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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?.

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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....

RaggyDays

deegs wrote: »

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

The adverts is a means of revenue before the mainnet goes live. It was supported by most of the PI community, the option is there not to see the ads if you want.
It was that or release the mainnet before it was ready. They want the blockchain to be very usable, and not some hodling coin like others.
Hold tough its costing you nothing, when it goes live it will have the biggest user-base of the Cryptoworld by a clear mile. Unlike Bitcoin which is 80%+ owned by Chinese miners or other Crypto's which favour early adopters PI is giving a fair chance to everyone to get involved.

starWave

There is no main net. It's a scam to show you ads.

stooge

I was worried once I saw ads coming up also but in fairness there is a need to cover cost and an option to turn off the ads (albeit only for 2weeks at a time).
giving this a chance for now, but will monitor closely on progression and dev.

AlphaOmega1

There’s a similar Coin called Bee. I think they copied the idea from Pi.

If anyone wants to join it you can use my ref: colinoneill

I’ve accumulated 700 so far, pretty proud of myself, might be worth a euro one day lol

seannash

I think these are all just ad revenue generators for the creators. Nobody is "mining" anything.
Id say this and bee wont amount to anything.
Of you are going to go to the bother of logging into an app everyday you might aswell sign up to coin app and generate coins towards buying xyo tokens. They have a use case and can be traded in for fiat at some stage.

AlphaOmega1

seannash wrote: »

I think these are all just ad revenue generators for the creators. Nobody is "mining" anything.
Id say this and bee wont amount to anything.
Of you are going to go to the bother of logging into an app everyday you might aswell sign up to coin app and generate coins towards buying xyo tokens. They have a use case and can be traded in for fiat at some stage.

There’s no ads on iOS for Bee. So what’s their revenue source on iPhones?

seannash

AlphaOmega1 wrote: »

There’s no ads on iOS for Bee. So what’s their revenue source on iPhones?

Pi had no adverts in the begining either. It may come or they may just focus on android users. Perhaps they are waiting for a certain amount of iOS users before launching adverts.
They know that if they let people build up a certain amount of coins they are more invested and less likely to stop gathering coins even if they turn on adverts.

Finn 20

How do I pi network verification code ?

pioneerpro

Seriously, see the other Pi thread. This is a terribly thought out scam.

* The coins are premined
* You're not 'mining' anything, although someone is mining your information
* The codebase is an old fork of a much older and reputable coin (XLM)
* They promise that they keep tabs on everything and will totally give you your magic beans in the future, pinky promise, but have no roadmap or guarantee of anything regarding withdrawal capabilities, listing or anything else.
* You don't own anything, you won't own anything, and their 'referral' structure is a classic pyramid scheme
* You've all just installed an app with significant permissions and monetisable ads on your phone

Anything else I've missed?

Daithi40

pioneerpro wrote: »

Seriously, see the other Pi thread. This is a terribly thought out scam.

* The coins are premined
* You're not 'mining' anything, although someone is mining your information
* The codebase is an old fork of a much older and reputable coin (XLM)
* They promise that they keep tabs on everything and will totally give you your magic beans in the future, pinky promise, but have no roadmap or guarantee of anything regarding withdrawal capabilities, listing or anything else.
* You don't own anything, you won't own anything, and their 'referral' structure is a classic pyramid scheme
* You've all just installed an app with significant permissions and monetisable ads on your phone

Anything else I've missed?

nope that covers it

I'll still hold my 2k tokens just in case tho