The application that promises profits to users and questions that investors need to answer before they are put in place. The importance of personal data and alternatives.
The column today chooses to deal with Pi, even though it's not even a ... cryptocurrency. How then has it spread so much? Because like all successful myths, in order to effectively accomplish their purpose, they contain lies of truth.
For example, my favorite myth, the one that made me deal with the stock market, is that money is easy to come by. I imagined myself sitting lazily in a hammock on a Jamaican beach, earning money by pressing the buttons on my laptop. The most outrageous lie I've ever heard in my life. Unfortunately, it has proven that "easy" money is ultimately only seemingly easy. In practice it is difficult.
What is Pi?
Pi is a new cryptocurrency created by Dr. Nikolaos Kokkalis and his team at Stanford University.What differentiates the new cryptocurrency π from the existing one is the fact that you do not have to spend money to buy the equipment for mining.
It is enough to download the Pi network application from the App store or Google play and start immediately.
Pi is at an early stage in forming a network of pioneers who will trust and disseminate it.One year after its launch (March 2020) there will be announcements on the second stage of currency development.
Alert 1) If not the first, at least one of the first things we look at in each cryptocurrency is white paper. Imagine it as a business plan. The document written by the team that created the currency and describes what it is, where it aims, why it pursues the goal pursued and plans to meet the deadlines and goals. Ideally, this is something simple, resembling Bitcoin. Without a lot of marketing interventions. Show that the developers are writing it. Uncertainty is not our friend here and unfortunately this one is pretty vague. It does not even seem that there is a specific limit to the production of coins.
Alert 2) It is not Standford University that is involved in the project, but some of its graduates or professors, such as Kokkalis. Dr. Kokkalis, as he says in his resume, has experience designing social applications that have become extremely viral, attracting millions of users. Here's a bell-sized bell!
Alert 3) You don't do mining on your cellphone. When we say mining, we mean that you are helping to verify and verify cryptocurrency transactions. It's another process that simply rewards you as long as you keep the Pi in your wallet or attract other people to the network. You tell me, let them say it as they want, it gives money? That matters. You are right here, but the concept of mining refers to Bitcoin.
Alert 4) The working code is closed. No one knows how it works, only suspects. That is why there are a bunch of jokes about the wonders that this pioneering idea, this enlightened program, and so on are doing. Everything has come out of the narrator's imagination. We know nothing about it. Of course Windows is closed and linux is open. Doesn't mean it's worse. Yes, but it is not in line with the philosophy of cryptocurrencies, as it deprives you of the right to confirm. Why;
Alert 5) This brings us to the next bell. It is not even a cryptocurrency, as there is no blockchain to rely on.
You tell me, am I missing anything? I was not asked, nor did I put the slightest euro. That's right, but you give your details to some strangers. For you, your personal data may not be worth anything and you can share it, but some people pay gold to get it. The bad thing, though, is that by inviting a friend to your friend, you inform Pi of your relationship with him. But he may not be willing to give his data.
We are now coming to something that is the first thing you do, having been informed of a cryptocurrency, even if you are convinced that this is the opportunity of our lives. Have you compared other similar ones? What makes you think this is the best of its kind?
What I personally find exasperating is that it teaches the wrong mindset. That without effort, time and knowledge, you can make money. It is a fact that space offers great opportunities, but you are not going to discover it that way! Coins like Pi, in the writer's view, are the wrong way to get into crypto.