PI Network is faced with a new investigation after the project, the founder of Cybercapital, openly brands the project with “fraud”.
BONS has raised concerns about projects, business models and token genetics, claiming that investors are deep and potentially harmful.
Is the PI network fraud? Justin Vaughn thinks so
In a series of posts on X (previous Twitter), BONs pointed out some problems related to the network. Contrary to the claim of decentralization, he suggested that the PI network still remains a centralized.
“PI is a completely approved (centralized) KYC, even a simple deal! PI is an investment fraud. It’s so bad,” he wrote.
BONs also criticized the delayed Mainnet launch for five years, misleading the innovation and decentralization of the network. In particular, one of the main arguments raised by management is that the core technology of PI Network has been copied from Stellar (XLM).
Nevertheless, he insisted that “pipe liam” was limited to limited the potential of the decentralized finance (Defi) of PI Network without Turing-completed virtual machine (VM). He also explained that this makes the network unable to expand or program.
BONs also paid attention to the recommended program of the network, and he compared it to the MLM (Multi Level Marketing) system. He argued that the system does not provide users with practical benefits, but creates unnecessary costs for the network.
BONS, which further welfare, emphasized the same mechanism as Ponzi in the “mining” process of PI Network. He said that the lock period helped the insiders by releasing the token price, and early investors could profit.
Transparency, or its lack is another important issue. He criticized the PI network that did not disclose my rich token allocation, despite the customer (KYC) procedure. He can control 20%of the network supply, which contradicts the project’s fairness.
Bons concluded, “PI is in the top 20.”
Previously, Bybit CEO Ben Zhou shared similar concerns to call PI and described it as “more dangerous than memes coins.”
Is PI Coin (PI) listed on Binance?
Meanwhile, the wave of the latest criticism crosses complaints between pioneers towards Bion Nice. On March 19, the exchange unveiled a voting project for the first voting. This list includes a cone coin associated with the dog’s dog and Mubarak (Mubarak) tokens.
Nevertheless, despite the PI Coin (PI) winning 86%of the votes, the community expressed frustration of Binance’s failure to list.
“Before you start voting, don’t act like the third rate junk exchange. If CZ is still in Binance, I don’t know if CZ did this.”
The community was far from giving Binance a 1 -star grade in the Google Play Store. But this may have worsened rather than improving the view of PI.
Binance said, “Do not apply pressure to list the coins by spreading Fud or negative opinions on Binance.
One criticism and binance ‘Snub matched the deadly market filling of PI. The price of the token has plunged to less than $ 1.0 for the first time since the end of February.
Last day, PI decreased 20.1%and losses per share increased to 48.7%. Pi Coin was traded at $ 0.91 in the prestime time. The ranking also slipped to 27th in Coingecko, which fell significantly from the initial position.
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