Pi Coin’s growth has been nothing short of a miracle for a cryptocurrency that is yet to launch and get traded in exchanges despite years of promising its users. Today, Pi Coin boasts of having over 30 million active users who mine their tokens through their mobile phones.
Is Pi Coin a Ponzi Scheme?
One of the questions that have crossed the minds of most people who have come across the Pi Network platform is whether it is a scam, a Ponzi scheme or a project for money laundering. Unsurprisingly, looking at how Pi Coin operates, it is only logical to ask such a question.
For starters, besides mining using mobile phones, the platform has been very vague on when they expect the project to be launched. However, with over 30 million users, it means they have valuable data that they can possibly sell to third parties and make money.
The second issue with the platform is that its value is still zero, even for users who have mined for years. Therefore, it means they will not be able to redeem anything using the mined Pi coins. There is also no way to make a guess at what the Pi Coins are currently worth.
Therefore, only the project developers have an idea of where they can expect the prices to trade once launched. This makes it hard for miners to make plans with their cryptos. It also means all the power is centralized to the owners of the platform, despite the platform posing as decentralized.
On the flip side, there are also signs that indicate the project may not be a scam. This includes the fact that it does not require users to invest their money. Therefore, the owners would lose money from hosting such a powerful network if it was a scam. Another reason is their social media activity. Most scammers remain anonymous. However, Pi Coin has been an open book for a long time, which is why people continue to trust the platform.
Pi Coin Price Prediction
Today, there is no way of predicting or speculating about the current value of the Pi Coin. With no platform where you can exchange the coins, it is, therefore, safe to assume that Pi Coins are currently worthless. However, when launched, users will be able to trade and exchange them with other cryptocurrencies and stablecoins.