Warning: Pi Network - the dubious cryptocurrency that only benefits developers!
The Pi Network promotes itself as a "revolutionary" cryptocurrency that allows mining through your phone for free, but the reality is quite different. Since its launch in 2019, it has amassed 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 worthless!**
- 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 delaying it while continuing to collect user data and attract more miners.
### **2. How do developers benefit?**
- **Selling ads**: The app displays ads to users, while they receive no financial 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 released due to the enormous amounts 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 accepting Pi for trading, making it worthless in the real market.
### **4. Comparisons to fraudulent schemes**
- The Pi model resembles **multi-level marketing (MLM)**, where users are asked to invite others to increase "mining rates," while the referrers gain only the illusion of "future profits."
- Some compare it to a **Ponzi scheme**, but with a difference: victims do not pay money directly, but provide their time and data with no 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.
**Conclusion:**
Pi is not a real cryptocurrency, but a **mysterious project** selling an illusion. The developers are the only ones making profits (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 often isn't!" $XRP $
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