Pi Network is already online from March 2019 but still, it is not listed in Tracked Listing at CoinMarketCap.com. You should know that the minimum requirements to be on ‘Tracked Listings’ at CoinMarketCap is as below:
For a cryptoasset to be considered for a tracked listing, it must meet the following prerequisites:
1. Leverage cryptography, consensus algorithms or distributed ledgers, peer-to-peer technology, and/or smart contracts to function as a store of value, medium of exchange, unit of account, or decentralized application.
2. Must have a functional website and block explorer.
3. Must be traded publicly, and actively traded on at least one (1) exchange (with material volume) that has tracked listing status CoinMarketCap.
4. Provide a representative from the project with whom CoinMarketCap can establish open lines of communication for any clarifications.
Projects that do not meet the minimum requirements may still be featured on the site as untracked listings, as outlined in Item below.
1. Inactive Listing – Projects that have been set to inactive status due to the absence of market data on at least one CMC-supported exchange or cessation of operations. To qualify for a reactivation review, the project must be able to demonstrate that the asset is actively traded with the material volume on at least two CMC-supported exchanges.
2. Unverified Listing – Projects whose price data show up through automated processes, but have not been reviewed by CMC.
3. Untracked Listing – Projects that do not meet the minimum requirements to track market data.
Now you know the requirements to be on the Tracked Listing at CoinMarketCap. However, Pi Network is still not on the tracked listing which means it still hasn’t met these criteria even when it is online from a very long time. So, why is it taking so long time for Pi Network to be on the Tracked Listing at CoinMarketCap?
However, even if it lists as Tracked Listing at CoinMarketCap, still that doesn’t mean it is trustworthy. To be on the Tracked Listing at CoinMarketCap is just a beginning from where we can start to test it. But, it is not even at its beginning stage to test its market presence. So, at the moment PI is almost a useless cryptocurrency. (Actually, even we should not call it a cryptocurrency at the moment without having it list on CoinMarketCap properly.)
However, even if it manages to be on the Tracked Listing at CoinMarketCap, still we have a doubt it will be a successful project due to the following reasons:
# Real crypto mining takes very high voltage, high wattage, loud, hot, specialized ASICs. Even with ASIC miners, the profit margin is not that high and equipment can fail especially if not kept under the right conditions. In order to be competitive with other cryptominers, a cryptocurrency miner needs a computer with specialized hardware, so it’s doubtful that your phone has the same capabilities. Phones don’t have enough computing power for that.
# It is hyped as being started by Stanford PhDs but why are there Chinese letters at the official website of Pi Network (Minepi.com)?
# It is allowing people to register from the countries like Nepal where the use and purchase of cryptocurrencies are illegal and banned, even the Bitcoins. So, this makes it clear that it is not taking care of the legal issues that it can face in the future.
# When we check its traffic detail coming at its official website-Minepi.com, we find out the majority of its traffic is from countries like Nepal, Israel, India, and so on. These are the countries where very few people have full knowledge of cryptocurrencies. So, why is it targeting such countries where people have less knowledge of cryptocurrencies?
# The main activity at Pi Network is constructing a pyramid of members. The current Pi Network is a test net with a faucet and an MLM style recruiting system. You get more out of the faucet if you recruit more people. So, this makes it very similar to Pyramid Scheme. You should know that any company asks you to recruit multiple people without selling any real products or services, fall into the Pyramid Scheme. So, it may also face a legal problem due to its business nature in the future.
# Whenever you see any company offering you a very easy way to make money, then you should be very cautious. They said Pi Network will be another Bitcoin. Well, Bitcoin didn’t invent so easily and people didn’t get Bitcoin so easily even at the starting. So, we should not expect the value of Pi will raise so high similar to Bitcoin.
# There are so many cryptocurrencies out there already. You can check them on Coinmarketcap.com. Lots of them are struggling to cross even a $1 mark when they are already online for a very long time than Pi Network and have more potential than Pi Network. We see nothing special about Pi Network which can make it one of the high-valued cryptocurrencies as it is claiming it will be.
