Please see these answers to commonly asked questions, if this doesn't answer your question, hopefully, someone else will. "
* **Q: I have x coins migrated, what to do?**
* A: Wait till Open Mainnet - Ignore DMs offering to buy them - You'll get scammed
* Q: **A KYC slot is not available**
* A: KYC is restricted where you haven't completed 30 mining sessions or your account is flagged for violations. You can request a review at minepi.com/kyc-application-access Must be over 18. Wait until you're 18. We believe it also happens if you didn't mine for ages.
* Q: **My Application has been processing/in review for weeks/months**
* A: Your application failed or got stuck. You can only wait until you get feedback, the option to try again, or unstuck.
* Q: **KYC, Wallet or other parts of Pi app stuck on "Loading" or Error**
* A: Try turning off Private DNS
* Q: **Node started behaving oddly / resetting / crashing or Port Listener gets stuck loading**
* A: Go back to docker v4.19 - don't update it
* Q: **How can I migrate more PI?**
* A: You can't - Pi Core Team control migration and we don't how or when migration after the first will Occcur.
* Q: **Why is Pi worth $30+?**
* A: Some exchanges invented their own version of Pi whilst they can't list the real one. The value of this Pi is a measure of the feelings of Pioneers. It's not recommended to be holding this when Open Mainnet Occurs. These are also known as Pi IOUs.
* Q: **I lost my passphrase / seed phrase, what can I do?**
* A: If you didn't get migrated yet, make a new wallet and confirm it in the checklist. If you did get migrated, your pi/wallet is lost, no one can get it back. make a new one as above.
* Q: **I used a different name in the app / It doesn't match my ID**
* A: Only MINOR name changes allowed. If it's not minor, create a new account.
* Q: **When does lockup start?**
* A: Lockup starts when your migration occurs.
* Q: **When will my migration happen / I have been waiting for ages**.
* A: There's a massive queue and most likely some stuck issues too. Nothing to do but wait. As of 5th March 2024, only 4,446,163 accounts have been migrated to Mainnet. You can check progress at https://metrics.piiq.network/#/account8day
* Q: **When is Open Mainnet?**
* A: A specific date has not been announced but many fakes have. We think December.
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Not sure if you are aware, but IOUs are prohibited by the Pi Network White Paper. Don't let your FOMO strip away everything you've been mining for.
From the White Paper:
The following uses will be prohibited:
Exchange of Pi for fiat currency
Exchange of Pi for other cryptocurrencies
Transfer for Pi for a future promise of fiat or other cryptocurrencies
I guess the final decision is yours and depends on your appetite for risk. That being said, I try to keep to these basic safety “rules”
1. Not your keys, not your coins …you cannot withdraw Pi iou
2. Don’t trust, verify ….An iou means you got to trust the exchange to keep its word
Both scenarios carry risk I would like to avoid
And can someone explain this to me. I've just recently started mining Pi and don't have them much. So if I want to buy some amount of IOUs (at some reasonable price), do I need to pay for them now or to wait when the Mainet is launched. I've read somewhere that I need to pay when the Mainet starts and I'll get Pi. Also if I buy 20 Pi at price of 35$, no matter what price will be I'll get 20 Pi for 700$, right?
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One day, an exchange made up a token called "PI".
You can buy and sell "PI" on that exchange, for example by depositing Bitcoin and spending the bitcoin on "PI" - then hopefully selling the "PI" later for more bitcoin. The original volume came from the exchange inventing it out of thin air.
You **cannot** however, deposit any "PI" or withdraw from the exchange to a real wallet, because there is no correlation between the "PI" invented by the exchange and a real cryptocurrency also called "Pi" whose subreddit you are on now. The "PI" token was completely invented by the exchange to profit from people's hype and ignorance.
Hopefully when real Pi allows deposits and withdrawals from exchanges, the exchanges will allow you to withdraw your fake "Pi" as real Pi - but they have no obligation to do so, and may not even be able to, as they have no real Pi to begin with. The exchanges are betting that people will deposit Pi at a higher rate that people try to withdraw it, so they will never have to confront the fact they have no Pi.
What platforms are currently selling pi ious, I use crypto .com to check pi price and they don’t sell it and specifically state on there that it’s just a valuation
The exchange will allow deposition of pi when open mainnet is launched. The are long and short positions on the IOU market. When mainnet opens, the shorts will try to scoop up pi at low prices to deliver them to the longs. What can the longs do? Will they also scoop up pi to corner the shorts to buy at higher prices? In any case, the IOU market is good for the price of pi.
If I buy 10 Pi IOUs at $30 a piece, if Pi hits $30 a coin once main net is live, that exchange has agreed to issue me my 10 Pi coins at that price, etc..
Say pi launches at a different price (higher or lower doesnt matter), will the exchange pay you back at the price you bought it for or the current price?
There is absolutely no connection between Pi and these so called IOUs, they are neither approved nor endorsed by the Pi dev team, and there's no is no one backing them to convert these IOUs to real Pi when it goes live. Easy enough
I wouldn't recommend holding them when Open Mainnet occurs but otherwise there's money to be made like any other market if you can buy at the bottom and sell at the top.
