CyberCapital founder Justin Bons has sharply criticized Pi Network, publicly labeling the cryptocurrency project as a “scam.”
Bons voiced concerns about fundamental weaknesses in Pi Network’s technological architecture, its revenue strategy, and the design of its token economy.
He suggests these shortcomings present considerable risks for individuals who invest in the project.
Cybercapital Founder Believes Pi Network Deceptive
Through a series of statements released on X (formerly Twitter), Bons outlined numerous problematic aspects of the network.
He challenged Pi Network’s proclaimed decentralized nature, asserting that it remains, in reality, highly centralized.
Further criticism was directed at the significantly delayed launch of the mainnet, which has been pending for five years.
Bons described the project’s advertised groundbreaking advancements and commitments to decentralization as deceptive and unsubstantiated.
A key accusation was that Pi Network’s foundational technology is essentially a replica of the Stellar (XLM) blockchain.
Compounding these technical concerns, Bons contended that the omission of a Turing-complete virtual machine (VM) severely restricts Pi Network’s capacity to engage in DeFi applications, dismissing its DeFi ambitions as unrealistic.
He further stated this technological constraint inherently renders the network both unscalable and incapable of being programmed for advanced functionalities.
Bons also highlighted what he perceives as a flawed referral system embedded within Pi Network, which he likened to a Multi-Level Marketing (MLM) structure.
He argues this referral model imposes unnecessary financial burdens on the network without generating genuine advantages for its user base.
Adding to his skepticism, Bons identified what he described as a Ponzi scheme characteristic embedded in Pi Network’s token “mining” process.
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