Pi is not the first to claim mining, Electroneum did it first. If they do come, they'll be worth zero dollars. This is a tried and true business model and those coins are never coming. There's a million tokens worth $0.00005 a piece. And in either case, there's no guarantee that these Pi-coins, should they ever come, be worth anything. Nobody's forcing you to "miss out" on anything. You can even be adventurous and invest into one of those smart contracts on ERC-20 in the hopes that they'll go x100. You can invest $100 into Bitcoin, Ethereum, ADA, XLM, LINK, VET, GRT, etc. "Too many people are missing out on the crypto revolution", as the website says. Imagine if they instead sold coupons forĪppeal to FOMO. "Bitcoin with ads" will not sound legit to anyone with familiarity with Bitcoin, but people know about "crypto" know, and the idea that they can "get crypto" as well, at no cost, sounds appealing to many - "You deserve to be part of the crypto revolution too!" I feel as if I'm listening to an Amway presentation about my "entrepreneurship", but even Amway at least sells real products. I do not say this to be insulting and I'm not in favor of anyone been either shut out or taken to the cleaners, but it's quite clear from both the promotional material as well as personal experience that people with as little knowledge about crypto as possible are targeted. It's one thing to have users promote your product based on their positive experience and one might even accept referral codes in a commercial product, but it's another to have referral codes be basically mandatory. Credentialism is a hallmark of every scam, designed to impress the impressionable.Ĭonstant urging to invite people. If a product is impressive, just show off the product.
The fact that it's made by "Stanford PhDs" is constantly stressed, yet this means nothing. This is done today with many other tokens, and it seems to work well enough.Ĭredentialism. What's the benefit of the KYC? If they just wanted to prevent people from generating a million addresses to gobble up all the coins, they could have partnered with an exchange (that already does KYC) and do an air drop. What's the value proposition? It'd be a blockchain (supposedly based on Stellar's protocol) + KYC to prove you're human. They're supposedly coming at some point and let's just suppose that they will. No mining of any sort happens, you just press a button every 24 hours and watch ads.
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