Did you know that according to various online source a whopping 50 million people have decided to try their luck with Pi Network, hoping to mine cryptocurrency right from their phones?
I was blown away by how easily influenced people are on the promise of easy money.
Anyway, you’re probably here because you’re curious about whether joining Pi Network, especially after its mainnet launch, is a wise choice.
Like many others, you might be facing confusion and skepticism, pondering if this platform is genuinely a path to crypto wealth or just another internet fad.
This article aims to shed light on the real deal behind Pi Network. By the end, you’ll have a clearer understanding of why engaging with Pi Network post-mainnet might not be as promising as it seems.
What is Pi Network?
For those of you who don’t know, Pi Network is an app that’s supposed to make it super easy for anyone to get into mining digital money from their smartphone..
Well, let me keep it real with you, it’s not all perfect.
It started in 2019 by a Stanford professor with big ideas back in 2019 by (that helped the narrative a lot.. you know, Stanford professor backs a crypto… Duh… Must be good.. Let’s jump in..), saying you could mine crypto on your phone with just a daily tap.
Sounds too good, doesn’t it?
Well, there’s a catch. Even though a lot of people are into it, Pi hasn’t made it onto any big-time exchange yet.
And those high values people talk about? They’re just guessing. They’re really just hoping on a possibility.
Why Pi Network is A Scam
Now that I got that out of the way, let me tell you why you should stay away from this scam token.
1. Lack of Tangible Value
Jumping on the Pi Network might seem like a good idea, but let’s think about what it’s really worth.
Honestly, if you can’t swap Pi coins for real money or use them for anything useful, then what’s the point?
You’re collecting these coins, but for what? It’s like having a bunch of stickers but nowhere to put them.
Even after the mainnet will start, nothing will change. If you can’t trade or spend your Pi, it’s pretty much just pointless digital stuff.
2. Promises of Easy Money
You’ve probably heard people say, ‘If it seems too good to be true, it usually is.’ Well, that fits perfectly with Pi Network’s promises of easy money.
Let’s be honest; any plan that talks about getting rich without much work should make you think twice.
Pi Network makes it sound like you can make money by just clicking on your phone every day.
Doesn’t that sound a bit off?
It’s like they’re telling you, ‘Just hit a button and watch the cash come in.’ But really, when has making real money ever been that simple?
It seems like they’re just trying to keep you interested with the hope of money that’s probably not going to come.
Don’t be fooled. Getting to real financial independence takes more than just hopeful clicks.
3. Privacy Concerns
While Pi Network might seem like an easy way to make money, there’s a side to it that worries me: how it handles your privacy.
Imagine giving away your personal information every time you use the app, not sure where it’s going.
They claim they don’t sell your data, but is that something we can take at face value?
It feels like you’re stepping into unknown territory. When you’re mining Pi, it feels like you could also be the one being mined.
It makes you wonder why an app would need so much of your information if they weren’t planning to make money from it.
Don’t get distracted by the shiny surface. Your privacy matters a lot, and to me, Pi Network doesn’t seem to treat it with the care it deserves.
I suggest checking this article by AiMultiple to better understand what kind of data Pi App collects and what permissions you are handling to them by accepting their TOS.
4. Multi-Level Marketing (MLM) Structure
To be honest, Pi Network really gives off those warning vibes with its whole setup. It feels a lot like those other setups you’ve heard about where they promise you easy money, but there’s a catch: it’s all about getting more people to join.
It’s pretty much like those pyramid schemes where you end up annoying your friends and family, trying to get them to join in – only now its digital and it has to do with crypto (hot topic cryptos nowadays).
They really push on getting more people to sign up, which makes you question if there’s anything real about it.
5. Long Development Time
Waiting for a long time, it looks like the Pi Network has been moving really slow, leaving us all wondering if they’re ever going to pull it together. It feels like a never-ending race with no finish line in sight.
They’ve been talking about this new kind of cryptocurrency since 2019, and what do we have? More waiting.
Now, they’re saying the big launch, the Open Mainnet, is going to happen sometime between March and June 2024. That’s years after everyone first got excited about it.
It’s like they’re trying to keep us on the edge of our seats for a movie that’s never going to show.
If you’re looking for something new in the world of crypto, the Pi Network’s constant delays might be a sign to start looking somewhere else.
6. Limited Functionality
It’s really something to think about, why after four years, people with Pi can’t really do much with it.
It’s pretty strange.
You’re there, using your phone to “mine”, hoping for big things, but end up stuck. Even with all the excitement about starting the mainnet, the truth is there’s not much going on.
You can’t buy or sell, you can’t use it for anything, and honestly, it’s hard to know what you can actually do with your Pi coins besides just watching them sit there.
It feels like you were promised a big meal but ended up with nothing on your plate.
7. Revenue Generation
It’s pretty obvious that there’s a lot of buzz around Pi Network, but it leaves a lot of people scratching their heads about what to do with the Pi they’ve mined.
What’s really interesting is how the platform makes money from ads. It makes you think:
- Who’s actually making money here?
- Looks like it’s the platform, earning from ads.
- Not the users, who are left wondering what’s going on.
It seems like a classic switcheroo, making you think you’re onto something big when, in fact, you’re just helping them make more money.
The wait to list Pi? That just seems like a way to make even more money from ads before everything’s revealed.
8. Limited Documentation
Pi Network doesn’t give out much detailed information, and this might make you question how open they really are.
