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Pi Network

United States

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Scam Brokers

Scam Brokers|5-10 years|Suspicious Regulatory License|High potential risk
140 Comments
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Pi Network
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WikiBit Risk Alerts

5
Previous Detection 2024-04-19

This Project has been verified to be illegal Project and all of its licences have been expired, and it has been listed in WikiBit's scam list; please be aware of the risk!

The platform is a Ponzi Scheme, which refers to the use of 'principle of value multiplication'. In the form of rolling or static fund circulation, it uses the money of next member to pay to the present one, which is essentially a pyramid scheme with the distinction of hidden, deceptive and socially harmful. By calling common person's desire for money, fraudsters in the platform begin raising funds underground. Since this kind of platform mostly will abscond after 1 or 2 years, the fund-raising mode just can exist less than 3 years.

The number of the negative comments received by WikiBit have reached 9 for this Project in the past 3 months, please be aware of the risk and the potential scam!

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140 ratings

Participate in evaluation
Anwarws4
less favored by investors
2023-08-22 08:27
6
unslepyknight
scam so hurtful
2023-08-21 14:38
1
Aplinks
I believe you are not talking about Pi Network for mining and but the scam trading platform from scammers.
2023-07-26 17:29
2
Anleyjohn
I have verified binance account but I don't know how to access or used please dm assist ur brother.
2023-07-04 15:47
1
hs3899
trash one
2023-06-20 09:41
0
韭菜多多
A dirt dog is a dirt dog
2023-05-07 15:20
0
Lala27
Pi Coin (PI) is the native crypto coin of the Pi Network, a blockchain project that aims to make mining accessible to any user with a desktop or mobile device and support a digital currency that can be used in everyday transactions. Does Pi is real or fake? there is no evidence of a blockchain behind Pi. investments are based on Multi-Level Marketing (MLM) methods.
2023-09-18 07:26
8
Araminah
Pi is a Proof-of-Work cryptocurrency, meaning users can mine Pi coins by completing simple tasks on their smartphones. No yet available to trade on exchanges, so its value is currently speculative. There are some concerns that Pi Network is a scam. Just #DYOR always!
2023-08-28 13:06
4
Khan2621
hope so pi is good project
2023-08-02 01:22
1
Anleyjohn
which coin is available now for sale with sweet rate
2023-07-04 15:45
0
yingying
good
2023-11-24 05:32
5
Ige Oluwole
I want to pile more pi,
2023-11-15 04:23
4
TrevorOlakunle
Please, how much per one pi now, I want to sell out of mine!
2023-11-15 04:20
4
ogolongon
To me this project is a scam, I have alot of pi and it's been useless since 4 years. ****
2023-09-28 09:04
5
Lusiana
amazing project🥳🥳
2023-08-25 09:47
3
picknavabigwn
waiting for Pi network. I'm bullish on it
2023-08-24 17:27
5
Anwarws4
good platforms Pi Network
2023-08-22 08:09
8
BIT3108707863
pi network is great project in the making. Boom! will be a surprise to the scriptocorency community around the world 🌎🌎🌎. It's not ponzi
2023-04-25 20:30
0
Dazzling Dust
Mining crypto is hard. Investing in crypto is risky. Too many of us are left out of the cryptocurrency revolution
2023-09-02 09:26
6
Lusiana
amazinh project🥳🥳🥳
2023-08-25 09:47
4

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Aspect Pi Network
Founded Year 2019
Main Founders Nicolas Kokkalis
Support Exchanges Huobi Global, Binance,BitMart,Gate.io,YoBit
Storage Wallet Pi Network App,Pi Wallet, Hardware Wallet,Desktop Wallet, Web Wallet, Exchange Wallet

Overview of Pi Network

Pi Network is a cryptocurrency project that was first launched in March 2019. It is developed and maintained by three Stanford graduates: Dr. Nicolas Kokkalis, Dr. Chengdiao Fan, and Vincent McPhillip. The unique aspect of the Pi Network is that it allows users to mine Pi cryptocurrency directly from their smartphones, with the intention of minimizing the electricity and computational power typically associated with cryptocurrency mining. It aims to remove the barriers to entry that many potential cryptocurrency enthusiasts face due to the cost of mining equipment and the knowledge required to mine. Pi Network also created its native mobile application available on iOS and Android devices enabling users to earn cryptocurrency for validating transactions on the blockchain.

