Justin Bons Unmasks the Pi Network: A Hilarious Tale of Deceit and Disappointment!

by

Well now, gather ’round, folks! It seems our dear friend Pi Network is under the microscope once again, as Justin Bons, the big cheese over at CyberCapital, has taken it upon himself to label this venture a “scam.” 🤔

Bons, with a twinkle in his eye and a quill in hand, raised a ruckus about the project’s technology, business model, and tokenomics, claiming they’re as flawed as a three-legged dog trying to chase its own tail. 🐶

Is Pi Network a Scam? Justin Bons Thinks So!

In a flurry of posts on X (formerly known as Twitter, bless its heart), Bons pointed out that, contrary to its grandiose claims of decentralization, Pi Network is as centralized as a town hall meeting in a one-horse town. 🏙️

“PI is fully permissioned (centralized) and everything requires KYC, even simple transactions! PI is an investment scam; it is that bad,” he quipped, with a wink and a nudge.

He also took a swing at the five-year delay for the mainnet launch, calling the network’s promises of innovation and decentralization as misleading as a politician’s campaign speech. Not to mention, he claimed that Pi Network’s core technology was swiped right off the Stellar (XLM) shelf! 😲

Despite all this, Bons argued that the absence of a Turing-complete virtual machine (VM) makes Pi Network’s dreams of decentralized finance (DeFi) about as likely as finding a needle in a haystack. He declared it a “pipedream,” rendering the network neither scalable nor programmable. Talk about a letdown! 😩

He also likened the network’s referral program to a Multi-Level Marketing (MLM) scheme, suggesting it generates more costs than a cat in a room full of rocking chairs, without delivering any real benefits to the users. 🐱

To add fuel to the fire, Bons pointed out a Ponzi-like mechanism lurking within Pi Network’s “mining” process. He revealed that the lockup period benefits insiders, inflating the token price and allowing early investors to waltz away with profits. 💰

Transparency—or the lack thereof—was another bone of contention for Bons. He criticized Pi Network for keeping insider token allocations under wraps while enforcing Know Your Customer (KYC) procedures. He noted that insiders might control as much as 20% of the network’s supply, which is about as fair as a rigged game of poker. 🎲

“PI making it into the top 20 is an embarrassment to our industry,” Bons concluded, shaking his head in disbelief.

Previously, Bybit CEO Ben Zhou had echoed similar sentiments, calling PI a scam and dubbing it “more dangerous than meme coins.” Now that’s saying something! 😅

Will Pi Coin (PI) be listed on Binance?

Meanwhile, the latest wave of criticism comes amid mounting discontent among pioneers toward Binance. On March 19, the exchange revealed its first batch of Vote to List projects, which included meme coins associated with the former CEO’s dog and the Mubarak (MUBARAK) token, among others. 🐕

Despite Pi Coin (PI) receiving an 86% vote in favor, the community was left scratching their heads in frustration over Binance’s failure to list it. 🤷‍♂️

“Stop acting like some third-rate junk exchange and fulfill your promises before you start the next vote. I don’t know if CZ would have behaved like this if he was still at Binance; he wouldn’t be proud of your behavior,” a user lamented on X.

The community even went so far as to give Binance a 1-star rating on the Google Play Store. However, this might have worsened PI’s prospects rather than improving them. 📉

“Do not try to pressure us into listing your coin by spreading FUD or negative comments about Binance, or you will be blacklisted,” Binance warned, sounding a bit like a scorned lover.

The double whammy of Bons

Read More

2025-03-21 09:27