You’re looking for freedom with cryptocurrencies, aren’t you? But here’s the deal:
- Transparency? It’s more like trying to see through mist.
- Looking for the details? Other projects show you everything. Pi, not so much.
- Cheap talk. They talk a big game, but without the documents to prove it, it feels empty.
You’re smart enough to notice when things don’t add up. A project that talks about freedom but doesn’t share much information? That doesn’t make sense.
9. Slow Feature Rollout
If you’re waiting for new stuff from Pi Network, you might find it’s moving pretty slow. This isn’t great for their image. After all, most of us like things to happen quickly, especially when it comes to new tech.
Having to wait a long time for them to sort out simple things like verifying user’s identities? That just doesn’t look good. It seems like they’re way behind when everyone else in the crypto space is moving fast.
10. Authority Investigations
It’s really annoying to see how slow Pi Network is with updating its features. But what’s even more concerning is that they’re being looked into by authorities in Vietnam.
If you’re hoping to find freedom in the crypto space, Pi Network’s current troubles should make you think twice.
11. Enclosed Mainnet
Honestly, it seems a bit off that the mainnet for Pi Network is all hidden away behind firewalls, stopping anyone from seeing what’s really happening inside.
It makes you think, why the secrecy?
If they’re really changing the game with crypto, wouldn’t they want to show what they’re doing?
Being open is really important in the crypto world, and this move seems like they’re not willing to share. It comes across as if they’re telling us to just trust them without giving any reason.
That’s not how trust is built. You should know what you’re getting into, especially with something as risky and unpredictable as cryptocurrency. Keeping their mainnet closed off like this? It doesn’t sit right.
12. Unproven Technology
So, there’s a lot of talk about Pi Network and its technology, but honestly, it hasn’t proven itself yet. It makes sense to have doubts.
Claims That Haven’t Been Proven:
- Mining Algorithm: They talk about this ‘Proof of Time’ thing, but there’s no real proof it does what they say.
- Stellar Consensus Protocol (SCP): They say it’s good because it doesn’t use much energy, but some people worry it might lead to too much control in a few hands.
Here’s the deal: Jumping into Pi Network without any solid evidence or success stories is like taking a shot in the dark. You’re not just putting in your money, but also your time and space on your phone or computer.
And for what? For a currency that hasn’t shown it’s worth anything in the real world yet? You deserve something better.
13. Unsubstantiated Growth Claims
You might want to think twice about Pi Network’s claims of fast growth. It’s hard to find real proof.
They talk a lot about how many people are joining, but where’s the real evidence? How many are active every day?
It feels like they’re trying to sell you something without showing you what it really is. If you’re looking for a new way to handle your money, don’t get too excited about big numbers that mightn’t be real.
The truth might be that their claims of a huge number of users and growth aren’t as solid as they say.
Without real evidence, it’s just talk. So, it’s probably smarter to wait until they can actually show you something real before you get involved.
14. Not Listed on Exchanges
It’s easy to get excited about how many people are using Pi Network, but we can’t overlook the fact that its coins aren’t available to buy or sell on any trading platforms yet.
For me, this is a big warning sign. Why this matters, you may ask?
- No way to sell easily: If there are no exchanges, it’s like you’re holding onto something worthless.
- Uncertain value: We won’t really know what Pi coins are worth until they can be traded openly.
This situation should make anyone think twice before jumping in, especially if you’re looking for a reliable crypto investment.
It’s smarter to focus on projects that are more open and have a presence in the market. Don’t let the lure of easy gains make you lose sight of what’s important.
15. Why anyone would build dapps on it?
Honestly, it’s kind of hard to understand why a developer would choose Pi Network for their apps when there are so many other options out there.
You have Ethereum, Solana, Binance Smart Chain and a bunch of others, which are all solid choices that have been around for a while. Going for Pi Network is like choosing a rickety boat when you could have a fancy yacht.
The technology hasn’t been proven yet, there’s hardly any community around it, and there are some serious questions about whether it’s legit.
Sure, trying new things is cool, and being the first to do something has its appeal, but why put your great idea at risk with something that’s not stable?
It’s better to go where the real action is and leave Pi Network to figure itself out, without risking what you’ve worked so hard on.
16. Pump and Dump Potential
With the big launch of Pi Network’s main system, you should be careful because it looks a lot like a typical ‘pump and dump‘ situation.
Here’s what you need to know:
Lots of Buzz and Doubts
- Lots of talk on social media: It’s easy to get swept up.
- Taking a while to get on trading platforms: Doesn’t that make you wonder?
How ‘Pump and Dump’ Works
- Prices start off really high: Sounds like people are just guessing.
- Not really clear what it’s for: How much is it actually worth?
This isn’t going to make you rich overnight. It feels more like a disappointment waiting to happen. Do yourself a favor and look past the hype. In the crypto world, if something seems too good to be true, it often is. Be smart, be careful.
Bottom Line
So, there you have it folks.
Despite the hype, Pi Network’s got more red flags than a bullfighting arena.
Honestly, the lack of tangible value, those too-good-to-be-true promises, and a structure that screams pyramid scheme should have your alarm bells ringing.
It’s not on any reputable exchanges, and the whole dapp situation is sketchy at best. Don’t get sucked into the pump and dump game.
In my book, it’s a hard pass. Better to keep your distance and watch this circus from afar.
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