The Pi Network promotes itself as a "revolutionary" digital currency that allows free mining via phone, but the reality is quite different. Since its launch in 2019, it has gathered over **33 million users** (referred to as "pioneers"), but there is no evidence that these users will gain any real value from the currency. Here are the troubling facts:

### **1. Free mining... but of no value!**

- Users are asked to "mine" Pi through the mobile app daily, but the currency is **not tradable** yet. Unlike Bitcoin, which can be bought or sold, Pi has been confined to a "test network" for years.

- The developers promise a "mainnet launch" to release the currency, but they keep postponing it while continuing to collect user data and attract more miners.

### **2. How do developers benefit?**

- **Ad Sales**: The app displays ads to users, while they do not receive any monetary return. The team profits from these ads, while the "pioneers" work for free as marketing tools.

- **Unlimited inflation**: Since there is no cap on the number of Pi coins (unlike Bitcoin, which is capped at 21 million), its value could collapse if officially launched due to the massive quantities mined.

### **3. The "Know Your Customer" (KYC) scam**

- To unlock your Pi balance, you are required to undergo a **KYC** (Know Your Customer) process, which may be used to sell your personal data or exclude you later under the pretext of "ineligibility."

- Even after verification, there are no recognized exchanges that accept Pi for trading, making it worthless in the real market.

### **4. Comparisons to fraudulent schemes**

- The Pi model resembles **multilevel marketing (MLM)**, where users are asked to invite others to increase the "mining rate," while the promoters only benefit from the illusion of "future gains."

- Some compare it to a **Ponzi scheme**, but with a difference: victims do not pay money directly, but offer their time and data without guarantees.

### **5. Why does it still exist?**

The development team (allegedly Stanford graduates) exploits:

- **User ignorance** about real cryptocurrencies.

- **Miners' hope** to replicate Bitcoin's success, despite Pi lacking decentralization and transparency.

**Summary:**

Pi is not a real cryptocurrency; it is a **mysterious project** selling an illusion. The developers are the only ones profiting (from ads and user data), while the "pioneers" wait for money that may never come. Beware of being lured by shiny promises without concrete evidence!

> "If something seems too good to be true, it probably isn't!"

#Fraud_Warning #Cryptocurrency #Pi_Network