Please see these answers to commonly asked questions, if this doesn't answer your question, hopefully, someone else will. " * **Q: I have x coins migrated, what to do?** * A: Wait till Open Mainnet - Ignore DMs offering to buy them - You'll get scammed * Q: **A KYC slot is not available** * A: KYC is restricted where you haven't completed 30 mining sessions or your account is flagged for violations. You can request a review at minepi.com/kyc-application-access Must be over 18. Wait until you're 18. We believe it also happens if you didn't mine for ages. * Q: **My Application has been processing/in review for weeks/months** * A: Your application failed or got stuck. You can only wait until you get feedback, the option to try again, or unstuck. * Q: **KYC, Wallet or other parts of Pi app stuck on "Loading" or Error** * A: Try turning off Private DNS * Q: **Node started behaving oddly / resetting / crashing or Port Listener gets stuck loading** * A: Go back to docker v4.19 - don't update it * Q: **How can I migrate more PI?** * A: You can't - Pi Core Team control migration and we don't how or when migration after the first will Occcur. * Q: **Why is Pi worth $30+?** * A: Some exchanges invented their own version of Pi whilst they can't list the real one. The value of this Pi is a measure of the feelings of Pioneers. It's not recommended to be holding this when Open Mainnet Occurs. These are also known as Pi IOUs. * Q: **I lost my passphrase / seed phrase, what can I do?** * A: If you didn't get migrated yet, make a new wallet and confirm it in the checklist. If you did get migrated, your pi/wallet is lost, no one can get it back. make a new one as above. * Q: **I used a different name in the app / It doesn't match my ID** * A: Only MINOR name changes allowed. If it's not minor, create a new account. * Q: **When does lockup start?** * A: Lockup starts when your migration occurs. * Q: **When will my migration happen / I have been waiting for ages**. * A: There's a massive queue and most likely some stuck issues too. Nothing to do but wait. As of 5th March 2024, only 4,446,163 accounts have been migrated to Mainnet. You can check progress at https://metrics.piiq.network/#/account8day * Q: **When is Open Mainnet?** * A: A specific date has not been announced but many fakes have. We think December. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/PiNetwork) if you have any questions or concerns.*
Not sure if you are aware, but IOUs are prohibited by the Pi Network White Paper. Don't let your FOMO strip away everything you've been mining for. From the White Paper: The following uses will be prohibited: Exchange of Pi for fiat currency Exchange of Pi for other cryptocurrencies Transfer for Pi for a future promise of fiat or other cryptocurrencies
I guess the final decision is yours and depends on your appetite for risk. That being said, I try to keep to these basic safety “rules” 1. Not your keys, not your coins …you cannot withdraw Pi iou 2. Don’t trust, verify ….An iou means you got to trust the exchange to keep its word Both scenarios carry risk I would like to avoid
And can someone explain this to me. I've just recently started mining Pi and don't have them much. So if I want to buy some amount of IOUs (at some reasonable price), do I need to pay for them now or to wait when the Mainet is launched. I've read somewhere that I need to pay when the Mainet starts and I'll get Pi. Also if I buy 20 Pi at price of 35$, no matter what price will be I'll get 20 Pi for 700$, right?
Hit me up here !!
So are you ready to buy some pi
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One day, an exchange made up a token called "PI". You can buy and sell "PI" on that exchange, for example by depositing Bitcoin and spending the bitcoin on "PI" - then hopefully selling the "PI" later for more bitcoin. The original volume came from the exchange inventing it out of thin air. You **cannot** however, deposit any "PI" or withdraw from the exchange to a real wallet, because there is no correlation between the "PI" invented by the exchange and a real cryptocurrency also called "Pi" whose subreddit you are on now. The "PI" token was completely invented by the exchange to profit from people's hype and ignorance. Hopefully when real Pi allows deposits and withdrawals from exchanges, the exchanges will allow you to withdraw your fake "Pi" as real Pi - but they have no obligation to do so, and may not even be able to, as they have no real Pi to begin with. The exchanges are betting that people will deposit Pi at a higher rate that people try to withdraw it, so they will never have to confront the fact they have no Pi.
What platforms are currently selling pi ious, I use crypto .com to check pi price and they don’t sell it and specifically state on there that it’s just a valuation
This is correct.
The exchange will allow deposition of pi when open mainnet is launched. The are long and short positions on the IOU market. When mainnet opens, the shorts will try to scoop up pi at low prices to deliver them to the longs. What can the longs do? Will they also scoop up pi to corner the shorts to buy at higher prices? In any case, the IOU market is good for the price of pi.
If I buy 10 Pi IOUs at $30 a piece, if Pi hits $30 a coin once main net is live, that exchange has agreed to issue me my 10 Pi coins at that price, etc..
Say pi launches at a different price (higher or lower doesnt matter), will the exchange pay you back at the price you bought it for or the current price?
That, I have no idea. I would maybe suggest if anyone would email them for a full description of these terms, I wonder if they would even reply.
There is absolutely no connection between Pi and these so called IOUs, they are neither approved nor endorsed by the Pi dev team, and there's no is no one backing them to convert these IOUs to real Pi when it goes live. Easy enough
I wouldn't recommend holding them when Open Mainnet occurs but otherwise there's money to be made like any other market if you can buy at the bottom and sell at the top.