# Pi Network is making people believe that it is something new in the market, but it is not. There were so many cloud mining sites and apps before and all of them have failed. Some of them didn’t get good recognition in the market due to which their value never rises up and never will due to the fault in their system, some of them were pump and dump schemes (see below if you don’t know what is pump and dump scheme) and lots of them were scams. So, in this situation, it is very risky to involve with Pi Network.
Pump and Dump scheme is a scheme where the owners of those companies pump the prices of so-called cryptocurrencies and sell all the cryptocurrencies that they have after manipulating the price of those cryptocurrencies up to their desire price point. Once they sell those cryptocurrencies, then the price started to drop due to which the members never get any benefit and new members even lose their money. Legal authorities have already caught lots of those kinds of pump and dump schemes. In simple language, it is pumping the price and then dumping it.
Many think what they gonna lose when they are using it for free without paying anything. Well, still you will lose your personal information
You should know that there are buyers of your personal information in these days. Many scammers collect the various personal information of people around the net and sell them to third parties to make money. You can find lots of scam sites these days claiming to pay you money free of cost (without any investment) but the intention of those sites is to grab your personal information.
Those personal details may be used for various reasons. For promoting and marketing the legal products and services or even for the evil doings like using your personal information to do something illegal in your name, to hack your financial details and steal your money and so on.
Even the legal and renowned entities like Facebook have already faced legal issues due to the leak of personal information. Even they are legit and secure platform but still they face such legal problems. GDPR (General Data Protection Regulation) is there in the EU for a reason.
In the case of Pi Network, even you need to provide lots of personal details including your phone number to register with it. On top of that, you are installing the app on your device. Who can guarantee that they are not stealing personal information from your device? What if they got your credit card information? We are not saying Pi Network is doing it but there were many apps and sites which have hacked the personal information of their clients from their device. So, we should be very cautious while using any new apps without confirmation.
When we tried to confirm the legitimacy or sustainability of the Pi Network, we came almost empty hand.
The company has created its very own digital currency but there is no mention from where they are running it. They have only mentioned it is started by Stanford PhDs. But, there is no detail about their physical location. No one knows where is this company operating from. (If you know, you can place a comment below.) They even haven’t provided the contact phone number. And if it is started by Stanford PhDs, then why there are Chinese letters at the official website (Minepi.com)?
It is already online for more than a year. It has been more than 6 months since they said they would list it on blockchains and stuff. Still, users are waiting. The coin is worth literally nothing at the moment. There are now ads on the app, which also creates additional doubt. They are already making money from users by displaying those ads but users haven’t earned anything even after a year of its launch.
They do not give any information about their company other than it is started by Stanford PhDs, not even their phone number. Other than the owner details, there is no information about where is the company located and how is it operating. Their site Minepi.com is totally anonymous. Even the WHOIS detail doesn’t reveal anything since the WHOIS detail of Minepi is masked by Contact Privacy Inc.
So, it looks like there is a lack of transparency from the company with a management team lacking the experience to succeed.
Complaints from the Users
All positive Pi Network reviews around the net are from the ones who want to use their ref-code to get referrals on their Pi Network account. They are simply leaving the positive reviews to leave the ref code so that they can increase their referrals. However, still, we have found out lots of complaints from the users which are as below:
“Pointless app. The devs make plans that they don’t keep. If you try to contact them or the moderators for whatever reason you get 0 answers (still waiting for answers after 7 months). Pi was a good idea but now it’s just another useless app that shows you add for nothing. I have to admit the was this works is pretty smart: trick people with a plan that you won’t keep and when you get enough gullible people to make a profit. Anyway, I do not recommend it.”
“Pi network app is rubbish, I find it difficult to sign login after I changed my phone. I send emails to the developers of the application twice. Since on 01 July 2020. They are unable to give to rectify it. So disgusting, after mining and inviting people they are expecting me to start all over again. I will never do that, Rubbish.”
