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#Pi Network Forced Forfeitures Trigger Calls Of Scam (OOC)
#Crypto #Cryptocurrency #podcast #BasicCryptonomics
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#Pi Network Forced Forfeitures Trigger Calls Of Scam (OOC)
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Episode
•
March 16, 2025
•
00:05:26
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Episode Transcript
[00:00:00] Out of Cycle Update.
[00:00:03] Seems like the flavor is humble pie. CryptoTalk FM. My name is Leister, I am your host. Doing a follow up and a follow up because I didn't talk a lot. It's like two sentences. But PI Network is getting unreasonable hype across social media. Thus I did not spend significant time. I was going to ignore it and let the dust die down, but unfortunately there was a bunch of garbage that happened with this garbage. And because it's garbage and because garbage happened, I felt it was incumbent upon me to at least speak about it, not ignore it. And I don't want to duck the smoke. I, I wanted to try to help keep people safe. So for those that don't know didn't follow it, like myself, you know, that didn't, didn't worry about the garbage. PI Network's whole big thing was allegedly a social crypto. You can mine it on your phone, you know, like World Coin where they basically said it's free. Zen crypto, it's free. You know, all this, that's the gimmick. And I call that out with Zen, you know, the idea of just, oh, just give it away and whatever. Well, there's a lot of people pissed off now because PI Network required kyc. So apparently what they did and block dad claimed they were doing something similar. But apparently what they did and I didn't follow it was that you could mine in the test net or the non mainnet branch because it's on blockchain and the tokens would carry over to the mainnet. PI announced that you had to go through kyc and of course KYC means you got to violate your privacy in order to validate the tokens. This pissed a lot of people off and some people were screaming on social media that they were losing their tokens because they were being forced to do KYC and either could not or would not because of course, as I've called out, KYC is a scam that I don't think should be supported. And of course this is a decent or allegedly a decent thing. So it certainly shouldn't require kyc.
[00:01:52] PI came out and said the reason that we're requiring KYC is that we have a hard policy that is that there's only one wallet per person, that only one person can hold an account. We don't want people exploiting the system by having a bunch of different wallets that might have been gaming it. You know, you might add, you know, like that salon of phone garbage where you know, they might have seven phones set up all doing it right. They didn't want people to exploit the system. Thus in their mind, the only way to have solved that quandary was to do a form of kyc. Now in my case, I say I understand what they were trying to do, which is to try to maintain some integrity in the program. But there was a better way to do it, that being that you would require such a thing up front as. As in you don't bait and switch the people by telling them after the fact when they're trying to claim the tokens. Because some people had like hundreds of thousands of these. I'm simply saying that I think what you should have done is upfront tell people to get started with the mining. You need to do a form of kyc. Even better. I don't think KYC is required. Follow me here. This app, which I'm going off what I was told this app is a, you know, all your automobile whatsits, your phones and all that. They don't believe in computers, right? So if that's true, that means they could have tied straight to the ime, which is your device's ID of the device to track you uniqueness. If they really wanted to track uniqueness, then just say there can only be one IME per wallet address. Right? Because at that point it didn't really matter. It doesn't matter on the KYC side if it's the same person because you could still have a family of eight people all together. Mining it doesn't solve the issue. The issue I think really is one wallet per device. That's the cleanest, easiest way to tackle it. Regardless of whether they have multiple devices or not. It doesn't really matter because you again, multiple friends, multiple family, you're not solving the underlying issue. So I'm not against them trying something. I don't like that it's a bait and switch where you're telling them after the fact when they try to claim tokens they're allegedly entitled to. But the point is that so many people are pissed off about it. And of course some people lost their tokens at the price of this garbage craft a little bit. It had spiked up from like a dollar all the way up to $3 and now it's back down, trending in a strong downward direction. People speculate it's not going to hold even its bottom floor. I suspect it'll hold the bottom floor simply because of hype. There's a lot of influencers though that are out there trashing the product that didn't really surprise me too much. But I did see quite a few people that were very angry on the influencer side, even about this business. So the bottom line is that if you were in this and you decided to go on this and whatever, you know, it's. There's a risk, you get your tokens took. And this is the reason why all these gimmicks and all this flashy nonsense that they try to appeal to you with is never worth your time. But nobody can tell you what to do with your cash.
[00:04:47] Allegedly. And I don't know anything about this, but allegedly, you had to pay money up front to even participate in this program. Like, there's a whole different. I can't even describe it as anything other than possibly a pyramid scheme based on everything that I was seeing, which is why I didn't spend time covering it, because it seemed like it was just gonna rip people off. So in the meantime, and in between time, we're gonna see what happens with the Pie Network's price. I'm sure it'll recover at some point, but in the short, it might end up going down in price somewhere similar to Polygon and. Or Phantom, because, of course, the supply is pretty damn steep. And with this whole fiasco, we're not really helping matters in the long run.
