Is Pi Network Legit Or Scam Crypto Mining Opportunity?
You’re probably here because you want to know if Pi Network is a legitimate income opportunity, am I right?
Someone might have introduced it to you, or you found it yourself on social media. Well, regardless of how came across Pi Network, I understand why it interests you.
Making money with cryptocurrencies is very popular these days, and Pi Network claims to offer you a chance to do so by simply installing an app on your phone – for free!
Now, who wouldn’t’ want that? I know I do.
But as amazing as it sounds, I bet you’ll also agree that it all seems too good to be true. In fact, you might’ve already seen people calling Pi Network a scam.
So in this review, we’ll discuss what Pi Network is all about and can you really make money with this opportunity.
Shall we get started?
Review Summary
Website: minepi.com
Founders: Vince McPhilip (MBA), Chengdiao Fan (Ph.D.), and Nicolas Kokkalis (Ph.D.)
Price to Join Opportunity: Free to Join
Recommended? No as an income source opportunity and I’ll discuss why below. In the meantime, you may want to check this out instead.
Overall Business Opportunity Rating:
Quick Summary: While Pi Network allows you to mine PI using your phone for free, the question is, to what end?
At the moment, you cannot make money with Pi Network and there is no guarantee that PI will have real value in the future. Pi Network is still on its beta phase making it a non-candidate if you are looking for a way to make money online.
But don’t take my word for it and find out why by reading this Pi Network review.
What is Pi Network?
Mining cryptocurrencies like Bitcoin is hard. It requires a sophisticated computer setup and needs an ample supply of electricity. Enter Pi Network.
Pi Network is advertised to be a mobile cryptocurrency app (supports both IOs and Android) that supposedly makes crypto mining possible for everyday people.
It was launched in 2019 by three Stanford grads Vince McPhilip (MBA), Chengdiao Fan (Ph.D.), and Nicolas Kokkalis (Ph.D.). (left to right)
But impressive academic achievements aside, I wasn’t able to find any record of the Pi Network founders’ previous involvement in the cryptocurrency industry.
So it’s safe to assume that Pi Network is the trio’s first venture into the crypto world.
Nevertheless, installing the app supposedly allows you to mine (earn) Pi (Pi Network’s cryptocurrency) on your phone.
Pi Network also claims that you do not need to leave the app open to mine Pi. You just have to come back once every 24 hours to press a button to resume mining.
Moreover, the app supposedly does not affect your phone’s performance, drain your battery, or use your network data, as explained in the Pi Network white paper.
If you’re new to the cryptocurrency space, a white paper is a document presented by a start-up (in this case by Pi Network), which contains technical and in-depth discussions on the project that they are building.
And the biggest selling point of Pi Network is its “breakthrough technology” that supposedly allows it to execute transactions when members vouch for each other’s trustworthiness…
Instead of burning a large amount of energy and money as “proof-of-work,” like what Bitcoin does.
What is Proof-of-Work?
Proof-of-work (PoW) in cryptocurrency is a system or a consensus algorithm that uses hard-to-compute but easy-to-verify functions to limit exploitation of cryptocurrency mining.
This video will help you better understand that PoW is.
Proof-of-work is necessary for all cryptocurrency blockchains for security purposes, but it comes with a hefty price. Some sources estimate that Bitcoin mining uses as much energy as the country of Denmark!
Meanwhile, Pi Network presents itself not only as the first mobile crypto mining app but is also a “planet-friendly” alternative to mine cryptocurrency.
Another income opportunity I know that touts the same idea of preserving planet Earth is the MLM company Planet Impact.
And while I can get behind the idea of finding better ways to mine cryptocurrency that doesn’t contribute to environmental issues around the world…
There isn’t a guarantee that Pi Network’s way of doing things will work.
Furthermore, Pi Network is still in its beta phase, and as a matter of fact, Pi has no value yet, which is one of my concerns about this opportunity.
But before we proceed in the next sections of this review, let me make it clear that it is not my intention to damage the reputation of Pi Network.
I merely wish to provide you with a better understanding of what this opportunity is all about and if joining this platform coincides with your current purpose.
That being said…
My Concerns about Pi Network
1. Pi has no value (yet)
There are people spamming on social media that Pi Network is a legitimate way to make money.
But what surprised me is that some of them are also saying that Pi is worth ~ $0.16. There are even those who claim to have earned a few bucks with Pi’s “current value.”
However, Pi (also PI) is not listed on any exchange yet, and I am not sure where these people may have gotten the info that it currently has a price of sixteen cents.
Furthermore, you cannot earn” free money” with Pi Network.
On Pi Network’s FAQ page, the people behind the project even made it clear that at this moment, Pi is worth zero dollars.
This brings us to my next concern about this opportunity…
2. You won’t make money mining Pi yet (or ever)
Because Pi has no value yet, it makes no sense to install an app to mine it, right?
