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    ingilizce dilinden there have been reports questioning the legitimacy of pi network. please note that mainnet has not launched yet and the price displayed below for certain exchanges reflect the value of the ious and it may not be transferable across exchanges. read more here and dyor. çevirisi

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    ingilizce dilinden there have been reports questioning the legitimacy of pi network. please note that mainnet has not launched yet and the price displayed below for certain exchanges reflect the value of the ious and it may not be transferable across exchanges. read more here and dyor. çevirisi Ne90'dan bulabilirsiniz

    Pi Network- the Controversial Crypto Listing

    Pi Network- the Controversial Crypto Listing


    The Pi Network (PI) experienced a journey full of controversy. Two exchanges listed the PI token, which skyrocketed the price of the token.

    Reports of Huobi and XT.com listing PI skyrocketed the token’s price. But eventually, the community turned doubtful of the listing.

    XT.com even tweeted that they will develop a trading championship with the Pi Network team, which increased the doubts regarding the announcements published by both platforms.

    Pi Network Denies Listing on Any Exchanges

    The crypto community members have expressed negative opinions about the event, pointing out that there is no official announcement from the Pi Network. The community called out the Huobi team for scamming people.

    Brian Becerra, the Ambassador at BeInCrypto, believes that “this type of announcement affects the credibility of the projects.”

    The PI network team announced that they are not involved with any purported listings. They warned that the investors could sustain substantial losses by participating in unauthorized listings. The announcement reads, “Pi is currently in the Enclosed Network and is not approved by Pi Network for listing on any exchange or for trading.”

    Coingecko and CoinMarketCap have both added warnings to the listing token page of PI, with Coingecko stating that “the mainnet has not yet been launched.”

    Coinmarketcap’s warning is slightly more aggressive in nature, with the announcement stating “There have been reports questioning the legitimacy of Pi Network. Please note that mainnet has not launched yet and the price displayed below for certain exchanges reflect the value of the IOUs and it may not be transferable across exchanges.”

    A clear discrepancy between prices on both platforms can be seen as exchanges are not trading the actual token but simply the IOU version of the token. Which in essence is not the real token.

    The Price Skyrockets and Then Crashed Hard to the Ground

    According to the data from CoinMarketCap, PI started trading at around $11 and skyrocketed to over $300 in 24 hours, giving nearly 30X returns. But then the price came crashing down on Friday, and the token is trading at around $15. However, CoinGecko shows the token trading at around $238 as of writing.

    Brandon E, a metaverse analyst, writes on LinkedIn, “Pi will never be worth anything. The idea was alright at first, press a button every day and keep earning because it kept eyes on the project. That was all it had though. “The Network”. The pi network is a project where a group collectively produces a currency through no work, it’s backed by not even electricity harvesting (PoW) or some prior investment and agreement to hodl (PoS/DPoS). It is just a bunch of people who have something that is worthless, they never put their money or work into earning.”

    Got something to say about the Pi network or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on Tik Tok, Facebook, or Twitter.

    For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

    Yazı kaynağı : beincrypto.com

    CryptoPotato on Binance Feed: The PI Network Controversy: Here’s Everything You Need to Know | Binance Feed

    Smartphone-based blockchain mining project Pi Network has issued another clarification on the unauthorized listing of Pi coins, saying they are not available for trading yet.

    Pi Network has been in existence since 2018 and launched its Pi coin for mining by its community members, called “Pioneers,” in March 2019. These assets can be traded once Pi Network upgrades to Open Mainnet.

    Pi Network Disclaimer

    Right now, the network is in the Enclosed Mainnet state, which makes its interaction with any third-party “technically impossible.”

    The blockchain project issued a similar disclaimer on December 29, in which it said it was aware of reports that several unauthorized exchanges sought to list Pi or other products purported to be the native cryptocurrency.

    “It is important to reiterate that Pi is currently in the Enclosed Network and is not approved by Pi Network for listing on any exchange or for trading, and Pi Network was not involved with any of these purported postings or listings,” the December 29 announcement said.

