I was introduced to pi coin years ago and I am still not convinced that it is a real thing. The pi network is an app. It presents itself as a crypto mining platform but until the tokens are publicly traded it cannot be considered much of anything. The Pi Network app currently is a platform for pop ups that counts upwards for you. Without a tradeable token this is akin to those one button apps that make an airhorn, or gunshot noise.
They have more than 50 million downloads, but it is unclear home many active users.
You log in once a day to push a button that plays an ad. After watching the ad the app will continue to count upwards for another day. The more people in your referral team the faster your 'mining' rate becomes and like most crypto apps there is an MLM component. If I could make one improvement that would make this 'network' seem more like a network, I would have the referral mining boost go both ways. This would incentivize both sides of the referral relationship.
Watching one ad per day doesn't create much value in my opinion. So even though I have been feeding advertising dollars into the pool for years, how much end of the day value could I have created in that time? Especially during the most recent crypto bear market.
That being said, if the majority of users were only mining part time and feeing their advertising revenues into the communal coffer that may have built the reserve enough to provider some value. This is very VERY wishful thinking. But there is a chance that the people who run this project have been building value on the back end. The likelihood of this theoretical reserve fund is less likely than this whole thing being a money print for the parent company Social Chain.
This is one of their promotional materials. It is still up on their website. You may notice the poor quality and the factually incorrect statements. They are not the only crypto mined via phone anymore, but they have not undated their video. Also the inclusion of the Appeal to Authority logical fallacy is cringe inducing.
At the time of writing I have mined 3885.12 pi coins.
What is that value in CAD? Don't know.
There is a ticker for pi Network DeFi which may be the same thing but I have a feeling that this is a derivative token.
If you click the hyperlink, you can see the value of the non-traded Pi Network Token.
I hope the price is closer to the latter than the former. I imagine if the coin ever does trade there will be many people like me looking to dump and that will collapse the price. That's probably why they are going to force users to stake/lockup their pi coins during the wallet migration process.
If this quote from Coindata is to be believed than I have amassed a large position. I just don't believe it. My pi position is worth approximately 14% of one BTC token at the current bitcoin price.
I remember seeing a real world payment made with pi network coins in Asia but I doubt that was real. If there was a real world transaction evidence of that transaction would be easier to find. Even though it's twitter army seems convinced that this will make them millionaires I am more realistic. I just hope to make any money from this token and push it all into BTC.
The pi evangelists -dubbed pioneers- have a fairly active twitter presence. So if there was a real world transaction I imagine it would be retweeted ad nauseam.
I give pi network a 2 out of 5 stars.
It is easy to use, and not much of an inconvenience, but the 'crypto' provided is valueless and possibly not real.
I have been using the app for years due to convenience and habit, but unless you have a tight circle of friends who are crypto nuts it would be hard to build the referral team necessary to gain enough pi tokens.
I hope that the tokens do eventually trade and I can get some value out of this process, but that is a hope. The hope is the only reason I didn't give it 1 star.
It is worth nothing until it isn't.
If you want to give it a try here is my referral link: https://ca01.z.antigena.com/l/bUNT-vWyii82KEHdfPLA_kH40aUpos9HwKZTcpIYol_txtCGcEN5d~m~QtzH6vvBtAf239EQnQcfcbFnP-gxbkKcbQoPqbKKCmNXOs~9TtIiA8EWN8p_MWUo-wwoyeAyyA-ZcQeKs2ipyNDfTX9Qr7t7~lNq__3DlRub
As always you can join the conversation on Twitter @1BTCproject
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