Is Pi Network A Scam? Is There Money To Be Made Here?
Pi Network is an app your download on your phone and have a chance to make money by "mining" Pi coin.
You may have been approached to download this app by a friend and want to know if it's a scam or not.
In this post I'll explain everything you need to know about this company including background information, how you make money, red flags and more.
You'll know if this app is worth it by the time you're done reading.
Pi Network Summary
Product: Pi Network
Price to join: Free
Do I recommend? It's worth a shot (there's better ways to make money online, though).
Summary: Pi Network is an app that you download on your phone and it uses your phone to interact with Pi crypto (there's no actual mining going on here).
Apparently the value of the coin is connected to how many people are interacting with the network and the more you interact the more you get.
Also, you earn extra by getting people to download the app as well.
While everything seems to be legit and there's some promise here, I doubt you can make anything significant here.
There's much better ways to earn extra cash from online and from home.
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I'm An Expert In Making Money Online, Not Crypto
Just wanted to quickly point out something before we get into this review..
I've been making money online for a few years now and have made over $100,000 in the last couple of years.
I now review different money making opportunities and give my opinion based on my own expertise if something is worth your time or not.
A lot of money making opportunities revolve around crypto and most of the crypto opportunities I review have a referral/recruiting aspect where you make money.
I focus on the recruiting aspect of these schemes and determine its money making capabilities. Most of the time the crypto companies I review are ponzi schemes and complete scams (where people lose thousands).
These companies pretend to have a special bot that can guess crypto prices and stuff like. In reality the only money being made is from recruiting and the schemes always collapse.
I don't actually know a lot about crypto. I don't know all the terms and all the details about crypto. I just focus on the money making side and weigh the risks.
This review is mainly going to look at whether there's real money to be made here compared to other ways.
If you want to see an overview of Pi from a crypto expert, watch the video below:
Meet The Creators
I do a lot of reviews of sketchy crypto ponzi schemes and most of the time you can't find who really owns it (or there's a fake a fake owner to seem legitimate).
The reason for this is these companies are scams and will eventually collapse. When this happens the owners run off with millions and usually get away with it.
They then go on to create more ponzi schemes and scam more people. If people really knew who were behind these schemes they wouldn't invest.
Pi Network has real owners, though, and they're apparently very smart (Stanford grads and doctors).
Here's the people running Pi:
Each one of these people have an online footprint and you can easily prove they're real (just Google their names).
This is a positive sign and shows this product is being made in good faith and is not a scam.
How Do You Make Money Here?
There's a couple of different ways you make money here.
The first way to make money is by downloading the app and letting it "mine" for the Pi currency.
From researching this company your phone doesn't actually mine the crypto, however. I'm pretty sure you get paid by your phone interacting with the network and the value of Pi increases the more interaction you do.
Mining crypto takes a lot of electricity and computing power and I've read elsewhere that mining on your phone can melt it.
The fact you're not actually mining is why your phone is safe here and your battery won't lose power - your phone isn't actually doing any work.
You also make money by recruiting people to download the app. You get a 25% bonus for every person you get to download the app.
There's various ranks as well and you "mine" at higher rates depending on your rank. The ranks are:
- Pioneer: This is the level you get when you first download the app. Your production size is limited here.
- Ambassador: This is the rank you get when you start inviting people to download the app. You earn a 25% bonus for doing so.
- Contributor: You reach this rank when you have recruited 3 to 5 people and have mined for at least 3 days.
- Node: This is the rank you reach when you start connecting different hardware (like a computer) to the Pi Network.
The toughest part here will be recruiting and this is universal for all money making schemes. But finding 3 to 5 people to reach the Contributor level shouldn't be that hard for most people.
Pi Is Growing In Popularity
Pi launched in March of 2019 and as I'm writing this (January 2020) they have over 1 million people engaging with the network.
Again not an expert in crypto but any app that gets a million downloads in less than a year is definitely onto something.
