We are still in the early days of blockchain technology, and the Pi network and coin hopes to stand out among a crowded field. Pi coin is still currently under beta mode, but they are looking to add users as nodes to the network through word of mouth. Unlike Bitcoin, users can earn Pi coins by an hourly rate though a mobile app download. Yes, you mine on your phone. I will get into concerns with this method below.
I?m going to give you my honest assessment of why you should or should not jump on the Pi bandwagon below.
Reasons why should not download the Pi mobile app.
- You are the old school Warren Buffet-type of investor. No, you don?t like risks and the unknown and prefer a solid portfolio in ETFs, blue chip stocks, and the traditional 401k. You rather wait for the beta release to catch on ? and that Pi itself needs to prove it has a product. Currently, you think Pi sounds like a pyramid scheme. This is totally legitimate concern and the world needs level-headed people like you. There is nothing wrong in waiting for Pi to mature. The purpose of Pi beta is to show investors that it can gain momentum with new daily users. At the time I am writing this, the network is close to the first 200k users marker.
- You really don?t want another app on your phone with unknown security risks. According to the Pi white paper, the app does not drain battery or affect performance ? since the development team uses the Stellar Consensus Protocol (SCP) mainly as a way to check that you and your phone exist as a trust node. It doesn?t use the same process for updating records like Bitcoin, which requires more energy and money. But seriously, there is still too many unknowns such as how safe is the algorithm.
- You find it annoying to tap on the mine button once a day to mine. Else, your fellow miners in your network might ping you.
4. The Pi app has very limited capability at the moment. Sure there is a chat room, but it is where noobs go to ask stupid questions like ?how can I exchange Pi coin for money.? FYI, Pi coin is still worth nothing ? just as Bitcoin was when it just launched.
Reasons why should download the Pi mobile app.
- You still have serious FOMO over not jumping into the Bitcoin phase. Ten years ago, that one crazy friend keep bugging you about downloading this shady ?bitcoin? mining desktop app on your computer and you brushed your bro off. Besides, he also told you about that stupid Yo app and the flopped Google Glass. You just don?t want to associate with Glassholes.
- You are that one crazy tech evangelist in your friend group. You don?t mind being ridiculed if things burst ? it?s the joy to jump on early that excites you.
- Like the base mining rate of Bitcoin, early adopters will earn more coin per hour than those who join later. Pi coin on my app call you ?pioneers? who will earn at about 0.8 pie/hr rate, while by the time it hit 1 million, the rate is halved. At around 10 million to 100 million users, the Pi network will stop accepting new members for minting.
Here?s a screenshot of what I mean:
4. Even if you are not technically savvy, if you have a wide network and good at marketing, you can still be a successful Pi miner. However, if you are the developer type like me, it is worth waiting for their phase 3; Pi will roll out a desktop app and possible language support to code some contracts for the Pi market. This is how Pi network sets up its token supply:
You don?t have to shell out additional money for purchasing hardware for Pi. You only need your mobile phone to mine. On the other hand, Bitcoin does requires some initial investment in hardware to mine.
11 months Update
It has been almost a year since I?ve written this article. Here are some updates on the Pi Network:
- Now Pi Network app have advertisements. This is a good indicator of growth.
- Pi App was not in the official App Store. Now it is.
- You can now chat with your earning team. Usernames are blacked out to protect my members:
- They finally have a beta release of their SDK and a sandbox to test (fake) transactions between users.
- Membership are growing fast. They just hit the 6 million mark.
And? that?s it. I hope you find my overview helpful. Should you decide to join, you can visit https://minepi.com/codergrr and use my referral code codergrr to access the app.