Cryptocurrencies can be fun and profitable, but they can also be addictive. They can sometimes consume an investor’s life and strain relationships with friends and family.
YSM, a South Korean college student who spoke to Magazine on the condition of pseudonymity, shares that his family has been grappling with an app called Pi Network.
While YSM harbors doubts about the project’s legitimacy, his father, who owns a fried chicken restaurant, is convinced it is the next Bitcoin.
“Whenever I visit my parents, my father keeps urging me to install the app and start mining Pi using his invite code, which leads to arguments and fights,” YSM tells the Magazine.
Pi Network has a set of unusual requirements for its miners. (Pi Network)
Over the years, the project has faced scam and pyramid scheme accusations, even though it does not solicit any financial investment from its users.
Instead, critics scrutinize the network’s unusual Know Your Customer requirement and the absence of a tradable product on the open market, raising questions about the motives of the project and its founders, Stanford University graduates Nicolas Kokkalis and Chengdiao Fan.
Pi Network has a cryptocurrency called Pi, which can be earned through a process now popularized by viral Telegram crypto games: tap your screen, watch some videos, invite your friends and then receive rewards.
Users mine Pi by tapping a “mine” button at least once daily on the Pi app. The mining rate can be increased by inviting others to join the app or completing specific tasks, such as downloading their separate browser app.
Pi is currently not listed on any centralized or decentralized exchanges, although there are some versions that the Pi Network disclaims as not being theirs.
According to South Korean cryptocurrency analyst Coin Lupin, Pi operates as a simple reward system and does not qualify as a cryptocurrency.
“Mining isn’t…
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