A question I have seen a lot lately – Is Pi network a scam? Pi is a new cryptocurrency that you can mine on your phone simply by clicking a button every 24hrs.
I am still undecided on this one, it seems legit, but time will tell. I think it is a genuine project that has some potential, but it is taking a long time to get to the mainnet, and I can see why some people think it is a scam.
Pi’s current value is nothing $0, but it could be worth something soon. In today’s post, I will review the Pi Network so you can decide for yourself if it is worth your while to mine Pi or if it is a scam.
I am a member of the Pi network and collect Pi every day on my mobile, hoping it will be worth something one day soon. I have read their “White Paper”, and it sounds solid. Let’s get into the review so you can decide if you should be mining π.
What is Pi (π) Network
The Pi story in under 1 min
- π Mission: Build a cryptocurrency and smart contracts platform secured and operated by everyday people.
- π Vision: Build the world’s most inclusive peer-to-peer marketplace, fueled by Pi, the world’s most widely used cryptocurrency
Pi is trying to create a decentralized crypto network with Pi as its native coin. Pi claim to be the first digital currency that you can mine on your phone.
As the world becomes increasingly digital, cryptocurrency is the next natural step in the evolution of money. Pi is the first digital currency for everyday people, representing a major step forward in the adoption of cryptocurrency worldwide.
How does the Pi Network, Work?
Pi is currently in phase 2 of its roadmap – Testnet
Currently, the value of Pi = $0, nothing. Although you can mine it on your phone and accumulate Pi, you can not spend it on anything. It does not have any value. It may have some value when they go to Mainnet, which is phase 3. I believe this is planned around the end of 2021.
To start collecting Pi, now, all you have to do is download the Pi app. You need an invitation from an existing trusted member on the network.
Download Pi π
If you want to have a look at Pi for yourself, you can use
- The invitation code is – BigDavo
- Direct Link is – minepi.com/BigDavo
That is it; that is all you need to do every 24hrs. Click the button. You don’t need to have the app open, and it does not drain your battery.
You can see from the picture that I am earning 0.17π/hr. Not a lot, but it does add up, and if/when Pi goes to mainnet, who knows what the value could be? It might be worth something.
You can see my total is currently 1493.0903 π. Currently, you can’t sell or use your Pi, but when they go to Mainnet, you will be able to. So if the price is $1, I will have $1493. If the price is $100, I will have $149,300.
No one knows for sure what the price could be. There are even Youtube videos out now that claim you can get $100 value for 1 Pi.
Ultimately it is a risk, and we will have to wait to see what the real value will be when they reach Phase 3
Can you Make Money with Pi Network?
The short answer, for now, is NO. You can mine it, but it currently has no value. You can continue to mine it until they put it on the Mainnet, and then, in theory, it will have a value. What will that value be? No one can say for sure.
It is a gamble. If you believe in the project and trust that they will do what they say and take it to Mainnet, it could make you some money. If the project collapses or does not reach Mainnet, then you will not receive a cent. You will have wasted your time logging into the app and clicking the mine button every day.
I have researched the Pi Network, and I decided to join last year and start mining Pi. I am willing to take the gamble. You can get more info from the Pi FAQ page by clicking this link ===>> Pi Network FAQ.
- Free to download and start mining.
- Easy to use
- Ability to earn more by referring people. Build your trusted network, and you can earn more Pi.
- The project may not succeed.
- Long roll-out compared to other coins.
Beware of …
SCAM sites, you might come across a copy site claiming to be the Pi network. This is a common tactic in the crypto world, always check your URL and make sure you are on a legit site. If you use the links from this site, you can be sure you are on the genuine Pi site.
Once again, until Pi has reached Mainnet, the value of Pi is $0. Don’t believe anyone that tells you otherwise. To find out more on how to avoid a scam, look at my post ===> Make Money Online Scams.
Is Pi Network legit (or Any Good)?
I think the Pi network is legit, and they are having a go. This is what it says on their website.
Pi is not a scam. It is a genuine effort by a team of Stanford graduates to give everyday people greater access to cryptocurrency.
Pi’s core team is led by two Stanford PhDs and one Stanford MBA, all of whom helped build Stanford’s blockchain community. We cannot guarantee that the project will succeed. However, we promise to work our hardest to make our shared dreams a reality while maintaining the highest integrity standards. You can learn more about us on the “Core Team” page in the app’s main menu.
If you read the White Paper and believe what they say, it does make sense. Although it is a long-winded rollout compared to other projects, they have achieved what they said they would so far. Having said that, the proof will be when they achieve Mainnet, and as they state – We cannot guarantee that the project will succeed.
So yes, I think it is Legit, but time will tell if it is any good.
I think Pi Network has good intentions. Like I said, I have done my research and have decided to mine Pi. For me, it is minimal risk compared to what the payoff could be, so I am in. You need to DYOR and decide for yourself. I think it has potential and hope to make some money from Pi one day in the future.
If you want to get into crypto, I believe a better project to look at is CAKE DeFi. You need to buy crypto at CAKE first, but then you can put your coins to work for you and generate cash flow. They have a few options that offer great returns, and some are even guaranteed. I currently get 37% APY staking my coin at CAKE.
CAKE is user friendly, has fantastic support, and are 100% transparent. They have created their own blockchain exclusive to the world of DeFi. I personally use CAKE and collect interest every day and have been for over six months now.
To learn more about investing in CAKE DeFi, have a look at my post ===> How To Make a Passive Income.
The Pi looks good, but I like the taste of CAKE better.
What are you waiting for?
You can have your cake and eat it too.
All the best, Mate!
!DISCLAIMER: I am not a financial advisor. This is not financial advice. The content and material I provide on ozaffiliate.com is my opinion only and general in nature. Always do your own research before investing any money. You should always understand the risks involved in trading and investing and seek advice from licensed professionals before undertaking any investments of your own.