Thread By @Justin_Bons - 19 WARNING PI is a straightup scam Offer..

Justin Bons

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2/9) Claiming decentralization while remaining extremely centralized is a massive red flag 🚩 Delivering a mainnet five years behind schedule with ZERO innovation is another 🚩 PI claims to be a revolutionary new decentralized crypto, nothing could be further from the truth...

3/9) PI's core tech was simply copied from Stellar (another permissioned chain) Even though the documentation is a total mess! (another red flag) 🚩 We can conclude that PI is not scalable nor even programmable, as it lacks a Turing complete VM Making DeFi a pipedream for PI

4/9) PI has deployed a "Multi Level Marketing" type scheme through referral programs Kicking back 25% of the "mining" reward back The bottom line is that pointless "mining" is a huge cost to the network while providing no return! 🚩 Except for luring in ignorant investors...

5/9) To make things worse, there is an additional Ponzi-like mechanism within PI similar to HEX! Where users lock up their PI for several years to increase the "mining" rate Another mechanism that is designed to lock the victims in & pump the price so that insiders can exit 🚩

6/9) Talking about insiders... There is currently ZERO disclosure on insider allocation from official sources, as they claim there are none... 🚩 While other reputable sources claim it is upwards of 20%! (CNN) 🚩 Ironic & hypocritical for a chain that KYC's all of its users!

7/9) These mechanisms are not strictly speaking by definition "MLM" & "Ponzi" As crypto has put its own twist on the formula In crypto, the variations on these scams are, in fact, worse! As in a traditional Ponzi, the scammers need to carefully balance paying out old investors

8/9) That is not the case in crypto, as we can utilize a "token money printer" while locking it up! So the scammer; ends up making way more money in the crypto version of the scam The same is true for the "MLM" as there is no real product in this case; it is all smoke & mirrors

9/9) That PI made it into the top 20 is an embarrassment to our industry We identified 7 major red flags after only a few hours of research! Exposing 3 types of scams! Digging deeper will only reveal more dirt... So, speak out against PI! Crypto can & deserves to be better! 💪

1/9) WARNING: PI is a straight-up scam! ⚠️ Offering an "MLM" based "mining" scheme on mobile is a gimmick, as it does not contribute to consensus! PI is fully permissioned (centralized) & everything requires KYC, even simple TX's! PI is an investment scam; it is that bad: 🧵2/9) Claiming decentralization while remaining extremely centralized is a massive red flag 🚩 Delivering a mainnet five years behind schedule with ZERO innovation is another 🚩 PI claims to be a revolutionary new decentralized crypto, nothing could be further from the truth...3/9) PI's core tech was simply copied from Stellar (another permissioned chain) Even though the documentation is a total mess! (another red flag) 🚩 We can conclude that PI is not scalable nor even programmable, as it lacks a Turing complete VM Making DeFi a pipedream for PI4/9) PI has deployed a "Multi Level Marketing" type scheme through referral programs Kicking back 25% of the "mining" reward back The bottom line is that pointless "mining" is a huge cost to the network while providing no return! 🚩 Except for luring in ignorant investors...5/9) To make things worse, there is an additional Ponzi-like mechanism within PI similar to HEX! Where users lock up their PI for several years to increase the "mining" rate Another mechanism that is designed to lock the victims in & pump the price so that insiders can exit 🚩6/9) Talking about insiders... There is currently ZERO disclosure on insider allocation from official sources, as they claim there are none... 🚩 While other reputable sources claim it is upwards of 20%! (CNN) 🚩 Ironic & hypocritical for a chain that KYC's all of its users!7/9) These mechanisms are not strictly speaking by definition "MLM" & "Ponzi" As crypto has put its own twist on the formula In crypto, the variations on these scams are, in fact, worse! As in a traditional Ponzi, the scammers need to carefully balance paying out old investors8/9) That is not the case in crypto, as we can utilize a "token money printer" while locking it up! So the scammer; ends up making way more money in the crypto version of the scam The same is true for the "MLM" as there is no real product in this case; it is all smoke & mirrors9/9) That PI made it into the top 20 is an embarrassment to our industry We identified 7 major red flags after only a few hours of research! Exposing 3 types of scams! Digging deeper will only reveal more dirt... So, speak out against PI! Crypto can & deserves to be better! 💪

Justin Bons

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