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Pi Network Cryptocurrency - Worth a shot?

  • 12-07-2020 3:21pm
    #1
    Registered Users Posts: 5 ✭✭✭ Aaronp2020


    There’s a new cryptocurrency and seems like it could have potential. It is free to mine atm (Just like bitcoin 10 years ago). It is hoped it will gain monetary value in the near future.

    "PI Network is a revolutionary SocialChain App by the team of Stanford PhD's giving the economic and social power of blockchain technology and the cryptocurrencies into the hands of everyday people by redefining wealth"

    If anyone would like to join my referral link allows for added earnings

    It’s totally free. It might come to nothing or it could be the next bitcoin! I’d rther be in than out!

    Pi is a new digital currency being developed by a group of Stanford PhDs. For a limited time, you can join the beta to earn Pi and help grow the network. To join Pi, download the Pi Network app and use my username (AaronS2020) as your invitation code.

    Any thoughts on this? will it take off?.


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Comments

  • Registered Users Posts: 22 ✭✭✭ Smurphy2223


    How is it free to mine ? I thought I read something about this last week...you can use your phone to mine?


  • Registered Users Posts: 11,195 ✭✭✭✭ Lex Luthor


    I've been mining it on & off for a few months, not sure how you add someone though

    I know I got a referral link and I mine @ 0.29pi/hr so I get that little extra but a little more would be nice


  • Banned (with Prison Access) Posts: 79 ✭✭✭ ChuckieEgg


    How is it free to mine ? I thought I read something about this last week...you can use your phone to mine?

    It's free because it doesn't involve having to find a hash number proof of work (pof) which is very hardware and electricity intensive.
    Pi secures its ledger when members vouch for each other as trustworthy. This forms a network of interlocking “security circles” that determines who can execute transactions. Hence no need for any form of processor intensive pof so no battery drain.

    Who knows this may take off, it's doing nothing to my phone only sitting there earning Pi. It's what developers do with the network in the future that will determine its value.


  • Registered Users Posts: 822 ✭✭✭ SkySter


    Would like to increase my security circle. If anyone wouldn't mind being added please DM me.


  • Registered Users Posts: 169 ✭✭ Daithi40


    Aaronp2020 wrote: »
    Pi is a new digital currency being developed by a group of Stanford PhDs. For a limited time, you can join the beta to earn Pi and help grow the network. To join Pi, download the Pi Network app and use my username (AaronS2020) as your invitation code.

    Thanks - looks interesting - I used your referral code


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  • Registered Users Posts: 11,195 ✭✭✭✭ Lex Luthor


    SkySter wrote: »
    Would like to increase my security circle. If anyone wouldn't mind being added please DM me.

    sent you a PM
    anyone else interested let us know

    the more you have the more you get


  • Registered Users Posts: 2,649 ✭✭✭ Whelo79


    How does giving strangers from the internet a referral code increase a person's security circle?


  • Registered Users Posts: 169 ✭✭ Daithi40


    Ok, so I've used Aarons username for the invite, and I can now see that I am a member of his Earning team, and he is a member of mine.

    Outside of giving someone your number, or Inviting friends through your phonebook, anyone figure out how you can add others? maybe by username?


  • Registered Users Posts: 169 ✭✭ Daithi40


    Whelo79 wrote: »
    How does giving strangers from the internet a referral code increase a person's security circle?

    From the FAQ in Chat section of app:

    "Security circles are groups of 3-5 trusted people built by each of Pi's members. Security circles secure the currency by building a global trust graph that prevents bad actors from executing fraudulent transactions....and that determines who can be trusted to execute transactions on Pi's ledger."

    mmmmm... not bulletproof but we're all friends here :D


  • Registered Users Posts: 11,195 ✭✭✭✭ Lex Luthor


    Daithi40 wrote: »
    Ok, so I've used Aarons username for the invite, and I can now see that I am a member of his Earning team, and he is a member of mine.

    Outside of giving someone your number, or Inviting friends through your phonebook, anyone figure out how you can add others? maybe by username?

    I dont think you can, I think you have to connect with sonmeone in your phonebook so you need their number


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  • Banned (with Prison Access) Posts: 79 ✭✭✭ ChuckieEgg


    afaik you can only be a member of 1 trusted circle of 5 people.
    Can anyone confirm this, or can you be a member of several circles?


  • Registered Users Posts: 1,484 ✭✭✭ Yester


    Is there a way to do this on computer?


  • Registered Users Posts: 169 ✭✭ Daithi40


    ChuckieEgg wrote: »
    afaik you can only be a member of 1 trusted circle of 5 people.
    Can anyone confirm this, or can you be a member of several circles?

    Hmmm I'm not 100% sure - I have 2 members in my Earning team, Aaron and another IT friend from work that's on my team. When I go into Chat, I can see my Earning team chat and I also see Aaron's - who has other members (that I can see some messages of) but I cannot see how many members.

    Is the Earning team = Security circle?


  • Banned (with Prison Access) Posts: 79 ✭✭✭ ChuckieEgg


    Just a heads up,
    you need to verify your phone number by sending an sms message. The PI network is being built on verified users so unless you do this you will not be part of the network and the PI you earn cannot be claimed.

    To verify from the app
    hit the three hamburger lines (top left),
    go to profile >
    Account verification >
    Phone verification.
    Facebook verification.

    With regard to trust circles once you have enough friends/family in your circle you can delete Aaron from your trust circle if you want.


