Pi Network is a cryptocurrency that has ambitious goals. Sadly, the technical details are missing and for the most part the public does not have a clear idea about their operational model. If you take a look at their activities, there is a pretty good chance that you will be confused.
There aren’t many differences between a typical MLM scheme and this token. Note that we are not saying that it is a full blown scam, but the kind of characteristics they display are indeed not desirable. Transparency element is also not clean and employee details aren’t particularly easy to find.
In short, they have a long way to go and their end goal for the time being appears to be far fetched. To get an understanding about this coin and to know whether it is a scam or not, stick with us till the very end. If you need help recovering cryptocurrency from any kind of organization, get in touch with us via the contact form below.
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In the realm of every growing crypto sector, one needs to do a solid research and background check. Any project that is being operated from puppet accounts or from the shadows typically ends up badly.
Rug pulls and ponzi type frauds are becoming common which means individuals need to be careful when it comes to investing in any project. Pi Network does not ask for any kind of payments from the users, but you would be investing your time and data.
On the positive side, the founders are all well known in the community and as the profile is public, it does instill confidence to a certain extent. While it is too early to comment on the longevity and success aspect, be cautious and do your own research before making any big move in your portfolio.
Pi Network Concept
If you are a crypto enthusiast, then there is a good chance that you already know the similarities between Pi Network and ETN. Basically, this project is a clone of ETN and one of the notable differences is the lack of a tradeable coin.
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Like we mentioned before, the biggest argument going for this coin is the “Free token” narrative. Sadly, the people aren’t realizing the fact that they are putting in their information on the system which is already benefiting the creators. Ads are run by the founders and they appear to be making considerable income by monetising their active user base.
Their end goal is to make their interface the perfect bridge between buyers and sellers. Of course, the agenda is straightforward. However, there is too much competition and the odds are certainly against them.
If you want to be a part of their system using your secondary email with a device you hardly use, then there won’t be much to worry about. Remember, play it safe and never believe everything you see on the whitepaper.
Transparency and Concerns
As Pi Network pushes people to complete KYC, the way the data is going to be handled becomes a big turning point. At the time of publishing this post, there isn’t any hack reported. Though, being optimistic is good, trusting a project with vague technical factors isn’t a wise move.
We as end users would be much more confident about this platform, if they revealed the variables involved in advance. KYC policy is a good thing, but from the customer’s perspective, it is a big trade off.
Trusting a project like this one with confidential information that might cause more than financial damage is a bold thing and personally, we would not take part in it. Data breaches and associated threats cannot be eradicated.
So, think twice before uploading your documents and ask yourself whether it is worth the risks involved? After all, nothing is truly free of cost, right?
Will Pi Network make you rich?
Pi Network without an inch of doubt has big plans. The whitepaper talks about the motives and agendas clearly. Documents cover the narrative part pretty well, but when it comes to the technical details, the data is inadequate.
For starters, the unique proposition they provide is debatable at best. The way the token gains and holds value is also unclear. It is vulnerable to a lot of external things that cannot be controlled or mitigated by the founders.
If you want to dabble with it, then feel free to do so. Just do not have unrealistic expectations because the path is not a rosy one.
Is Pi Network a Scam?
Pi Network is not a scam. Few believers are spreading misinformation and the MLM structure is almost turning into a cult-like group which is why many people are wondering about the legitimacy factor. After analyzing every factor, we can assure you that this project isn’t untrustworthy.
If you have a spare device and are okay with uploading your sensitive information, then proceed with them. On the other hand, if safety is your number one priority, then you might have to wait for some more time to get a glimpse of reality and then make a firm decision.
The Pi Network by itself is a big psychological study in our books. The model is like a self-fulfilling prophecy and longevity is questionable. Do your own research before indulging with any project regardless of how good it might sound.
Which side of the equation do you support? Do you think Pi Network is a Scam? Comment your take below.