    What is the Whole Fuss About?

    Pi Network, which claims to have about 35 million members who have been mining Pi coins on its smartphone-based blockchain mining app, is slated to upgrade to Open Mainnet. Right now, it’s processing the KYC of its members to onboard them to the upgraded network where they can trade their Pi coins.

    Lately, Pi Network members and influencers have been promoting the upcoming Open Mainnet on social media aggressively, generating a lot of interest among crypto exchanges and investors alike. On November 15, the network said it has crossed two million followers on Twitter, a sign of its growing popularity. 

    But, officially, Pi coins are neither available for listing nor for purchasing. Those interested must join the network and mine them.

    Anticipating a brighter outlook for the Pi coin, some crypto exchanges have reportedly listed the asset on their platforms. Justin Sun’s Huobi is reportedly one of them, as revealed by crypto journalist Justin Wu in a tweet.

    Unauthorized Listing

    In its January 6 statement, the team behind the project once again stressed that in its Enclosed Mainnet state, the network is protected by a firewall, and no third party or exchange can interact with it unless authorized, which was not the case.

    “… Pi Network has no association with any of these exchanges, which are acting without the consent, authority, or involvement of the network. Further, the products being traded on these exchanges are not the real Pi tokens,” it added.

    The unauthorized listing of purported Pi coins by some exchanges comes close on the heels of news that Alameda Research frontran tokens before their listings on exchanges. 

    The post The PI Network Controversy: Here’s Everything You Need to Know appeared first on CryptoPotato.

    Yazı kaynağı : www.binance.com

    Pi Network may be considered for listing, cryptocurrency exchange says

    Pi Network may be considered for listing, cryptocurrency exchange says

    "Once the main network is upgraded successfully, Pi will be reviewed for listing at the soonest," cryptocurrency exchange platform Huobi said in an announcement on Monday.

    "With the positive recommendation of Pi Network's community, Huobi will follow up closely with Pi Network's updates regarding the upcoming mainnet launch," it added.

    Pi Network, which has been operating since 2019, allows users to mine for the Pi cryptocurrency just by using their smartphones. Some users in Vietnam have already used the cryptocurrency to exchange for goods and services, even though Vietnam does not allow transactions using cryptocurrencies.

    Being listed would mean that the Pi cryptocurrency, which has gained traction among certain Vietnamese users, who claimed it could be easily mined using smartphones, can be exchanged with other cryptocurrencies. It would also mean that the Pi Network project can then generate money flows and expand its community.

    While the Pi Network said it had already become mainnet since December 28 last year, the transition into mainnet is actually divided into two phases: "enclosed" and "open." In the enclosed phase, only those who own Pi cryptocurrencies and have money in their cryptocurrency wallets can perform exchanges with one another. In the open phase, the Pi cryptocurrency would be able to be exchanged with other cryptocurrencies.

    However, the Pi Network has not announced when exactly the "open" phase of the mainnet would be achieved. In a white paper published on its website, Pi Network said that: "When the community feels the software is ready for production, and it has been thoroughly tested on the testnet, the official mainnet of the Pi network will be launched."

    Pi Network claims to have 35 million users around the world. The project's Twitter account currently has over 2 million followers.

    A major blockchain project founder in Vietnam said Huobi's announcement does not actually specify any detail about the Pi Network project itself, except for the fact that the project has a large community.

    "[Huobi] would still need the Pi Network's technological aspects to be more complete," the person said, adding that the announcement might also be a way for Huobi to gain new users.

    Pi Network has not yet commented on the matter.

    Huobi is considered to be one of the largest cryptocurrency exchange platforms in the world. Data from Coingecko, retrieved on Monday, revealed that the platform had the third-largest exchange value, after Binance and Coinbase, two other major cryptocurrency exchanges.

    Yazı kaynağı : e.vnexpress.net

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