  • Registered Users Posts: 11,195 ✭✭✭✭ Lex Luthor


    ChuckieEgg wrote: »
    With regard to trust circles once you have enough friends/family in your circle you can delete Aaron from your trust circle if you want.

    bit harsh...!!!


  • Registered Users Posts: 1,270 ✭✭✭ thomas 123


    So just downloaded the app, I see I cannot join unless I get a referral code? I get that but who came before the need to be referred, ie what makes the original people secure verified members?


  • Moderators, Recreation & Hobbies Moderators Posts: 5,621 Mod ✭✭✭✭ irish_goat


    thomas 123 wrote: »
    So just downloaded the app, I see I cannot join unless I get a referral code? I get that but who came before the need to be referred, ie what makes the original people secure verified members?

    Think it was the original app founders who then invited others, people they knew presumably.

    Irishgoat is my referral if anyone wants it.


  • Banned (with Prison Access) Posts: 79 ✭✭✭ ChuckieEgg


    Lex Luthor wrote: »
    bit harsh...!!!

    No it wasn't meant to be harsh, its just that some people may find it a bit weird having a stranger in a trust circle. He's still in mine as I have no issue but I know some of my friends would never download or join a network like this unless they know who they are joining to.


  • Registered Users Posts: 822 ✭✭✭ SkySter


    Does anyone know the exact procedure to expand your security circle? I've tried sending my phone details to a couple of lads on here and vice versa. Can't get it working.


  • Banned (with Prison Access) Posts: 79 ✭✭✭ ChuckieEgg


    SkySter wrote: »
    Does anyone know the exact procedure to expand your security circle? I've tried sending my phone details to a couple of lads on here and vice versa. Can't get it working.

    Can't remember have you to be active for 3 days but after that
    Also once you have 5 trusted members you do not earn more Pi from having more than 5 even though you can have as many as you want

    https://www.thepispot.com/2019/08/18/how-to-build-your-security-circle/


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  • Registered Users Posts: 822 ✭✭✭ SkySter


    ChuckieEgg wrote: »
    Can't remember have you to be active for 3 days but after that
    Also once you have 5 trusted members you do not earn more Pi from having more than 5 even though you can have as many as you want

    https://www.thepispot.com/2019/08/18/how-to-build-your-security-circle/

    Thanks. I've been active for a few weeks now.


  • Registered Users Posts: 7,055 ✭✭✭ JohnnyFlash


    Whelo79 wrote: »
    How does giving strangers from the internet a referral code increase a person's security circle?

    Good question, dude.


  • Registered Users Posts: 11,195 ✭✭✭✭ Lex Luthor


    if you are confirming your telephone number make sure you set the international code format +353 etc

    when I confirmed mine, it went round in the dreaded circle for ages, I cancelled out and went back in and it was done

    I think before you can join a circle all the necessary confirmations need to be done


  • Registered Users Posts: 349 ✭✭ Elwood_Blues




  • Registered Users Posts: 169 ✭✭ Daithi40


    ChuckieEgg wrote: »
    Just a heads up,
    you need to verify your phone number by sending an sms message. The PI network is being built on verified users so unless you do this you will not be part of the network and the PI you earn cannot be claimed.

    To verify from the app
    hit the three hamburger lines (top left),
    go to profile >
    Account verification >
    Phone verification.
    Facebook verification.

    With regard to trust circles once you have enough friends/family in your circle you can delete Aaron from your trust circle if you want.

    Thanks - I hadn't verified yet - I was wondering why my friend who is in my earning team/security cicrcle was showing as "Unverified phone number" - i wonder if I am showing as that as I could only verify through FB as it only allows phone number verification through US or UK numbers....


  • Registered Users Posts: 5,672 ✭✭✭ seannash


    Daithi40 wrote: »
    Thanks - I hadn't verified yet - I was wondering why my friend who is in my earning team/security cicrcle was showing as "Unverified phone number" - i wonder if I am showing as that as I could only verify through FB as it only allows phone number verification through US or UK numbers....

    Just select UK, it has you send a text to them so just use the +44 code.
    Worked for me


  • Registered Users Posts: 6,802 ✭✭✭ Grumpypants


    Joined using AaronS2020 thanks. Will give it a go.

    Can you actually sell the Pi yet? It sounds completely pointless and none existent.


  • Registered Users Posts: 11,195 ✭✭✭✭ Lex Luthor


    Joined using AaronS2020 thanks. Will give it a go.

    Can you actually sell the Pi yet? It sounds completely pointless and none existent.

    Not yet as not listed on any exchanges but it’s in the pipeline


  • Registered Users Posts: 389 ✭✭ starWave


    Deleted this app as its probably a scam. Lots of red flags.


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  • Banned (with Prison Access) Posts: 79 ✭✭✭ ChuckieEgg


    starWave wrote: »
    Deleted this app as its probably a scam. Lots of red flags.

    Nothing would surprise me in the Crypto world. I think the main red flag for me is the lack of a Blockchain!!
    Having said that I do think this snowballed to a project that the original team could only have dreamed would happen. The shear amount of people on the network will make it bigger than any other crypo project by a clear mile. If they get it right it has huge potential to be a fairly distributed usable network that does get used!
    It appeals to anyone interested in Blockchain that are only getting into crypto and missed out on Bitcoin.
    But now it's getting to the point where they have to start delivering. The next few months will make or break this project.


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