Is PI network not providing value to its users and will scam them one day with their information? Probably Yes! Let’s check!
It can be no one’s benefit except the founder of the PI network. How it can help the founder of the PI network to grow? There is a famous saying, ” When you are enjoying a product without giving money for it, then consider yourself as a product”.
- The application gives no utility to its clients. Nothing remains to be done in the application. Clients holds it with the expectation that they will at some point change their virtual coins over to real value but they don’t know their data can be steal and sell against them.
- We find it like Multi-Level Marketing. Since it incorporates direct selling and gives expanded possible advantages to early clients (for example earlier clients mine at an increased rate). But partner or direct selling is conceivably better similarities.
- There are thousands of posts saying, how the PI network scammed us?. We do not have money in it. On the other hand, These people are not considering their data, time, and personal information as to their assets. Their asset is being stolen by them, by their permission, and can be used against them. However, it’s not that simple but Millions of people can make it easier.
On the other hand, they are winning confidence of the people by molding them.
Benefits of PI Network for it’s founder
- Some of its current practices are also used in scams, The benefits of the founder of the PI network, Kevin Pepper, are huge. It includes:
- Founders are already benefitting from the app. They launched optional video ads at launch to monetize the active user base. However, The app also has a KYC process of collecting passport information. Binding this to mobile IDs can be valuable information for the founders
- Their marketing emphasizes the academic credentials of their users. Very similarly, a blockchain scam without blockchain infrastructure, OneCoin, relied on the McKinsey experience of its founder in its marketing.
The working of the PI network is simple, first of all, the user has to log in every day and click on a button and in the return of this, they will get a PI coin. There is no proof that works is being performed. This currency is not traded yet so currently holds no value.
On the other hand, the user can make his level up by inviting more and more people. This is a common model in Pyramid Schemes and Multi-level marketing. Now, It has 13 Million plus users.
Future of this Network
PI Networks is at least attempting to build something of value,
They have distributed a high-level whitepaper framing their aspirations without giving specialized subtleties on how their Pi Stack would function. One of their points is to have others assemble applications on PI organizations to profit from PI network clients’ consideration. They guarantee to have run a pilot in 2020 for individuals to trade labor and products utilizing Pi.
As per their Linkedin page, they have 70 representatives starting in 2021. Nonetheless, large numbers of individuals that rundown themselves as working there are application clients with titles like “Cryptocurrency Trader”. Now they are referring it to 203 Employees working with them. The founders of the PI network got their education and worked at Standford. They have ±170k reviews and a good rating on the Google Play store. However, models similar to MLM tend to generate fast growth.