Rushing to Pi mining, users really lose nothing?

Tram Ho

Project Pi Network started on March 14, 2019 and after 2 years, it has had a huge number of users that many other virtual currency projects dream of.

The Pi Network Fanpage has recently announced reaching 13 million users worldwide and this app on PlayStore has more than 10 million downloads.

 Đổ xô đào Pi, người dùng thực sự không mất gì? - Ảnh 1.

In Vietnam, mining Pi coin is also very frantic when it is not difficult to find on Facebook groups with hundreds of thousands of members discussing Pi, calling for each other to dig Pi. Not only in urban areas but in rural areas, the trend of digging Pi coin and investing in other virtual currencies is also very exciting.

According to the project’s whitepaper, Pi is built to become “the most popular cryptocurrency in the world”. In the announced development roadmap, Pi is divided into three phases, including the design, testing phase on Testnet, and the mainnet phase.

It is worth mentioning, users can mine Pi from smartphones without the need of a huge machine worth hundreds of millions of dong to mine other cryptocurrencies like Bitcoin. And this has made the attraction of Pi.

Because Pi mining is so simple, it requires no effort or cost. Successful subscribers on the application will have 1 Pi in their account, only need to enter the application once every 24 hours to “take attendance” and the Pi will increase over time. Users can increase the odds of getting Pi by inviting more community friends and increasing their income by building a circle of security.

Currently, Pi cannot be exchanged for money and miners cannot withdraw Pi yet. However, the Pi mining community was shocked by the information that Pi users were used to exchange goods, with 500 Pi exchanged for a Triumph 900 cc motorcycle, equivalent to about 100 million VND. It is not clear exactly what this exchange is, but many people have seen it as a basis to consolidate beliefs about Pi’s future.

The value of Pi is currently 0. But many expect Pi to become the second Bitcoin, also from a zero-value virtual currency after 13 years to more than $ 50,000 / BTC. Of course, up to now, the true value and future of Bitcoin remains controversial from investors to experts and politicians.

Anh Quy (Binh Duong), a participant in Pi mining said: “In the past, it lost opportunities with Bitcoin, so now let’s try it with Pi. If Pi goes up in price, it’s too good, otherwise play. for fun. Nothing will be lost “. After saying that, this user also doesn’t forget to read the introductory code to pull more participants into the security circle.

Mining Pi is so easy and similar to a multi-level model of encouraging users to invite friends to join, many experts have doubts about the transparency and signs of fraud of Pi Network.

On The Coins Post page, M.Ali expert commented, Pi Network is like a multi-level scam model. Users cannot enter the Pi mining network themselves, but have to go through a referral code. And Pi is not the first virtual currency to be mined on a smartphone as the project’s introduction, uPlexa and Electroneum have previously done.

On his personal page, TS. Dang Minh Tuan – Blockchain expert has many articles emphasizing the lack of transparency of Pi Network. “An immutable principle in blockchain is transparent, the mainnet will only have a new year end but the project now has mobile app (PI Network) and backend server, why not open source code for the community to consider? closed? “, Mr. Tuan said.

This expert also asked the question, if the source code is closed, the project owner can reward himself with billions of PIs, who knows? In addition, the entire money of all 13 million people is in the hands of 1 or a group of people, no one can control their project, nor is there any law to protect the miners of that money.

Mr. Tuan said that the Pi coin has many problems because Pi users have an account, but do not have a wallet address and secret key, so it will not be possible to transfer money or spend it later. Money is stored only on the phone or centralized server, administrators can change and create as much money as they like. “At that time, money was no longer worth anything,” said Mr. Tuan.

However, the number of people participating in Pi mining is increasing day by day and the discussion about this coin is still very exciting. Most Pi players have the same mentality of “Free, nothing to lose”.

Indeed, at present participants do not lose anything in terms of money but only have to go through KYC (customer identification) and they accept the risk of providing user information. Because of the fact, basic personal information is also provided for many social networks and other applications, not just Pi Network.

However, it must be noted that, in addition to the KYC process, Pi Network also requires collecting a large amount of user data such as Modifying or deleting content in USB storage, Viewing device IDs and call information, Reading Contacts or Receive data from the Internet …

Lawyer Truong Thanh Duc said that, by law, to conclude that 100% of frauds, it is time to default, fail to pay, loss, appropriation, … causing damage to many people. “However, information is a valuable asset, data is money. And the information security issue as we also know that there have been many frauds, hackers from the disclosure of personal data” he said. Collected data may be sold to other parties without anyone’s knowledge, and they may use it for illegal acts. Not only in Vietnam but in the world, the legal corridor with virtual money is still very vague. Currently, the law does not prohibit the purchase and sale of virtual money, but using virtual money for payment is not allowed.

“Most virtual currencies hit on people’s greed, desire to get rich quickly. Only when money is lost or damaged can participants stop,” said Duc.

The virtual currency market is extremely unpredictable and has no strings attached. Is the Pi Network a scam or not, and whether the Pi successfully goes public, becomes the “second Bitcoin” or not, it is probably only time for participants to get the correct answer.

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Source : Genk