Korean college student: Dad firmly believes that Pi coin is the next Bitcoin
Have you heard of Pi Network (commonly known as Pi Coin)? This free mobile phone mining project has been around for many years and has many fans in Taiwan. However, it has been controversial in the currency circle due to repeated delays in the mainnet and concerns about scams.
Now, a Korean college student has complained to the media, saying that his father’s excessive belief in Pi currency has led to family disharmony.
According to "Cointelegraph Magazine", a Korean college student who goes by the pseudonym YSM revealed that he doubted the legitimacy of Pi Coin, but his father who runs a fried chicken restaurant has no doubts about it and believes that Pi Coin will be the next Bitcoin.
YSM Complaints:
"Whenever I visit my parents, my father always urges me to install the Pi Coin APP and use his invitation code to mine Pi, which causes us to quarrel about this."
YSM said his father opened a fried chicken restaurant and accepted Pi coins as payment, causing tension between his parents and frequent quarrels. Although the Pi coin has not yet been launched and should have no value, his father still believes that it will be very valuable in the future.
Image source: Pi NetworkPi Network (Pi Coin)
What is Pi Coin? Controversial projects sweeping Asia
Pi Network is said to be developed by Stanford graduates in the United States, and users can earn Pi coin rewards for free (not listed). The way to obtain it is very simple, that is, click on the APP, watch ads, and invite friends to get reward bonuses, which the official calls "mining".
Pi Network currently has 3.4 million fans on X, which is about the same number of fans as the Ethereum Foundation.
While there are many mobile mining projects, Pi Coin seems to be particularly popular in Asia, especially among older people or baby boomers. Interestingly, cryptocurrency enthusiasts and tech-savvy investors were less involved.
Yu Xian, founder of Slow Mist, a Chinese blockchain information security company, said:
"Pi is very popular in China, but none of my friends are involved in it. Instead, I occasionally hear about outsiders participating. It feels like two different worlds."
What are the controversies surrounding Pi Coin?
Controversy 1: Is Pi Coin a blockchain project?
There are many controversies about Pi Coin, but the biggest controversy is whether it is a blockchain project?
The official once announced that it would open the main network and hinted that it would be listed on the exchange, but it has not come true so far. South Korean cryptocurrency analyst Coin Lupin said:
“Pi Coin cleverly disguises itself as a blockchain-related project and promotes it by constantly mentioning Bitcoin as if it has potential profits.”
Controversy 2: User personal information security issues
Cem Dilmegani, chief analyst at AIMultiple, pointed out that the Pi team requires users to complete identity verification (KYC) in order to migrate to the closed main network. Users hand over private passports and valuable personal information, and also need to verify through mobile phone numbers or Facebook accounts, claiming to protect Pi coin accounts.
It is said that the core income of the Pi Coin team is advertising revenue. According to research by AIMultiple, if it is an advertising audience that has been verified by KYC, the advertising revenue of the APP itself can be increased.
Lupin said that in the currency circle, KYC verification is usually handled in exchanges or wallets, and no cryptocurrency projects will perform KYC on users.
Dilmegani believes that although Pi Coin is not a typical investment scam, it defrauds users of their time. Time is a precious resource, but the official has not given users substantial feedback.
Despite the controversy, Pi users still have faith
However, in response to these disputes, you will often see Pi currency community users retort: "I have not invested a dime, and I have not lost anything even if I am cheated." Or, "The value of Bitcoin and legal currency is also artificially created. If Once Pi Coin is popularized, people will recognize its value.”
However, some users complained about the slow progress of Pi Coin KYC verification, resulting in his account being unable to be migrated to the closed mainnet and waiting for more than 1 year.
Source: X users complained about the delay in the official migration of Pi Coin to the mainnet
So far, no regulatory authorities have announced the launch of an investigation into the controversy surrounding Pi Coin’s acquisition of user personal information and similar pyramid schemes. Pi Coin users are still waiting for officials to deliver on the promise, but whether that will happen is anyone’s guess.
