In this article, we go into details on whether the Pi crypto project is a scam or not. We also state reasons to back up our assertion.

Disclaimer: The opinions expressed in this article are those of the author. They do not reflect the opinions or views of Pi Bible and the Pi Core Team.

Introduction

This is a question that has been on the lips of many. 

A quick search on Google will bring up several related questions like

• Is Pi network legit? 
• Is Pi network safe? 
• Is Pi coin real or trusted? (keep in mind that Pi networks crypto is a token and not a coin)

And to be honest, for those that have waited so long – 3 years to be specific – the project may seem like another data harvesting scheme. 

Others believe the Pi network may not live up to its expectation due to the volatility of the market and several other factors. 

And there’s another bloc that believes the project violates one of the core principles of crypto due to its KYC policy. 

So, how then can you tell if Pi is legit? 

Here are 5 pointers to show the Pi project may not be a scam after all.

The founders of the project

Pi network was founded by 3 Ph.D. grads – Nicolas Kokkalis, Chengdiao Fan, and Vince McPhillip – from Stanford.

Their primary aim was to correct some of the problems associated with Bitcoin. 

From the start of the project, the founders have subjected themselves to public scrutiny due to how massive the project has grown over the years. 

One thing we have to commend the PCT for is that the project has been free so far. 

Currently, we’re in the enclosed mainnet phase and Pi isn’t listed on any exchange yet, neither are Pioneers allowed to trade Pi for fiat except through barter. 

Keep in mind that transparency is key indicator to determine if a project is a scam or not.

Any project that the founders are ready to risk it all by putting themselves out there for public scrutiny, there’s a high chance it’s legit. 

Pi whitepaper

For those that don’t know, a whitepaper is an important and must-have document for all legit crypto projects.

This is a major pointer to know how legitimate the project is. 

The Pi Whitepaper contains all the necessary information about the Pi project. 

It includes the background information of Pi, its mission and vision, team members, tokenomics, and more. 

It’s so detailed that it answers all the questions you may have about the novel project.  

The Pi Core Team went into detail about how Pi crypto came about, the technology powering it and its roadmap. 

In addition, they have followed the project’s roadmap with no rush to monetize the project. 

If you have any questions or doubts, a quick glance at the whitepaper will surely settle them. 

The reason for Pi KYC

In a previous article, we explained the reason why the Pi Core Team wants every Pioneer KYC’ed. 

Restating it here, it’s simply because Pi isn’t free money because every Pioneer worked for it by tapping the lightning button on the app every 24 hours. 

As you know, time is money. So every legitimately mined Pi was earned. 

The Pi Core Team came up with the KYC protocol to separate the Pioneers that truly did the work from those that tried to cheat the system. 

A scam project wouldn’t do that

Scarcity of the Pi token

Always remember that any project that is too good to be true probably is. 

However, the Pi Core Team has always stressed the importance of Pioneers carrying out their due diligence and following the rules guiding the platform. 

To ensure scarcity of the token, the PCT implemented the Pi lockup mechanism where Pioneers had to lock up a percentage of their Pi for a specific time. 

By ensuring scarcity, the demand for the token will increase, thereby increasing the price and creating a longer lasting network. 

This incentive will ensure Pioneers keep their token rather than sell it when the mainnet firewall is lifted. 

Scam tokens wouldn’t go through this stress, to be honest. 

No Initial Coin offering

From the onset, the PCT has stated that there won’t be an initial coin offering. If you hear a different news anywhere, best believe it’s not from the Pi Core Team. 

Ideally, ICOs are one of the ways new crypto projects raise funds. 

However, the Pi network has expressly stated that there will be no ICO. 

How then do the PCT raise money to fund the project? 

it is through ads and funding from other companies. 

If you have a rudimentary knowledge of how apps work, you’ll know it costs a ton of money. Especially an app that has about 35 million users worldwide. 

Sometime back, the PCT stated that the revenue generated from ads will be used to pay for servers and other related services. 

In addition, the company is backed by a venture capital , which means the project has to succeed for the Core Team to repay its investor’s. 

Conclusion 

Although there are several crypto projects that did everything right, and still, they failed. However, my money is on the Pi project to succeed.

Their marketing philosophy has been awesome. First, they researched the problems of crypto coins, designed a solution and created a market for it before launching.

The chances for such a project to fail is quite low, especially with their slow (although it’s too slow and sometimes annoying) but steady pragmatic approach to the launch of the project. 

Editor’s note

We are closely monitoring the progress of the Pi network and it’s happenings. However, we’re also giving Pioneers a chance to safely barter using their Pi tokens. In this regard, kindly check out our marketplace.