Overview of Pi Network

Pros and Cons

Pros Cons
Allows mining from smartphones Not yet tradeable on major cryptocurrency exchanges
Low barrier to entry Limited technological infrastructure
Developed by Stanford graduates Lacks wider recognition in the crypto community
Environmentally friendly due to low power consumption Unit value and market applications still uncertain

Pros:

1. Allows mining from smartphones: Unique to the Pi Network, this feature lets users mine Pi cryptocurrency directly from their smartphones, making mining more accessible to a wider pool of potential users.

2. Low Barrier to Entry: Unlike traditional crypto mining which requires expensive hardware and significant technical knowledge, Pi Network is user-friendly and accessible to individuals without specialized knowledge in cryptocurrency or computer science.

3. Developed by Stanford Graduates: The developers of Pi Network are Dr. Nicolas Kokkalis, Dr. Chengdiao Fan, and Vincent McPhillip, all of whom are Stanford graduates. This fact might serve to attract some users to the project, seeing the credibility in the development team.

4. Environmentally Friendly due to Low Power Consumption: Pi Network's design reduces the electricity and computational power generally needed for crypto mining, thus minimizing the environmental impact that is often associated with such activities.

Cons:

1. Not Yet Tradeable on Major Cryptocurrency Exchanges: As of now, Pi is not listed on major cryptocurrency exchanges, limiting its liquidity.

2. Limited Technological Infrastructure: Despite the unique approach to mining, Pi Network's overall technological infrastructure is somewhat basic compared to other more established cryptocurrencies.

3. Lacks Wider Recognition in the Crypto Community: Though it has gained some attention, Pi Network is not as widely known or recognized within the broader cryptocurrency community compared to other cryptocurrencies.

4. Unit Value and Market Applications still Uncertain: The value of Pi and its potential applications within the marketplace are still uncertain. This introduces some degree of risk until more information becomes available.

Security

Pi Network uses the Stellar Consensus Protocol (SCP), a security protocol that ensures the safety of transactions and data within the network while sustaining a decentralized system. The SCP helps protect the network from “Sybil attacks,” where a user creates multiple accounts to take over the network. Additionally, Pi Networks mobile app, where mining occurs, needs no unnecessary data permission, ensuring user data safety. Each user on the network is asked to verify their personhood by adding security circles that include other trustworthy users in the network. This enhances the network's security by determining a common trust graph.

In terms of evaluation, although Pi network takes important steps to promote security within its system, like any other cryptocurrencies, it's not free from potential security risks. Pi's mobile-focused platform could potentially be vulnerable to mobile-based cybersecurity threats. The fact that it is a newer cryptocurrency also means that it doesn't have the long history of resilience to various attacks that some older, more established cryptocurrencies have. Thus, potential users should be aware of the possible security risks, just as they would when engaging with any other digital asset.

How Does Pi Network Work?

Pi Network operates by enabling users to mine Pi cryptocurrency directly from their smartphones without draining the battery life or utilizing significant computational power. This is done through the use of the Stellar Consensus Protocol (SCP) which secures transactions and data on the platform whilst also maintaining decentralization.

To clarify, Pi Network does not exactly “mine” cryptocurrency like Bitcoin does. Instead, it uses a Proof-of-Consensus algorithm where users vouch for each other as trustworthy. Through a system of committees and security circles wherein each user designates several others they trust, the network achieves a series of interlocking “security circles” that help to ensure the fidelity of transactions on the network.

Once you are connected to the network via the Pi Network application on your smartphone, you must regularly (at least once per day) validate your presence and provide the proof of trust links to other users you know and trust. In return for this, you receive Pi coins.

Additionally, the platform uses a three-layer structure for building the network: the pioneers, the contributors, and the ambassadors. The pioneers are the initial users of the app, contributors are users who contribute by providing a list of pioneers they trust, and the ambassadors bring more pioneers into the network. The structure is designed such that each component helps the other, strengthening the overall ecosystem.

