Does anyone know if PI cryptocurrency is viable?

Discussion in 'Serious Discussion' started by PS Lukas, Jun 4, 2020.

  1. PS Lukas

    PS Lukas MDL Novice

    Jun 4, 2020
    15
    2
    0
    I received an invite to min this cryptocurrency. The pedigree are people who claim to come from Stanford.

    Is there an opinion around this topic.

    If I understand well it doesn't do math but generates coinage based on connections.

    Thanks
     
  2. MS_User

    MS_User MDL Guru

    Nov 30, 2014
    3,814
    828
    120
    first post HUH!!!! let me give a short crash course u need about 200k to buy s**t load of mining rigs that must likely will turn into money thrown out the window when your cryptocurrency crashes or the people behind it get indited for money laundry tax evasion and fraud...have fun;)
     
  3. PS Lukas

    PS Lukas MDL Novice

    Jun 4, 2020
    15
    2
    0
    I would agree with you but that is what is baffling about this. I'm trying to figure out the hard work part of the mining. It seems to only run off mobile phones and you earn based upon how many contact you have.

    I am trying to understand the where the beef originates :)
     
  4. nodnar

    nodnar MDL Expert

    Oct 15, 2011
    1,195
    910
    60
    Stop hovering to collapse... Click to collapse... Hover to expand... Click to expand...
  5. PS Lukas

    PS Lukas MDL Novice

    Jun 4, 2020
    15
    2
    0
    Personally I would like a repeat of the Bitcoin saga. In the early days (I'm that old) you could make bitcoins by simply joining. My fading memory seems to tell me that for a few months I was using a GW 2000 Intel 386 (or 486 SX) computer to mine bitcoins. I recall earning a bitcoins simply for joining and the hive. One could make a reasonable fraction of a coin (not to many zeroes after the decimal point :)) in a night.

    Sadly I have a wallet without the necessary password with 5 or 7 bitcoins on it.

    And who says that passwords are not important!!!!
     
  6. Yen

    Yen Admin
    Staff Member

    May 6, 2007
    12,157
    12,685
    340
    #6 Yen, Jul 25, 2020
    Last edited: Jul 25, 2020
    I once had 13.6 bitcoins, but 'sold' many of them when they were at 80$-150$. I also used them to pay for music downloads.
    I had the entire blockchain downloaded on my HDD and used the Bitcoin-qt client.
    That time the entire blockchain was only a few Gigabytes.

    I did that out of curiosity and although I was convinced the BTC rate will raise I was afraid the BTC would die someday or my wallet gets lost.
    There were many sites where you could get a little amount of BTC for free. And a friend just transferred one for a test (well for a few beers).

    I never had mined myself, though. I purchased them from friends.
    It must have been in the year 2012/13.
    They were at ~14$ and at the end of the year 2013 almost 1000$.

    I studied how they work technically, it was only a question of time when private mining would get an issue. (raising difficulty level and halving). And it's also clear that the slope of rate increment would become flatter and flatter compared to previous block reward halvings.

    For the PW I just used one I actually used somewhere else as well. PW didn't matter that much that time. I rather was worried about that there would be technical issues someday and they vanish...or that some authorities would destroy the blockchain for some legal reasons...

    Today I have the little rest on Electrum, my PW is safe in my mind and I have a 'seed' as well as last resort recovery.

    "Sadly I have a wallet without the necessary password with 5 or 7 bitcoins on it."

    I know somebody (I have met him years ago when I travelled) who has a few BTCs from old mining times but also lost his PW, he even did not know the actual rate. He stopped mining after finishing study and started travelling around the world.
    Have no contact anymore, though.

    Have you tried possible passwords, or is there really no chance at all?
    (I bet lots of BTCs have no owner anymore due to lost PW)

    Edit: There is a BTC thread if you are interested :).
    https://forums.mydigitallife.net/threads/bitcoin-and-cryptocurrency-technologies.68420/
     
    Stop hovering to collapse... Click to collapse... Hover to expand... Click to expand...
  7. PS Lukas

    PS Lukas MDL Novice

    Jun 4, 2020
    15
    2
    0
    @Yen do you ever feel that this was your Goldrush moment?

    I don't want to be philosophical or anything of the sort but it sorta makes you think how things could have forked out for you and those around you has you had the music craze of the time not made you take the decision you took. 13 bitcoins @ $15K = approx $200K

    Some people ask me how I could have forgotten the password to my wallet - what people forget is that their comment comes <<after the fact>>. I am not into soccer and don't want to open a can of worms here but I find it similar to the fans who criticize the coach AFTER the team has lost! After the team lost that substitution the coach made (or did not make) is easy.

    PS: I'll move over to the thread: I am still mining Pi - all it seems to take is a tap on the phone every 24 hours.
     
  8. Yen

    Yen Admin
    Staff Member

    May 6, 2007
    12,157
    12,685
    340
    I reply here directly, it's no prob.
    Well it's actually the same reason. I do not criticize myself to have spend the BTCs for other things that time.
    I was primarily interested in the cryptocurrency itself. When I started the rate was very volatile. It went up and down daily and I also had lost more than half of original value first and I had to wait.

    I originally never had the idea of an investment with BTCs. I had new market shares around the year 2000. There were days I could not sleep well, because of watching the rates and making decisions buy/sell / which ones.
    Finally I could escape all that emotional ups and downs with a slight profit after 5 years. I learned my lesson. Never again.

    In a retrospective we are always cleverer. (The same with your PW).
    But that time I had (valid) concerns. What will happen when I realize the money? 'Who' does pay me € for the BTCs? There were no banks involved yet. What about government / tax? Would the BTC survive at all?

    The BTCs I have now are still here because I lost interest in buying stuff. I never thought that there would be some money left. I never bought some BTCs again after the year 2016.

    I'll keep them to be a part of the BTC 'community'.
    I missed the Goldrush badly so to say. But it's fine. I have all I need, but yes could stop earlier to work with that $200K 'out of almost nothing'.

    The new market shares thing has changed the way I am. I was actually very money related, but getting older (and wiser LOL) I appreciate other things in life.
    It's now just like 's**t happens' that I have not kept those 13.6 BTCs..:)
     
    Stop hovering to collapse... Click to collapse... Hover to expand... Click to expand...
  9. PS Lukas

    PS Lukas MDL Novice

    Jun 4, 2020
    15
    2
    0
    With Pi you put in time. There is no money. It seems to have halved in return.

    At the moment it is at the accumulation stage with no purchase abilities. I think it will eventually have service that may be purchased with Pi