Dark (New) on Nostr: A guy at work who I know understands sound money to the extent that he has acquired ...
A guy at work who I know understands sound money to the extent that he has acquired some metals, and has shown an interest in learning more about Bitcoin sent me an invite code today because he’s all excited about Pi coin mining on his phone. 🤦🏽♂️
He had his whole identity stolen less than a year ago. Because I actually care about the guy, here’s what I replied:
“I can’t get into this because it’s not open source, its not on a public ledger, it’s not decentralized, it’s not based on a proof of work mining model and I can’t find any verifiable info about the issuance schedule or whether a bunch of it was pre-mined by the developers prior to launch. The charts don’t even have a supply cap or circulating supply number available.
Bitcoin has a 16 year head start on any of these new crypto projects, is secured by a proof of work network with 99.9% uptime, has serious institutional, corporate and nation state adoption, and is secured on an open ledger with an issuance schedule and supply cap verifiable by anyone with a computer.
Mining some Pi on your phone might be harmless but I’d think twice about parting with any real money purchasing it on an exchange now that it has gone live.
It looks like thousands of other pump and dump rug pulls waiting to happen, unless they open up the ledger and the source code to scrutiny.
You can’t convert Pi to cash without supplying a bunch of KYC info to the devs. It’s going to be a huge honeypot of customers’ KYC, device and contact info for hackers. Careful who you give your info to. “
To which he replied “K thanks.”
He had his whole identity stolen less than a year ago. Because I actually care about the guy, here’s what I replied:
“I can’t get into this because it’s not open source, its not on a public ledger, it’s not decentralized, it’s not based on a proof of work mining model and I can’t find any verifiable info about the issuance schedule or whether a bunch of it was pre-mined by the developers prior to launch. The charts don’t even have a supply cap or circulating supply number available.
Bitcoin has a 16 year head start on any of these new crypto projects, is secured by a proof of work network with 99.9% uptime, has serious institutional, corporate and nation state adoption, and is secured on an open ledger with an issuance schedule and supply cap verifiable by anyone with a computer.
Mining some Pi on your phone might be harmless but I’d think twice about parting with any real money purchasing it on an exchange now that it has gone live.
It looks like thousands of other pump and dump rug pulls waiting to happen, unless they open up the ledger and the source code to scrutiny.
You can’t convert Pi to cash without supplying a bunch of KYC info to the devs. It’s going to be a huge honeypot of customers’ KYC, device and contact info for hackers. Careful who you give your info to. “
To which he replied “K thanks.”