Pi - The First Digital Currency You Can Mine on Your Phone

[save the frogs]

Has anyone heard of Pi?

 

https://minepi.com

 

Here's the sales pitch on their site:

Mining crypto is hard.

Investing in crypto is risky.

Too many of us are left out of the cryptocurrency revolution.

 

[save the frogs]

Pi makes crypto mining easy

Breakthrough tech allows you to mine Pi on your phone without draining your battery.

[VinnieK]

If everybody can do it ,it is worthless.

Scarcity is the keyword in this game.

[save the frogs]

ah ok.

good point.

 

[JayClay]

Apparently you need an invite from an existing user so unless you know somebody who's already doing it you're out of luck, it seems.

[OneMoreFarang]

Are people really still looking for some kind of better crypto currency? Really? 

[rankric]

Its fell so hard i am shocked to see bitkub still advertising. The way SCB pulled out of that deal must have hurt like hell.

[JayClay]

14 minutes ago, OneMoreFarang said:

Are people really still looking for some kind of better crypto currency? Really? 

Early investors in BitCoin made millions. Of course people are on the lookout for the next big thing!

 

[OneMoreFarang]

5 hours ago, JayClay said:

Early investors in BitCoin made millions. Of course people are on the lookout for the next big thing!

 

I understand when guys look for the new girls in the bars who just started in that business.

But with crypto currencies I am not so sure if it is a good idea to invest in the new and innocent. 

[JayClay]

4 minutes ago, OneMoreFarang said:

I understand when guys look for the new girls in the bars who just started in that business.

But with crypto currencies I am not so sure if it is a good idea to invest in the new and innocent. 

What on earth has this got to do with bar girls?

 

Is there some kind of competition going on ASEAN Now that I don't know about that involves trying to bring up bar girls in as many obscure ways as possible?

[JayClay]

I'm no expert in this area but here's my analysis of the app from playing about this morning:

 

Is it a scam?

I have no idea. The methods of accumulation do appear to be very pyramid schemeish, but I guess that's not too much of an issue if you're in at the beginning. It does seem like there's not a lot to lose as it doesn't require any capital investment.

 

Is it safe?

The app doesn't ask for any particularly dangerous permissions, such as storage or camera so unless it is exploiting undocumented or unpatched issues in phone firmwaress then I don't really see any trouble that could be caused by having it on your phone.

 

Does it really not wear down your battery?

I don't know... My battery seems to be depleting a bit quicker than usual but as I'm using my phone a lot more than usual today it's a bit of an unfair test. I'll have to keep a closer eye on it as time goes on.

 

The "invite" system isn't really that; you just have to type somebody else's username when you sign up. A quick Google search will help you find one. You can PM me though if you're having issues.

[OneMoreFarang]

32 minutes ago, JayClay said:

What on earth has this got to do with bar girls?

 

Is there some kind of competition going on ASEAN Now that I don't know about that involves trying to bring up bar girls in as many obscure ways as possible?

It's the baseline. Why do you ask?

[FritsSikkink]

So making PI (money) is easy and it doesn't cost anything. Why should it be worth anything then?

[JayClay]

31 minutes ago, FritsSikkink said:

So making PI (money) is easy and it doesn't cost anything. Why should it be worth anything then?

People probably said the same thing about bitcoin when it first came out.

 

Surely a better question to ask is "if it costs nothing then what is there to lose?"

[JayClay]

And as of now it isn't worth anything, anyway, because there's no way to trade it.

[OneMoreFarang]

4 hours ago, FritsSikkink said:

So making PI (money) is easy and it doesn't cost anything. Why should it be worth anything then?

Some people just believe. 

[save the frogs]

1 hour ago, OneMoreFarang said:

Some people just believe. 

yeah i think you're right.

too complex for me. i don't understand what drives the value of this stuff. 