“They don’t say they have ads upfront, they only tell you after you’ve been “mining” a couple of days then hit you with full-page pop-up ads that you can disable for 2 weeks at a time. I haven’t shown up in the earning team of people who’ve used my code. Adding people to your earning team is buggy. Adding people to the security circle is buggy. You can’t see all of your account info. I’ve reached out to support about some of my issues multiple times and didn’t get a response.”
“The concept is awesome, I really like the idea. However, the app has many bugs, for example, adding people to security circles has been buggy for 5 months (which would be a main feature in the app)! With this attitude, this whole thing will fail. The 3 founders should start to hire heavily because they just cannot do everything on their own. Also, more transparent communication would be appreciated.”
“The phone number verification option is required to claim the coins. However, the app has a verification option only for the US and UK. When are you going to add India and other countries? Pi is spreading in India like anything and if we are not able to claim it then its no use for the app and it’s coins.”
Above complaints are a few examples. You can find lots of similar kinds of Pi Network complaints. From those complaints we can say that the customer support of Pi Network team is very irresponsible which is a major drawback. Even you can see they haven’t respond to those who have changed their phone and want to continue with their previous account. If they don’t response on such a critical issue, the relevant users will definitely leave the Pi Network. After all, who wants to start over again everything. It looks like if you lose your phone, you lose all your earnings.
People have also complained that the Pi Network app has a verification option only for the US and UK. However, aforementioned, the majority of traffic coming to Pi Network is from Nepal, Israel India, Russia, and so on. So, how can they provide verification options only for USA and UK users? Hope they will fix this soon otherwise, it will be a huge drawback which can lead to the failure of Pi Network.
Aforementioned, there are so many doubts that Pi Network needs to clear before we consider it a legit company. On top of that, renowned cryptocurrencies like Bitcoin are still not legalized in many countries and there is no way that cryptocurrency like Pi Network will be legalized anytime soon.
Facebook is trying to launch its own coin known as Libra coin and still not getting approval from concerned regulators resulting in the delay of the project. So, there is no way that Pi Network can be legalized anytime soon. And we can consider its legalization only if it turns out to be real. Even at the moment, it is not on the Tracked Listing of CoinMarketCap.
Previously, there were many such companies claiming to launch their own cryptocurrencies but most of them failed or even turned out to be scams. Few which manage to sustain are struggling to cross $1 mark, even $0.01 mark which makes them useless coins. We didn’t find a specialty on Pi Network which can make it unique cryptocurrency and desirable in the market.
On top of that, on the FAQ page of Pi Network at Minepi.com, you can find they have written as below:-
“We cannot guarantee that the project will succeed. However, we do promise to work our hardest to make our shared dreams a reality, while maintaining the highest standards of integrity.”
“Pi’s Core Team does not control when cryptocurrency exchanges (like Binance, Coinbase, Kraken, etc.) decide to list Pi. However, Pi will be able to be traded in Phase 3 of the project (i.e., Mainnet). At that point, exchanges can choose to list Pi. In the meanwhile, Pi’s core team is focused on implementing our technical roadmap (see our white paper) to reach phase 3.”
From their own FAQ page, they have mentioned that they can’t guarantee about the Pi Network project.
The current Pi Network is a test net with a faucet and an MLM style recruiting system. You get more out of the faucet if you recruit more people. But, this sounds very much to Pyramid Scheme. So, even if they launch it successfully, they may face a legal problem for being their business similar to Pyramid Scheme.
Anyway, after being online for more than a year, Pi Network is still at its early stage because it is not listed on Tracked Listings at CoinMarketCap. The currents Pi tokens (Pi coins) have no value and can’t be sold. The future blockchain of Pi will be a p2p marketplace where Pi can be exchanged for goods and services. But, it’s unclear at this time if this will include the ability to sell Pi and what the value might be. So, only time will tell where all this takes us but at the moment we can’t recommend it.
However, if you want to take a risk and losing your personal information is nothing for you, then it’s your own choice. But remember, sometimes you can be in a big trouble if your personal information goes on the wrong hand. You have been warned.
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