Pi Network has become a breeding ground for scams and deception. Many players who tried to exchange the virtual currency "Pi" have become victims of scams and lost their hard-earned money. Several official media have clearly published related articles in 2023 to fight fraud. Cryptocurrencies are fun and profitable, but they can also be addictive. They sometimes devour investors' lives and destroy relationships with friends and family.

An unnamed South Korean college student, YSM, revealed in an interview with (Magazines) that his family had been struggling with an app called Pi Network.  While YSM had doubts about the project’s legitimacy, his father, who owns a fried chicken restaurant, was convinced that it was the next Bitcoin. “Whenever I visited my parents, my father would constantly urge me to install the app and use his invitation code to start mining Pi, which would lead to arguments and fights,” YSM told the magazine. Pi Network has an unusual set of requirements for its miners! Over the years, the project has faced accusations of being a scam and pyramid scheme, despite not soliciting any financial investments from users. Instead, critics have scrutinized the network’s unusual “know your customer” requirements, the lack of a tradable product on the open market, and questioned the motives of the project and its founder, a Stanford graduate. Pi coin is not a new cryptocurrency.

First, the Android app was released in December 2018. Four years later, Pi holders can’t do anything with the app. In comparison, many cryptocurrencies like Aptos, Cronos, ApeCoin, and SweatCoin were launched this year. Second, Pi Network already makes money from ads on its platform. But all of those funds go to the creators of the platform. Third, it’s unclear when Pi will be listed on exchanges. One possible reason the developers haven’t pushed it on exchanges is that they already make money from ads. So, listing it on an exchange could eat into that revenue.

AIMultiple analyst Cem Dilmegani claimed that Pi Network may not bring significant benefits to users, saying, "We do not believe that anyone other than the founders will significantly benefit from Pi Network." This is because it "like Direct sales or affiliate marketing systems that promise future rewards to users who bring in new users.” Dilmegani claims that the affiliate marketing system is used to drive traffic to the app, which is in turn used to sell advertising for the app developer. Dilmegani said, "The founders have benefited from the application because they launched optional video ads at launch to monetize the active user base." Dilmegani admitted that the Pi team may eventually launch a blockchain mainnet. However, he believes this is unlikely as it would cause the token to rapidly depreciate after users sell off. "Then the tokens will no longer have value and users will no longer log in to click," which could eliminate the app's value to advertisers.

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