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The First Digital Currency You Can Mine On Your Phone : PI

RealNapster

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Okay. So there is this new cryptocurrency developed by Stanford Phd's called PI. They are allowing everyone with a mobile phone to mine the PI currency.

It seems promising. Number ofiners already approaching 10 million mark (crossed 9.5 million se days ago). Here are some major FAQ that I copied from their APP. Have a read.

Welcome to Pi's official FAQ!

Disclaimer: Pi is NOT free money.

Pi is NOT free money. It is a long-term project whose success depends on the collective contributions of its members.
Pi is dedicated to helping everyday people capture more economic value that today goes to banks, technology giants (e.g., Facebook, Amazon), and other intermediaries. Pi depends on the collective contributions of its members. If you are looking for quick money, look elsewhere.

What is Pi?
Pi is a new cryptocurrency for and by everyday people that you can “mine” (or earn) from your phone.
Cryptocurrencies are new form of digital money that are maintained and secured by a community, instead of by governments or banks. Today, you can mine (or earn) Pi by helping to secure the currency and by growing Pi’s trusted network. While most cryptocurrencies (like Bitcoin) have been very hard for everyday people to use and access, Pi puts the power of cryptocurrency into the palm of your hand.

Is this real? Is Pi a scam?
Pi is not a scam. It is a genuine effort by a team of Stanford graduates to give everyday people greater access to cryptocurrency.
Pi’s core team is led by two Stanford PhDs and one Stanford MBA, all of whom helped build Stanford’s blockchain community. We cannot guarantee that the project will succeed. However, we do promise to work our hardest to make our shared dreams a reality, while maintaining the highest standards of integrity. You can learn more about us in “Core Team” page in the main menu of the app.

How does this app work? How do I earn more Pi?
This app allows you to earn Pi by making simple contributions to Pi’s community. The more you contribute, the more Pi you earn.
To start earning Pi, check in every 24 hours and hit the lightning button to start mining. Once you are mining, you can boost your hourly rate by inviting trusted friends and family to join the community. After 3 days of mining, you can boost your earnings more by building your security circle, which contributes to the overall security of the network. Keep in mind, earlier members of the network mine at a higher rate than those that come after them.

Why do earlier members mine at a higher rate?
Earlier members mine at a higher rate to reward contributions to the network when they are most needed.
Pi aims to be the world’s most widely used and distributed cryptocurrency. To achieve that goal, Pi incentivizes its earliest members to make contributions that will ensure its success (e.g., securing and growing the network). To reflect the importance of early contributions, the rate of mining decreases as more people join the network. At this time, the base rate of mining halves every time the number of active users increases by a factor of 10 (see graph below). This rate will eventually fall to 0 when the network reaches a certain number of users (e.g. 10 million or 100 million). At that point, just like Bitcoin, miners will continue to be rewarded through transaction fees and not through the minting of new currency.

What is the value of Pi?
Today Pi is worth approximately 0 dollars / euro etc. similar to Bitcoin in 2008. Pi’s value will be backed by the time, attention, goods, and services offered by other members of the network.
By pooling our attention, goods, and services around a common currency, Pi’s members seek to capture more of the value that typically goes to banks, technology giants (e.g., Facebook, Amazon), and other intermediaries.Today, we are laying the infrastructure for this digital currency and marketplace by distributing the currency, building the community, and developing the technology to ensure its security.

Can I withdraw my Pi? What is the timeline for withdrawals?
No, you cannot withdraw Pi yet. You will be able to withdraw Pi or exchange Pi for other currencies in Phase 3 of the project when Pi transitions to a fully decentralized blockchain.

Pi launched Phase 1 of the project on 3/14/2019 (Pi Day). During Phase 1, your balances are being recorded with a guarantee of being honored when Pi transitions to mainnet (Phase 3). Transfers of Pi are restricted until we reach mainnet to prevent bad actors from accumulating Pi from fake accounts. For example, a bad actor could mine from fake accounts, transfer the Pi to a legitimate account, and then pass through Pi’s account verification process despite their illicit gains. We are still refining the exact development timeline for the project. For more details, please refer to the Roadmap section of our white paper.

When will Pi be worth something? When can I turn Pi into “real” money?
Pi’s holders will be able to turn Pi into “real” money when they either purchase goods and services on Pi’s marketplace or exchange Pi for fiat currency.
Cryptocurrency holders have two options for turning their holdings into “real” money (or to “cash out”): 1) Directly purchasing goods and services with their crypto or 2) exchanging their crypto for fiat currency (e.g., dollars, euro, etc.) on cryptocurrency exchanges.
1) Directly purchasing goods and services with your Pi. Pi Network is building a peer-to-peer marketplace where our members will be able to directly spend Pi to buy goods and services. We aim to start experimenting with in-app transfers of Pi as soon as Q4 2019.
2) Exchanging Pi for fiat currency on cryptocurrency exchanges. Pi’s Core Team does not control when cryptocurrency exchanges (like Binance, Coinbase, Kraken etc.) decide to list Pi. However, Pi will be able to be traded in Phase 3 of the project (i.e., Mainnet). At that point, exchanges can choose to list Pi. In the meanwhile, Pi’s core team is focused on implementing our technical roadmap (see our white paper) to reach phase 3.

Is this app a wallet? Will we hold our own private / public keys? And can we use an external wallet to hold our Pi in the future?
Yes, your phones will serve as a cryptocurrency wallet that will be linked to your current accounts (number / Facebook).
Like with any other public blockchain, Pi’s blockchain will also allow in-app/external wallets to hold Pi and transact with it, by submitting transactions to the blockchain directly. This is a functionality that we have currently scheduled to be provided on the Phase 3 of the project. (as a reminder we are now on phase 1 - distribution of the currency - we will then launch a Testnet as phase 2, and phase 3 is when our mainnet will be live). During phase 3 of the project, you will also have the option to take full ownership of your private / public keys.
Pi aims to be much more accessible to everyday people which is why we are trying to build this integrated interface. We’ve chosen this phased implementation to make it easier for everyday people to use. We are still in our early days, and are excited for the road ahead of us.

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They will soon move to phase 3 and speedy mining will stop and the PI will start to have a real value. If you want to start mining. It's really simple. Just follow the below link. Use referral code mentioned below and start mining. Grow your network to increase your mining speed.

What if it turns out to be another success story like Bitcoin ?



follow this link https://minepi.com/Napster26266 and use my username (Napster26266) as your invitation code.
@Zibago , @Moonlight , @jamahir , @The Accountant ,
IMG_20201204_140123.jpg


It already croseed 10 million it seems. Because the mining rate droped to 0.2 pi per hour. You can increase the mining rate by creating your own chain by inviting friends
 
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dusky86

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I am sure the pakistani cryptocurrency expert waqar zaka thinks pi network is fraud
 

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