Pi ? 2bigbroncos spam post

[CJF]

So the plan is that one day it will have some value? It is currently still worthless?

Pi Network is like a combination of a digital currency, an app, and a multi-level marketing (MLM) scheme.

The hook for Pi is that you can mine it on your phone. Other cryptocurrencies that use mining, most notably Bitcoin (CRYPTO:BTC), require much more processing power, so most miners use specialized devices.

Pi is mined in the Pi Network app, and the mining process only requires that you tap a button on your phone every 24 hours. It's technically not crypto mining since there's no mining going on. You're not verifying transactions, at least at the current stage of development. In reality, you're receiving PI coin vouchers for using the app once per day and proving you're not a robot.

To sign up in the app, you need an invitation code from a member. Pi Network uses a referral system where you earn more coins based on the number of people who register with your invitation code.

Your Pi is stored in the app. You can't withdraw it, sell it, or exchange it for other cryptocurrencies. According to the Pi Network website, you'll be able to do all that in the third phase of its roadmap when the mainnet launches, although there's no estimated launch date.

 

[Rockcrawlintoy]

Dang I got 1407 from a while ago how do you add friends

 

[GarScramb]

"Mining" Pi isn't really mining. It's just a counter on your phone that will go up if you tap the button. This is different than real mining in that real mining involves miners completing calculations that are needed when their currency is moved in the network. Pi has no network and no currency movement.

In the years since this thing has been around, many new currencies have come out and become tradable on the open markets. The fact that this one still isn't speaks to the dead end it is headed toward. That, and the bogus KYC bullshit that no other currency tries to pull (yes, exchanges do need to do KYC but not currencies) is why I quit doing the Pavlov dog clicking on my phone and deleted the app.

 

[JNHEscher]

"Mining" Pi isn't really mining. It's just a counter on your phone that will go up if you tap the button. This is different than real mining in that real mining involves miners completing calculations that are needed when their currency is moved in the network. Pi has no network and no currency movement.

In the years since this thing has been around, many new currencies have come out and become tradable on the open markets. The fact that this one still isn't speaks to the dead end it is headed toward. That, and the bogus KYC bullshit that no other currency tries to pull (yes, exchanges do need to do KYC but not currencies) is why I quit doing the Pavlov dog clicking on my phone and deleted the app.

This is pretty much what's been on my mind about it.

I'm still tapping the buttons daily for now. Hardly anything about pi feels all that convincing.

 

[Mr Stubs]

KYC = Paying taxes in the future.

Not using a VPN or one set to the United States = Paying taxes in the future.

 

[CJF]

That, and the bogus KYC bullshit that no other currency tries to pull (yes, exchanges do need to do KYC but not currencies) is why I quit doing the Pavlov dog clicking on my phone and deleted the app.

To wit:


There isn't any financial risk with Pi because the app is free to use. The only thing you're spending is your time when you check in to keep mining.

The question is whether Pi is worth your time. Some users see it as a no-lose situation. If Pi never amounts to anything, they're not out any money. If it does, they can sell the PI coins that took very little time and energy to obtain.

That's one way to look at it, but don't hold your breath on Pi being worth anything in the future. The project has been around for years without launching, and its cryptocurrency has zero value. There has even been speculation that it could be a social experiment to see how long people will continue mining a cryptocurrency they can't withdraw or use.

It's worth noting that the Pi Network app can collect and sell your data, including personal data, app usage data, and advertising-related data. Additionally, the Pi Network requires that you give them your "Know Your Customer" (KYC) information such as copies of your government-issued identification before you will be able to buy, sell, or trade anything from the future apps that will be released on the Pi Network. If you prefer to limit who can access your data, then you probably wouldn't want to download Pi Network.