How Does Pi Network Work?

Price

October 4th, 2023, the price of Pi is $36.05. It has fluctuated significantly since its inception, reaching an all-time high of $330.65 on December 30, 2022, and an all-time low of $3.96 on the same day.

There is currently no mining cap for Pi. This means that there is no limit to the amount of Pi that can be mined. However, the mining rate is expected to decrease over time as the network grows.

The total circulating supply of Pi is currently 0 PI. This is because Pi has not yet been officially launched on any exchanges.

Several factors could affect the price of Pi in the future, including:

  • Demand for Pi: If there is a high demand for Pi, the price is likely to rise.

  • Supply of Pi: If the supply of Pi is limited, the price is likely to rise.

  • Overall market conditions: The price of Pi could also be affected by overall market conditions, such as the price of Bitcoin and Ethereum.

Exchanges to Buy Pi

Here are some DEXs that support trading of Pi Network (PI):

BitMart:

BitMart is a popular cryptocurrency exchange that supports a wide variety of cryptocurrencies, including Pi Network (PI). It offers a user-friendly platform and a variety of trading features, including margin trading and staking services. BitMart is currently the most popular exchange for trading Pi Network, with the highest trading volume and liquidity.

HTX (Huobi Global):

HTX (Huobi Global) is another popular cryptocurrency exchange that supports a wide variety of cryptocurrencies, including Pi Network (PI). It offers a user-friendly platform and a variety of trading features, including margin trading and futures trading. HTX is another option for trading Pi Network, though it has less trading volume and liquidity than BitMart.

Gate.io:

Gate.io is a global cryptocurrency exchange that supports a wide variety of cryptocurrencies, including Pi Network (PI). It offers a user-friendly platform and a variety of trading features, including margin trading and leveraged tokens. Gate.io is a less popular option for trading Pi Network, but it still has some liquidity for the asset.

YoBit:

YoBit is a cryptocurrency exchange that supports a wide variety of cryptocurrencies, including Pi Network (PI). It offers a user-friendly platform and a variety of trading features, including margin trading and staking services. YoBit is a relatively unknown exchange, and it is important to exercise caution when trading on this platform.

Plian Exchanges:

Plian Exchanges is a platform that aggregates multiple DEXs and provides a single interface for trading Pi Network (PI). It offers a user-friendly platform and a variety of trading features, including margin trading and staking services. Plian Exchanges can be a convenient option for traders who want to access multiple DEXs at once.

How to Store Pi?

There are several ways to store Pi, each with its own level of security and convenience. Here are a few of the most popular options:

Pi Network Mobile App: The Pi Network mobile app is the simplest and most convenient way to store your Pi. However, it is not the most secure option, as your Pi is stored on the Pi Network's servers.

Pi Wallet: The Pi Wallet is a software wallet that you can install on your computer or mobile device. It is more secure than the Pi Network mobile app, as your Pi is stored on your own device.

Hardware Wallet: A hardware wallet is the most secure way to store your Pi. It is a physical device that you can plug into your computer or mobile device. Your Pi is stored on the hardware wallet itself, and it is not connected to the internet.

Desktop Wallet: A desktop wallet is a software wallet that you can install on your computer. It is more secure than the Pi Network mobile app, but it is not as secure as a hardware wallet.

Web Wallet: A web wallet is a wallet that you can access through a web browser. It is not as secure as a software wallet or a hardware wallet, as your Pi is stored on a third-party server.

What Makes Pi Network Unique?

Pi Network has several unique features that distinguish it from other cryptocurrency projects:

1. Mobile Mining: Pi Network's protocol allows users to mine the cryptocurrency directly from their smartphones without excessive battery drain, making it more accessible to those without technical know-how or expensive hardware.

2. User-oriented Security Circles: Users strengthen the system's security by forming a security circle of trusted connections. This circle aids in validating transactions and establishing trust within the network.

3. Stellar Consensus Protocol (SCP): Pi Network uses the Stellar Consensus Protocol to secure the network. This tactic assists in protecting the Pi Network from potential attacks and maintaining a decentralized system.

