What is Pi Network? Future "Bitcoin" or a multi-level scam?

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What is Pi Network? Future "Bitcoin" or a multi-level scam?

In recent years, the fanpage of Blogtienao as well as the community "Crypto & Blockchain Vietnam" established by Blogtienao has continuously received comments on Pi mining with huge potentials in the future. So by the way, let's find out if this is a potential project or just a hoax, multi-level.

What is Pi Network?

Pi is a new digital currency, according to the official statement on the Pi Network website. This app allows you to access and grow your Pi and function as a wallet, where your digital assets are located. The Pi is distributed fairly, eco-friendly and battery consumption is very small.

In addition, users only need to install the application on the phone, log in and "take attendance" every 24 hours to get the numbers with the unit Pi. Because of the low algorithm difficulty, the Pi can be mined on the phone.

After installing the software on the phone, the default Pi "dig" speed will be 0,12 Pi / h. To speed up, users will have to conduct PV KYC (personal identity verification with information such as phone number, email, passport photo ...) and introduce more members.

The Pi is also donated to the community by the platform developer just like Bitcoin did 10 years ago. Members of Pi Network in Vietnam said that the coin will be listed on international exchanges and then, its value will increase to hundreds or even tens of thousands of USD. Then, Pi will be the new generation electronic currency, replacing Bitcoin.

Unusual signs

In terms of personnel, Pi Network introduced on Linkedin that they currently have 70 employees. However, the linked accounts considered "Pi employees" are actually just participants of the application as "crypto traders". There is no marketing, accountant, engineer, programmer, or chief executive officer in Pi Network's staff like other crypto projects.

In response to the argument that the Pi is not really mined on mobile, the Pi community thinks that on the phone is just a form of team building, and real Pi mining is being used by powerful servers. foreign operations.

If so, participants are only awarded a Pi, not actually part of this digital currency network - The Coins Post analysis page.

According to The Coins Post, after analyzing project Pi, they realized that unlike conventional cryptocurrency applications, those who want to participate in the project must give a series of access rights to the platform; from device ID, call information, contacts, memory, run at startup, block other apps, view network connection.

The function of blocking other applications is very important, it allows the application to read banking code messages, steal passwords ... - Warnings from Internet security expert Ngo Minh Hieu.

In addition, the Pi application was detected continuously sending unusual data packets to third parties, "socialchain.app" and "rayjump.com".

The suspicious wagite of Pi Network

The first impression on the Pi Network website is that they have a very monotonous design and even contain some inaccurate technology information. The website states that Pi Network is "the first digital currency you can mine on your phone" and this is not true as some previous cryptocurrencies like Plexa (UPX) or Electroneum (ETN) all use mobile app for mining.

Next, when polling crypto companies and startups, experts will advise that you need to confirm that they operate on blockchain technology - meaning they are tracking data of transactions. translate in detail or not.

However in the case of Pi Networks, their website does not show any information about a valid Blockchain path, has no statement about the project, has no white paper and no road. link to the data store page. So: if you want to replace Bitcoin, why was Pi not born out of blockchain technology - technology "backbone" of the world of electronic money.

This is the basic first step required if you want to build something called crypto. I think they are expanding their ad network in the form of multi-level and paying participants virtual numbers - Cem Dilmegani said.

Security issue 

As mentioned above, the Pi Network application routinely passes packets to a 3rd party source code "socialchain.app" and "rayjump.com" - a rather unusual point.

More importantly, a lot of people reported losing money because Pi Network on the social network Quora: Midas Tricone said that he lost money from his bank account after installing and using the Pi Network App.

“Completely a scam. I have been digging Pi Coin for 3 months, do not tell my bank account but somehow they managed to manage my banking information, logged in and stole 3 USD. I know $ 3 is nothing but it's my money. They have 3,5 million users and this number is growing every day. There's no guarantee they won't do the same with all those 3,5 million people. I advise you to stay away from this application ”.

What do participants of Pi gain and lose?

Participants have to trade many things from phone numbers, personal photos, IDs, access to phones ... in exchange for an expected value, not knowing when to receive a value. somehow. Meanwhile, participants had to watch the ad every day.

Many experts affirm that Pi is a scam project with a multi-level model, not completely related to the cryptocurrency mining industry. Users should avoid it because Pi Network does not have a commercial presence in Vietnam, so if an incident occurs, users may not be protected by the law.

Conclusion

With a few listed above, Blogtienao believes you have an answer to the question: "Is Pi a scam" or not? Finally, the BTA just wants to tell you one thing: “In the world, no one gives nobody anything. If someone gives you the more attractive drawing cake, the more bitter they will taste. ” Dear!

Article source: General


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7 COMMENTS

    • Jajaja. Ahí dicen que al que estafaron dijo que usaba pi coin… Lo cuál es muy aparte de pi network !!! Son dos aplicación muy diferentes !!!

  1. Subscribe to the Virtual Currency Blog for many years. Also consider the virtual currency blog as the main information channel. But through the review article about the Pi network project of the virtual money blog, you can find out about the new project just superficially and too superficial.

  2. La app no ​​pide ningún permiso, solo contactos y ni siquiera está activado, no es necesario.

    Que usen is app para introducir un malware y acceder a la cuenta bancaria… .. y roban 3 € ???, es una broma ??. Algui con dos dedos de frente se cree que solo robarían 3 € .. Desde luego two que ser id… para poner ese comentario como argumento ..

    Lo que si creo es que es simplemente una campaña de marketing, los usuarios perderán un poco de su tiempo, y la red tendrá millones de “clientes” con los que hacer dinero (simplemente con un banner de publicidad en is app se forran (unos 10 millones de usuarios y subiendo.

    Es una apuesta en is que tienes un 0,000000001% de posibilidades de ganar, no vas a perder dinero, solo tiempo.

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