Pi Network Cryptocurrency - Worth a shot?

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?.

Smurphy2223

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

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

ChuckieEgg

Smurphy2223 wrote: »

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.

SkySter

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

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

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

Whelo79

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

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?

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

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

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?

Yester

Is there a way to do this on computer?

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?

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.

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...!!!

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?

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.

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.

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.

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/

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.

JohnnyFlash

Whelo79 wrote: »

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

Good question, dude.

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

Elwood_Blues

Some interesting articles on the PI Network Cryptocurrency. I jumped on the PI bandwagon for now, maybe I'll get to retire early in a few years..



https://en.cryptonomist.ch/2020/05/27/what-is-pi-network-cryptocurrency/

https://medium.com/@akhoang88/4-reasons-why-you-should-and-should-not-jump-on-the-new-pi-coin-cryptocurrency-craze-857d651866cf

https://medium.com/datadriveninvestor/is-pi-network-the-future-of-cryptocurrency-5a4fdaa577c2

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....

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

Grumpypants

Joined using AaronS2020 thanks. Will give it a go.

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

Lex Luthor

Grumpypants wrote: »

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

starWave

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

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.

starWave

ChuckieEgg wrote: »

Nothing would surprise me in the Crypto world. I think the main red flag for me is the lack of a Blockchain!!

Most likely there never will be a blockchain. If you look at the people behind this, they are researching social networks and virality. It's just a big experiment for them and the PI coins will never have any value. The number of users is probably overestimated and part of the hype of a 'viral network'. Its been going on for months now, and they haven't produced anything.

Who knows what data they are harvesting off your phone. Imagine how much money they will make if you watch an ad every day to 'mine' these fictional crypto coins.

Even if it emerges that there never will be a blockchain, the ramp down of the network is of interest to them as research, so they are getting what the data they need in both directions.

0ph0rce0

If anyone wants to add to their security circle give us a PM. I can give you my number or vice versa and then just delete you/me from the phone when added.

ChuckieEgg

starWave wrote: »

Most likely there never will be a blockchain. If you look at the people behind this, they are researching social networks and virality. It's just a big experiment for them and the PI coins will never have any value. The number of users is probably overestimated and part of the hype of a 'viral network'. Its been going on for months now, and they haven't produced anything.

Who knows what data they are harvesting off your phone. Imagine how much money they will make if you watch an ad every day to 'mine' these fictional crypto coins.

Even if it emerges that there never will be a blockchain, the ramp down of the network is of interest to them as research, so they are getting what the data they need in both directions.

idk, there was 17000 people looked to take part in the upcoming convention, which seems to be a virtual online event.
I do think they are unsure of what direction to take the network. I also think that these mined PI will not be the final coin. They will probably award X amount on some new Blockchain launch.
I only briefly skimmed over the SDK, there isn't much meat to it. From what I can gather it allows you to run a javascript app within an Iframe in the app. Quiet a simple technology which could back up what you are saying with regards to it being a scam. If it is then it is a pity because at the very least this proves that there is a huge appetite out there for a new fairly distributed usable blockchain.
It's costing me nothing at the moment so I'll wait and see.

starWave

https://hci.stanford.edu/nicolas/

Nicolas Kokkalis, is a Postdoctoral Scholar in Computer Science at Stanford University where he does research in Social Computing

Dr. Kokkalis has expertise in designing viral social applications, with apps attracting over 20 million users having exceptional engagement and retention rates, that received the Facebook Fund award in 2009.

There are hundreds of other actual cryptocurrencies out there that are real and have value, and you have a good probability of making a profitable investment. PI has all the red flags of a viral social application, and no sign of a blockchain. Or for free crypto, you can download the brave browser, which will block all the normal ads, and you can choose how many ads you want to see and get paid in BAT (Basic Attention Token) for watching them.

irish_goat

Notification today that there are now 8 million users and mining rates will halve or fall to zero when they hit 10 million. As someone else said, its not causing any hassle sitting on my phone at the minute so I'm happy to see what comes of it.

Irishgoat is my referral if anyone in while there's a bit of mining left anyway.

starWave

There's an interesting documentary on Netflix (The Social Dilemma) how Facebook and Google are using our data to sell ads, and its scary how advanced their algorithms are. The documentaryis not directly related to this, but they mention that all of the founders of these tech companies have done a tech persuasion module in Stanford. This app looks like it has some basis in tech persuasion. The founders are researchers in viral applications.

ChuckieEgg

Things are starting to move on. I got asked to do KYC (know your customer).
Went through the process which is basically a third party ID verification app YOTI.
One downer but understandable is if you are using a rooted phone then the YOTI app will not be allowed on your phone.

Kickstart1.3

Pi convention today. You can view from the home page in the App
5 sessions in total October 15th-29th
Should be interesting to see if this is going to take off, and in what direction Pioneers want to take the network

RaggyDays

Over 10 million Pi users, talks of a wallet being rolled out soon

starWave

RaggyDays wrote: »

Over 10 million Pi users, talks of a wallet being rolled out soon

how much has the price increased?

Yester

starWave wrote: »

how much has the price increased?

It has doubled in value.

grindle

From zero to zero?

That's also an ∞x.

Pi to tha mooooon.

rco2000

Hi folks, just registering and need an invitation code from a referral. Can somebody please provide me with one?
Thanks in advance

rco2000

Hi folks, just registering and need an invitation code from a referral. Can somebody please provide me with one?
Thanks in advance

Got a code, thanks

irishgeo

Just signed up mayokev is my referral

RaggyDays

Good update from Bitcoin for Beginners

stooge

irishgeo wrote: »

Just signed up mayokev is my referral

signed up also. stoogeire is my referral for anyone else joining

duefrine

Looks interesting

Just signed up myself

If anyone is interested in joining, you can use. andyduefrine .as an invite ..

Robxxx7

Gave it a go .. anyone can use Robxxx7 as a referral

deegs

Deleted this app and others like bee and timestop reckon if the app is using adverts and firing interaction it's a scam....