Authorities in Vietnam have launched an investigation into the Pi Network and cryptocurrency. The mining-incentivized crypto network has grown in popularity in the country as it provides an ‘easy way’ to mine and generate tokens, but the authorities are not convinced.

The Pi Network launched in March 2019 and grew in popularity in Vietnam and India during the 2021 bull market. This is because PI tokens can be ‘mined’ on a mobile phone, negating the costs of buying expensive crypto-mining hardware.

However, the network doesn’t appear to have any purpose other than acting as a medium of exchange for PI tokens.

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Nevertheless, co-founder Dr. Nicolas Kokkalis is a Stanford Ph.D. and instructor of Stanford’s first decentralized applications class. Stanford professor Dr. Chengdiao Fan, the other co-founder, has a Ph.D. in Anthropological Sciences.

Luis Buenaventura II

" PI has been around since 2019 and called themselves the first crypto that you could mine on your phone. All you had to do was download their app put your contact information and the mining would instantly start.

The first thing I'll say about the PI app is that there's No Evidence that this is actually doing any mining whatsoever.

The PI tokens that you are mining are technically just being airdropped to you and actually I'm not even sure "Airdrop" is the right word because you can't withdrawn those tokens.

They're just literally numbers on your screen that are currently worth nothing really.

So why do people continue to believe in PI?

Well because the PI team has promised that they will eventually allow all of those tokens you've collected to be withdrawn. They said it'd be ready in December 2021. But it's now been one and half years since that deadline and still no mainnet launch.

Assuming they do launch, What will happen next?

I predict that there will be a massive run for the exit as 33 Million bagholders all try to sell their holdings at the exact same time. I would be very surprised if the price ended up greater than your average third-rate memecoin.

So is PI a scam?

I think it's right at the edge of the technical definition of a scam. Because they didn't really take their users money. Instead, they took their users identities and not only that. But all of those users have technically been working for PI for the past four years promoting this project for free."

Luis Buenaventura II

link: https://www.facebook.com/reel/481652397480167?mibextid=9drbnH&s=yWDuG2&fs=e

Luis Buenaventura II is a Filipino entrepreneur, software engineer, public speaker, author, and social media influencer. He is known as the founder of Cryptopop Art Guild (CPAG) and Country Manager for the PH Yield Guild Games (YGG).

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The PI coin price prediction algorithm expects the positive price action for PI to continue over the coming weeks, with a $55.32 target in the next 90 days. Within this period, PI is expected to surge up to $77.81 before retracing, which would be a +124% gain from the current price level.PI has been one of the best performing digital assets in Web3 over the past 3 months. Its IOU price has climbed +39.21%, which would place it in the top 5 crypto assets during this time frame if it was available on the open market.Over the next 12 months, PI is expected to reach new all-time highs as the launch of its open mainnet draws closer. The algorithm recently predicted a +460% gain for PI by August 2024, and it now forecasts a move up to $285 by SeptemberPi Network has been on a positive run since the beginning of 2023 and the recent verification upgrade for its applications is just the tip of the iceberg for the project. A user-driven decentralized network at its core, Pi Network plans to create a buzzing ecosystem of mobile-first dApps as the launch of its open mainnet draws near.For now, the IOU price for the PI token is ranging between $38.64 and $33.74. The algorithm predicts that PI could break out of this range in the coming weeks as it targets a 2x gain within the next 3 months.#pi #pinetwork #BinanceSquare

In a move that echoes the growing influence of cryptocurrency, a goat meat shop in Hanoi has taken a bold step by accepting payments in Pi, a digital currency gaining momentum. For as little as 0.29 Pi, patrons can indulge in delectable goat meat dishes, marking a significant stride in the adoption of the Pi Network.The goat meat shop, known for its culinary expertise, has become a symbol of innovation by integrating Pi into its payment system. This development underscores the versatility of cryptocurrencies beyond traditional financial transactions.Pi Network, a decentralized and eco-friendly cryptocurrency, has been gaining attention for its unique approach to mining and user-friendly accessibility. The acceptance of Pi as a means of payment at a local business signals the grassroots adoption of digital currencies, particularly in emerging markets.The affordable starting point of 0.29 Pi opens up opportunities for a wide range of customers to experience the culinary delights offered by the goat meat shop. This move aligns with the broader trend of businesses recognizing the practicality and efficiency of cryptocurrency transactions.The goat meat shop’s decision to embrace Pi not only provides a novel payment option for customers but also contributes to the normalization of digital currencies in everyday transactions. As crypto adoption continues to expand globally, this local initiative adds a flavorful touch to the evolving narrative of financial innovation.Pi Network enthusiasts see this as a testament to the cryptocurrency’s real-world utility, moving beyond speculative trading to practical, day-to-day applications. The goat meat shop’s embrace of Pi may well be a harbinger of similar integrations in diverse businesses, further solidifying the role of cryptocurrencies in the mainstream economy.As Hanoi’s goat meat shop pioneers this unique form of payment, eyes are on whether this trend will extend to other establishments, solidifying Pi’s position not just as a digital asset but as a viable means of exchange in the vibrant landscape of Vietnam’s culinary scene#pinetwork

**Unlocking the Potential of Pi Network: Revolutionizing the Future of Digital Currency**In an era where digital currencies are gaining momentum, Pi Network emerges as a pioneering force, aiming to redefine the landscape of decentralized finance. Founded by a team of Stanford graduates, Pi Network introduces a novel approach to cryptocurrency mining, making it accessible to anyone with a smartphone.Unlike traditional cryptocurrencies like Bitcoin, which require significant computational power and energy consumption for mining, Pi Network utilizes a more eco-friendly consensus algorithm known as the Stellar Consensus Protocol (SCP). This approach allows users to mine Pi coins without draining battery life or consuming excess resources, democratizing the mining process and eliminating barriers to entry.One of the key distinguishing features of Pi Network is its focus on user-centric design and inclusivity. Through a user-friendly mobile app, individuals can easily participate in the network by simply pressing a button daily to maintain their mining activity. This simplicity has attracted millions of users worldwide, fostering a vibrant and engaged community passionate about the project's vision.Furthermore, Pi Network is committed to fostering trust and transparency within its ecosystem. With a strong emphasis on security and privacy, the network prioritizes safeguarding user data and ensuring a fair and equitable distribution of Pi coins.As Pi Network continues to evolve, it holds the potential to revolutionize the way we transact and interact in the digital economy. By empowering individuals to participate in the creation of a new digital currency from the ground up, Pi Network is laying the foundation for a more inclusive and decentralized financial system, where power is distributed among the masses rather than concentrated in the hands of a few.#Write2Earn #TrendingTopic #pixeltoken #pinetwork #pi