18/08/2021
Ayo let’s talk about Pi Network. I’ll try to be as direct as I can, so you won’t get bored reading these thoughts of mine that I’ve constructed out of research. If you’re one of those who installed it, bear with me, this is for you.
Points to tackle:
1. Mining Procedure “how to start mining?”
2. Personal Information
3. Invites
How to start mining on Pi Network?
-Install it from the play store, you register with phone number together with your country code, setup password, your personal details such as name and preferred username, enter your friend’s referral code, and you’re in!
THERE ARE ONLY 2 WAYS OF CRYPTO MINING:
1. Proof of Work(PoW) – this is where you buy mining rig (e.g., CPU, GPU, and ASIC) that will solve mathematical equations which will result to the minting of crypto
2. Proof of Stake(PoS) – staking, it is where you hold a certain amount of crypto that gives you the mining power to validate block transactions
What first is Pi Network? A crypto mining app!
Did you buy mining rig? Nah
Did you stake a percentage of crypto holdings? Nah
But my phone does have CPU, it will work right? Nah, it will put the processor of your phone under stress greater than the stress you have in general to the point that it won’t mine/function and heats up your phone that you can cook egg on it because that’s how real crypto mining works
The app is still mining even if I’m offline, that’s cool right? Nah, mining requires internet to verify transactions of resolved algorithms on the blockchain
What if they have built another concept of mining? Maybe, I’ll call it Proof of Click(PoC) since you click the lightning button once every 24hrs, joke
Read This: https://www.techradar.com/how-to/how-to-mine-cryptocurrencies-on-your-android-smartphone
“We don’t allow apps that mine cryptocurrency on devices. We permit apps that remotely manage the mining of cryptocurrency.” -Google (January 20, 2021) on Developer Program Policy
Does Pi network only tracks mining operations? Nah, it itself mines crypto
Why is it still on Play Store? I don’t know, but I do know there are thousands of scam apps in Play Store, hope this makes sense to you. Message me if you want to download one, joke
PERSONAL INFORMATION
Phone, Facebook, and Identity Verification (KYC) is what you need to complete in order to have full ownership of the Pi crypto that you have mined from clicking. What’s alarming is that they’re going to have Identity Verification (KYC) somewhere Q3 or Q4 of the year by which it will require its members to submit a government ID that of course should match your face in person. You can do this if you’re a CENTRALIZED exchange like Binance and CoinsPh or Gcash here in the Philippines, but the question is, is Pi network an exchange? Nah, but a crypto mining app that aims for DECENTRALIZATION, what!? Let’s be specific.
Does mining bitcoin asks your name before you can start mining? Nah
Does mining bitcoin asks your phone number before you can start mining? Nah
Does mining bitcoin require you referral code? Nah
Maybe personal details are needed for proof of ownership, right? Nah, you own a crypto if it’s stored in your digital wallet and digital wallets don’t even ask your name or don’t care who you are when you setup one. It’s the wallet address that serves as your front and private seed phrase as the proof of ownership that you must keep!
Read This: https://cointelegraph.com/news/mobile-crypto-mining-app-possibly-connected-to-personal-data-leak
Don’t be surprised if you knew one day you’re known to be as criminal abroad given that your personal details matching of course your identity was used for illegal transactions and if this is not the way you were exploited, then maybe, you were used for the profit of others.
INVITES
I’m not gonna further explain about this because I know you’re bored reading now, but I know that you already know the invite invite thing, right? Pizza scheme can be
Reminders from Me:
1. Yes you have nothing to invest but, is your identity not valuable enough that you can afford to lose?
2. These all are just red flags and there’s still a possibility that the project can go successful as most people expects it to be and I’ll rejoice with you guys if it went that way. Don’t worry I’m not going to delete this post of mine even after Pi Network’s Mainnet have launched this coming December
3. Try to do the Math parekoy, there are 23million Pi users and the speculative value of each Pi crypto is $100. Let’s assume all members have mined at least 5 Pi (although I know your Pi balance is greater than 5) then multiply it to $100 or ₱5,000 in pesos and the product is Pi Network’s market cap. If the market cap in an instant sound realistic to you then better open your app right now and spam click that lightning button.
References:
https://www.investopedia.com/terms/p/proof-stake-pos.asp #:~:text=Proof%20of%20Work%20(POW)%20requires,coins%20held%20by%20a%20miner.
https://www.bitdegree.org/crypto/tutorials/proof-of-work-vs-proof-of-stake
https://www.newegg.com/insider/building-a-cryptocurrency-mining-rig-how-to-keep-costs-small-and-profits-big/ #:~:text=There%20are%20three%20basic%20categories,you're%20trying%20to%20mine.
https://www.techradar.com/how-to/how-to-mine-cryptocurrencies-on-your-android-smartphone
https://www.investopedia.com/terms/b/bitcoin-mining.asp
https://cointelegraph.com/news/mobile-crypto-mining-app-possibly-connected-to-personal-data-leak
https://www.quora.com/Pi-network-cryptocurrency-How-many-members-have-registered-and-mining-for-the-currency
