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Pi Network Cryptocurrency Mining for cell phone
Old 12-04-2019, 09:34 AM   #1
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Pi Network Cryptocurrency Mining for cell phone

I signed up DW and myself on this. It is still in phase 1 of 3, with phase 2 coming in early 2020. At present has no value as is not traded yet. Beware of whoever says otherwise. You accumulate PI coins by downloading the app and pressing the mining button. After every 24 hours the mining will stop and you will have to press it again in order to continue to accumulate. It doesn't affect your phone performance as far as I can tell and it doesnít actually mine because it works more like a free faucet. Also it gives you the possibility of earning at an increased speed when you add people to your earning team. I genuinely advice to join sooner than later as the earlier you join, the more you gain and to avoid regretting in future for not having done it before.

Phase 2 is the Testnet will give the users the possibility for whoever wants to run a testnode with a simple software installed on your pc desktop or laptop. This will ensure the developers to run tests before going live on the Mainnet in phase 3.

Phase 3 Thatís when the trading will become available and PI coin will attract a value based on supply and demand.

There is a lot of information on the White Paper which gives you some more detailed information on how it all works and I suggest to give it a read while you accumulate your free PI. But in the mean time if you like download the app on Pi Network
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Old 12-04-2019, 07:32 PM   #2
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A pyramid cryptocurrency scheme. What could possibly go wrong?

(OK, that was just my first reaction. I haven't read the white paper. So I hereby give you permission to laugh in my face if/when you make a fortune on this.)
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Old 12-04-2019, 07:43 PM   #3
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Originally Posted by CaptTom View Post
A pyramid cryptocurrency scheme. What could possibly go wrong?

(OK, that was just my first reaction. I haven't read the white paper. So I hereby give you permission to laugh in my face if/when you make a fortune on this.)
+1

Download this code to run on my computer or phone? No thanks, not without a LOT of assurance there is no malware involved. Seems like the near perfect vehicle for malware.

-ERD50
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Old 12-05-2019, 09:32 AM   #4
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Quote:
Originally Posted by CaptTom View Post
A pyramid cryptocurrency scheme. What could possibly go wrong?

(OK, that was just my first reaction. I haven't read the white paper. So I hereby give you permission to laugh in my face if/when you make a fortune on this.)

or MLM. That was my first thought when it was mentioned about signing up others. I wish I could get out the , but I really don't want to install this on my phone or PC.


cd :O)
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Old 12-05-2019, 10:02 AM   #5
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crypto currency mining requires computing a mathematical hash/checksum of the transactions blocks.
Phone CPUs are not great number crunchers. Android phones setup to mine bitcoin with the 2 popular mining tools typically generate less than 1 CENT per YEAR and are a big battery sucker.

A crypto mining farm is typically loaded with GPUs, FPGAs, and in some cases ASICs custom for the mining algorithm. Their standard metric is transactions per kilowatt of electricity.


Add in the MLM of the Pi network "earning team" and this smells bad to me.

ETA: did a little (very little) digging to figure out how this could be mining on a phone and not taking up any batt or CPU. Turns out its not mining. There are no Pi transactions to process blockchains for. Its just distributing tokens and ads:


" It doesnt appear to be mining in the traditional sense, the phone isnt doing computational work to create blockchains, instead coins are allocated by people tapping in daily.The white paper is a little hard to make out but the impression I get is that the premises is:
- get lots of people signed up and "mining" and they get coins
-advertisers can then buy coins from minners allowing them to advertise to the community. (and this creates the value of coins which they can then be traded on)
-value is created by what advertisers are prepared to pay to advertise to a by then 1 million plus community who are checking in daily"
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Old 12-05-2019, 10:18 AM   #6
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I have no interest in kissing all the frogs out there, looking for a prince. Too many frogs. Too few princes. Good luck.
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