The largest scam attempt in history: Pi Network 🛑
Since its launch in 2019, Pi Network has attracted millions of users worldwide with a simple and enchanting promise: "Mine a cryptocurrency for free from your phone, and it will one day be worth a lot." But over time, the outlines of a project that could be recorded as the largest soft scam in the history of cryptocurrencies, and perhaps in the entire history of the internet, began to unfold.
1. The psychological illusion behind "free"
Pi Network relied on a strong psychological principle: free scarcity. The user enters the app daily, presses the mining button, and receives "coins" without paying anything. This feeling of owning something rare for free has made millions of people commit daily to running the app, while in reality, they are not obtaining any tangible real value.
2. A disguised pyramid scheme
To speed up mining, users are asked to invite their friends. The more referrals, the faster the mining. This pattern has caused the project to spread like wildfire, but at its core, it is very similar to pyramid marketing models that focus on expansion rather than real value or product.
3. No value, no transparency, no product
Despite millions of users, Pi Network has not listed the currency on any real trading platform for a long time, and all that has been offered are fake "trial stores" within the network, in a closed environment (Closed Mainnet). No transparency has been provided about the source code or the economic value or a clear plan for the real launch.
4. Massive collection of user data
The application requests wide permissions such as:
Access to contacts
Knowing the geographic location
Tracking phone usage
All of this without any actual clarification on how the data will be used or protected. If this data is exploited or sold, it alone constitutes a serious exploitation of millions of people.
5. The great dumping trick: Who buys Pi?
One of the most dangerous points is that the founding team retains a huge percentage of the coins (estimated to exceed 20-25%). When the market opens, users will be allowed to buy Pi with dollars or other currencies, under the pretext that the currency has become "valuable."
But in reality:
The demand will come from ordinary people aspiring for profit.
And the massive supply will come from the team itself that received the coins for free, and will sell them for real money.
This clever plan allows them to dump billions of coins they own, making huge profits from the pockets of simple users, while the currency's value collapses later due to excessive inflation in supply.
6. Millions wasted their time for "nothing"
For years, people have invested their time, effort, and even relationships in promoting Pi Network, hoping for a chance at future wealth. The result so far: no real selling potential, no tangible profits, no clear project. Just promises that renew every year.
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Summary
Pi Network is not just a questionable currency, but a project built on psychological exploitation, personal data, the efforts of millions, and an economic plan that opens the door to dumping a massive digital wealth for the benefit of one party at the expense of everyone.
If these steps are implemented as planned, Pi Network could be recorded as the largest soft scam in history in terms of the number of people affected by it.
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