Therefore, if you’re planning to become a member of Pi Network today hoping to make money, then you’re barking on the wrong tree.
You won’t make money mining Pi at the moment. You can’t sell it nor use it to purchase any products or pay for services either.
But if what you’re aiming for is to stash a lot of Pi tokens today hoping one day, Pi will have any value, then, by all means, go ahead.
Just keep in mind though that there is a good chance that Pi might never have real economic or financial value in the future.
Even the Pi Network founders made it clear that they “cannot guarantee” that the project will succeed, so there is a risk that all the efforts and time you put in Pi Network today will be for nothing.
And the truth is, no one really knows if one cryptocurrency will become mainstream.
The value of Pi in the future will highly depend on the number of people who are promoting it. Which us why…
3. Pi Network is using you (for free) to gain popularity
The relative value of one cryptocurrency is purely based on hype and noise. So it only makes sense why at this moment, Pi Network is doing its best to put its name out there.
Pi Network is rewarding its members who can build a lot of security circles by recruiting people because popular cryptocurrencies will attract more investors and business partners.
It’s the reason why you can easily find many people online saying good things about Pi Network and recruiting you to join their team. The more people are talking about Pi, the more likely that it will become mainstream.
It is also why Pi Network offers early members higher mining rates.
By giving incentives to early joiners, Pi Network gives people the impression of FOMO or “Fear Of Missing Out,” which is a very effective strategy to lure people in.
And when more and more people are talking about Pi Network, the more hype and noise it makes.
If you think carefully, Pi Network is using you and its other members to advertise its platform for free. And even if you say you are getting Pi every day using the app, Pi Network is still getting the better end of this deal.
To be fair, all your efforts will bear fruit if Pi Network does make it big in the crypto world. But that is also a big “IF.”
Furthermore, getting involved with Pi Network and promoting this platform to other people puts your credibility on the line.
If Pi doesn’t make it, you’ll risk losing the trust of the people you recruit.
Nevertheless, these are my own opinions, and if you want to contribute to this matter, feel free to use the comment section below.
4. Security issues
Hacking is one of the major risks of cryptocurrencies.
For example, in 2017, the cryptocurrency trading platform CoinDash was hacked, and the hackers stole $7 million. Many other crypto hacking happened before and after that.
Take note that these platforms use highly sophisticated security programs to protect themselves from malicious third parties. Now, imagine the security features of your phone.
Pi Network claims that the Pi you mined will be stored on your phone as it will act as the crypto wallet.
At the moment, this is a non-issue since Pi has no value yet.
But if Pi gains popularity, then it will likely become a target for hackers, and needless to say, the security capabilities of your phone cannot provide you enough protection.
Furthermore, there is also the risk of losing your phone, and if that happens, I can only assume that all your Pi will be lost as well.
The same can be said if your phone gets permanently damaged.
Is Pi Network a Scam?
While I may have expressed a lot of concerns during this Pi Network review, I believe that Pi Network is not a scam.
For starters, its free to join this platform, and the project was launched by reputable people who want to bring fresh ideas into the crypto world.
Pi Network also made it clear that it does not offer free money to anyone, and the overall success of this project highly depends on the collective contributions of its members.
In a way, Pi Network reminds me of CryptoTab Browser, although the latter received a lot of flak from many people.
That being said, whether or not Pi Network will become a major player in the crypto world is still a big question.
There are three phases of the Pi Network deployment plan, and at the moment, it’s still on Phase 1, and there’s still too much that we don’t know yet.
But if new developments about the project arise, I will update this Pi Network review immediately, so stay tuned and be sure to come back once in a while.
My Two Cents
Mining crypto on your mobile phone for free without using a lof of your battery life is a promising idea.
It surely makes earning money by mining crypto accessible even for ordinary people.
Nevertheless, even if Pi Network is a legit platform, whether it will be worth it to spend your time and effort on it today is something that only time will tell.
But at the moment, you won’t be making money with Pi Network.
And based on the fact that most cryptocurrencies fail, there is a good chance that you might never make money with this platform. Take Global Coin Reserve, for example.
So if you realized that joining Pi Network is not exactly the kind of income opportunity you’re looking for, and what you need is a way to make money right now…
Then I highly recommend that you check out this program.
It is the same program that turned me from a nobody to somebody online, and it allowed me to earn a full-time income from home.
I know that this, too, sounds too good to be true, so I’ve shared my early income proof here: 2015, 2016, 2017.
Thank you for taking the time to read this Pi Network review. If you find this useful, kindly share this with the people you know.
And if you have further questions about Pi Network, or you have information that you want to share with our readers, feel free to use the comments section below.
Until here and whatever path you take towards your financial goals, I wish you all the success.
Your friend,
Jack