4. Three-layer Network Structure: Pi Network has a unique three-layer structure consisting of pioneers, contributors, and ambassadors. This design synergistically brings more users into the network, deepens their level of involvement, and encourages them to bring even more members.

5. Environment-friendly: Unlike some cryptocurrencies that have been criticized for high energy consumption, Pi Network uses a protocol that requires much less power, making it a more environmentally friendly than traditional crypto-mining processes.

6. Designed for Widespread Adoption: Pi Network is designed to operate on common devices like smartphones, making the mining process simple and well suited for widespread public adoption.

What Makes Pi Network Unique?

Can You Make Money?

Currently, Pi Network's cryptocurrency is not yet tradable on any exchanges, meaning it has no established market value. However, the team does have plans for it to be exchangeable in the future. If Pi becomes a successful digital currency after it moves to Phase 3 (Mainnet), then those who have mined Pi coins on their smartphones could potentially benefit.

Here are pieces of advice for prospective participants:

1. Join Early: The earlier a user joins the network, the higher the rate of earning Pi coins due to the network's structure.

2. Regular Participation: Regular use of the Pi Network app for mining is required. Users need to check into the app and tap a lightning button every 24 hours to continue mining.

3. Build a Security Circle: The more trusted connections a user has in their security circle, the more they can mine. Building a bigger circle through inviting new users can increase earning potential.

4. Stay Informed: Keep up with updates from the Pi Network team. This is important for understanding when and if you'll be able to exchange Pi for other currencies or goods in the future.

5. Exercise Caution: Like any online activity, be cautious not to give away sensitive personal information. While Pi Network does maintain a commitment to user security, each user also bears responsibility for their own digital security.

Remember, the potential for profit is speculative at this point and there are no guaranteed returns. Please consider the risks associated with investing in or mining cryptocurrencies before getting involved.

Conclusion

Pi Network, created by a team of Stanford graduates, is an innovative cryptocurrency project that brings unique features such as smartphone mining, user-oriented security circles, and an eco-friendly protocol. Although it has made strides towards democratizing access to cryptocurrency mining, some limitations are clearly visible including its absence on major cryptocurrency exchanges, a relatively simple technological infrastructure, and limited recognition in the wider cryptocurrency community. The uncertainty concerning its ultimate market value and utility also suggests potential risks. Like all digital assets, potential users should approach with caution, self-educate about the project, and assess personal risk tolerance before engaging. It's also important to keep track of developments within the project, in order to make informed decisions.

FAQs

Q: How does the Pi Network ensure security?

A: Pi Network employs the Stellar Consensus Protocol, which helps prevent Sybil attacks and affirms transactions within the network, in addition to a unique trust-building system where users form security circles with other trusted participants.

Q: Can you explain how Pi Network operates?

A: Pi Network allows users to mine Pi coins via their smartphones by regularly signaling their presence on the Pi Network app and creating proof-of-trust connections using a unique system of security circles and a three-layered network structure.

Q: What features make Pi Network unique?

A: Pi Network is unique due to features like mobile mining, user-based security circles, Stellar Consensus Protocol, layered network structure, environmentally-friendly protocol, and its design that encourages wide adoption.

Q: Is there a possibility of making a profit from Pi Network?

A: While currently Pi coins have no market value as they're not on exchanges yet, future profits could be possible if Pi becomes a successful digital currency when it enters its Mainnet phase, however, this remains speculative and uncertain.

Q: Can you summarize your evaluation of Pi Network?

A: The Pi Network presents a unique take on cryptocurrency with its mobile-first approach and unique security measures, although it currently lacks presence on major exchanges and wider recognition within the crypto community, and its future value and usability remain speculative, hence potential users should tread with caution and stay informed.

Risk Warning

Investing in blockchain projects carries inherent risks, stemming from the intricate and groundbreaking technology, regulatory ambiguities, and market unpredictability. Consequently, it is highly advisable to conduct comprehensive research, seek professional guidance, and engage in financial consultations before venturing into such investments. It's important to be aware that the value of cryptocurrency assets can experience significant fluctuations and may not be suitable for all investors.