi and its founders, I don't think he should use his article just to dash the hopes of the common man like me.
However, Pi Network cannot technically be described as a pyramid scheme, as no money has changed hands yet. PI holders will be able to convert PI into "real money" when they buy goods and services in the PI market or exchange PI for fiat currency. And they are also trying to create a shortage of Pi coins by following the mechanism of halving the fee after reaching the specified level of users of the Pi application. According to Pi's roadmap, they plan to introduce a know-your-customer (KYC) solution, expand developer resources, more applications and community content, along with the launch of the core network.
During the current second phase of the project, users can volunteer to test the Pi Node desktop software on their computer. As with other digital currencies at launch, the value of the PI cryptocurrency is likely to start at a relatively low level against the US dollar and rise as its use grows. Under the SCP framework, PI nodes form security circles, or clusters, of three to five trusted individuals known to each of the network's users. This further confirms that their understanding of the pi network, its objectives and how it will create value is incorrect.