Here's a video that Pi Network tweeted out to celebrate this achievement:
We did it! Pi Network recently crossed 1 million engaged Pioneers worldwide. Check out our celebratory video! We are just getting started. #pinetwork #pi1million #crypto #bitcoin pic.twitter.com/KiSLuQQsTn— Pi Network (@PiCoreTeam) November 15, 2019
This seems to be a very global phenomenon as well so it looks like you can use this app no matter what country you're in (as long as you have a phone that has an IOS or Android operating system).
Below is a snapshot of the interest in Pi Network according to Google trends over the last year:
As you can see interest is still heading in the right direction and you'd want to avoid if it was going in the opposite direction.
Lastly, it seems the main way this app is being promoted is with users on social media. This is a good sign and shows genuine interest for the company.
Pi Price Is Expected To Increase
Again, I'm not an expert in crypto and don't know the exact details of how crypto is valued. I know scarcity is weighed heavily and I'm guessing usability is too (Bitcoin is accepted in many places, making it more valuable).
Pi's price is directly related to users interacting with the network through their phones and other devices.
I'm not entirely sure how this increases price but apparently it does.
At the moment a Pi coin is worth $0.16 and many experts are predicting the coin will be worth $1 by the end of the year.
If you want a full breakdown of how Pi price can be predicted, watch the video below:
Other places are expecting this coin to jump to around $5 per coin by 2025 (however these places note it's hard to predict that far in advance for a coin).
So if you can get 1,000 Pi coins for $0.16 today and they eventually jump to $5, you'd have $5,000 worth.
I don't think you can earn this by just downloading the app, though. You're going to have to recruit people so you can earn the extra referral commission.
Is Pi Network A Pyramid Scheme?
In my reviews I come across legitimate pyramid schemes all the time. All eventually collapse or are sued by the federal government or both.
Pyramid schemes take place when recruitment is the only way to make money or you have affiliates buying most of the products (this is known as a product based pyramid scheme).
Now recruitment is the main way you make money here. There's no way you can just download this app and make anything significant.
Additionally, people that get in earlier will make more money which is a sign of a pyramid scheme.
However, there's no cost to download this app and I don't think there's any costs to running this app (like increased electricity or a need for special equipment).
So the fact there's no money being spent by affiliates (the people doing the recruiting) would mean it's not a pyramid scheme.
What I Like About Pi
There's actually a lot to like here and the main things I like are:
- Free to join: This opportunity is basically risk free because it doesn't cost anything to download the app and it doesn't cost money to run the app. This means anything you make will be profit.
- Doesn't harm your phone: You're not actually mining crypto here and are instead are just interacting with the Pi network. This will save your phone's battery and won't lead to any other problems (like destroying your phone's hardware).
- Legit owners: Anytime a company hides who owns the company or it seems the owner is fake, run! These are always scams. Pi Network is very upfront about who runs the company.
- Trending in the right direction: According to Google trends this company is just getting more popular and the price looks like it's just going to keep going up. It's always good to get in on an opportunity early because there's more of a chance to make money.
What I Don't Like About Pi
There's really not much like to dislike here and here's what I don't like:
- Recruiting is key: Anytime recruiting is the best way to make money you're going to have difficulty making money. Recruiting is a notoriously horrible way to earn money.
- Low earning potential: Do I think you can change your life with Pi Network? Maybe. People have changed their lives with Bitcoin. Bitcoin is also worth thousands per coin and Pi is expected to be worth $5 per coin in 5 years. It's going to take a lot of coins to make anything substantial.
Is Pi Network A Scam?
I don't think it is.
I review A LOT of scams too. I'm not shy about throwing the scam word around and will if I think something is a legit scam.
But there's no money to download the Pi app, there's no risk that your phone will be damaged or anything like that.
The owners are legit and upfront about who they are, it's trending in the right direction and there's over 1 million people who have already signed up.
The worst part is the recruiting aspect but again, it's free. So even if you can't recruit you won't lose anything.
I can't really explain the technical side of things but from a money making side it's about as low risk as you can find.
The ceiling may be low but it doesn't take a lot of effort to make money here (outside of actively recruiting people).
So I'd personally keep my expectations low but I wouldn't be afraid to try it out.
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If you're interested in downloading the Pi Network app I say go for it!
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