The Pi Network is a mysterious online project that is luring thousands of people from around the world. Its goal is to let anyone use his Android and iOS smartphone or tablet to mine cryptocurrencies. However, in my recent Pi Coin price prediction, I wrote that the network had all the hallmarks of a scam. In this article, we will do a review of what Pi is and why I think it is not a genuine platform.
Pi Network is a “cryptocurrency” that seeks to solve the challenge that Bitcoin mining is a difficult and extremely expensive process. To mine it, one needs to download an app, create an account, and then start earning cryptocurrency in the form of the Pi Token. Pi Network was started by Nicolas Kokkalis, who claims to have a PhD from Stanford. The other co-founder is Chengdiao Fan, who also attended Stanford.
The Pi Network is interesting because its mobile applications have excellent user reviews. For example, its iOS app has over 8.7k reviews with an average of 4.3, which is remarkable. Below is an example of a five-star review on its iOS platform.
Its Android app has even better reviews. Over 474k users and an average rating of 474k. Here is another Android review of the app.
Is Pi Network genuine?
So, is the Pi Network genuine or a scam? An easy answer is that the coin is not a scam considering that almost 500k people have provided positive ratings of the coin. However, it is a bit hard to justify that Pi Network is a genuine product.
While users earn Pi tokens every day, they are worthless because they cannot cash them out. That’s because the coin is not listed on any exchange, meaning that what people own is not worth anything.
The developers say that they will push it to exchanges soon. But, in reality, they have been saying that for months. Also, when it lists, we can expect that the Pi Network price will plummet as the current holders cash out.