[fdsa]

1 hour ago, save the frogs said:

too complex for me. i don't understand what drives the value of this stuff. 

i believe it's some social network style bs that will get profit from selling your credentials to crypto-promoting spammers

 

Quote

    Pioneer. A user of the Pi mobile app who is simply confirming that they are not a “robot” on a daily basis. This user validates their presence every time they sign in to the app. They can also open the app to request transactions (e.g. make a payment in Pi to another Pioneer)

    Contributor. A user of the Pi mobile app who is contributing by providing a list of pioneers he or she knows and trusts. In aggregate, Pi contributors will build a global trust graph.

    Ambassador. A user of the Pi mobile app who is introducing other users into Pi network.

    Node. A user who is a pioneer, a contributor using the Pi mobile app, and is also running the Pi node software on their desktop or laptop computer. The Pi node software is the software that runs the core SCP algorithm, taking into account the trust graph information provided by the Contributors.

 

[Neeranam]

I mined Electroneum on my phone years ago.

[Xanthe]

10 hours ago, OneMoreFarang said:

I understand when guys look for the new girls in the bars who just started in that business.

How one knows who just started in that business?

[OneMoreFarang]

40 minutes ago, Xanthe said:

How one knows who just started in that business?

The schoolgirl uniform is a giveaway. ???? 

[JayClay]

1 hour ago, Xanthe said:

How one knows who just started in that business?

 

1 hour ago, OneMoreFarang said:

The schoolgirl uniform is a giveaway. ???? 

 

Can you guys please take it to a more appropriate thread. Seriously. It's pathetic.

 

2 hours ago, fdsa said:

i believe it's some social network style bs that will get profit from selling your credentials to crypto-promoting spammers

 

 

As I said in my analysis above there's no way, at the moment, that the app can do that.

 

Yes, they could push an update which does so but you still have to grant the permission to the app to do so. If the app suddenly starts asking for inappropriate permissions then that's the time to worry. Until then the only real risk appears to wasting a few seconds every day to press the "mine" button.

[save the frogs]

what i don't get is if it's too easy for everyone to mine, why would anyone pay YOU to mine it for them? 

this stuff is way over my head. 

 

[JayClay]

4 hours ago, save the frogs said:

what i don't get is if it's too easy for everyone to mine, why would anyone pay YOU to mine it for them? 

this stuff is way over my head. 

 

Nobody is paying you anything.

[save the frogs]

1 hour ago, JayClay said:

Nobody is paying you anything.

I guess I don't even understand what 'mining' is all about then. 

[OneMoreFarang]

17 minutes ago, save the frogs said:

I guess I don't even understand what 'mining' is all about then. 

Try this. It probably makes more sense than the crypto mining.

 

 

[BillStrangeOgre]

22 hours ago, JayClay said:

People probably said the same thing about bitcoin when it first came out.

 

Surely a better question to ask is "if it costs nothing then what is there to lose?"

...because Bitcoin provides a solution to real world problems, it's viable technology...It has a 'raison d'être' 

 

[JayClay]

Day 3 of my adventure and when going to the homescreen to start the mining process for the day 

I got a pop-up telling me that they would be serving ads to help generate the money to run the server, but I could turn these off in the app settings.

 

After dismissing that popup I immediately got another popup stating that they were "experimenting" with full screen ads. After dismissing this pop up, I was made to sit through a 30 second advert for some ridiculous game.

 

Once the advert had finished playing I was able to go into settings and find the option to disable ads.

 

My faith that this is a genuine product is quickly dissolving, but as long as the ad setting is respected, I will continue for now.

[save the frogs]

thanks for the feedback.

i did a bit of reading up on it.

no one knows for sure what these cryptos will do.

there are 200+ i believe.

final conclusion summarized below. 

 

https://changelly.com/blog/pi-network-pi-price-prediction/

At the end of the day, if you trust the project not to leak your data, it won’t hurt to mine Pi coins on the side — after all, it’s free.

 

 

 

[JayClay]

Yes that was pretty much my conclusion.

 

Will it make me rich? ...Probably not, but you never know.

 

Will it even make me any significant money?

... Again I'm doubtful.

 

Will it at least one day pay for a couple of extra Changs?

...Maybe.? Or maybe not!

 

All the time the app isn't requesting suspicious permissions, and while I can still disable adverts, it's doing no harm being on my phone so for now I'll keep up with it.