Bitcoin, PiNetwork and the story of "virtual money players" through Blockchain Engineer’s viewpoint
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The present Blockchain technology and the virtual money heat
If you compare Blockchain technology with AI, Blockchain is still a minor child with many potentials as well as defects. Over the past 12 years, supporters have constantly come up with solutions to improve as well as improve to make Blockchain the easiest to use. At the same time, coins are expected not only to be traded but also to be used as stocks, giving large holders the power to vote on corporate decisions or Blockchain applications.
The outcome of the most recent efforts is decentralized exchanges. In the past, each person would have a personal wallet to store and that wallet is so secure that if you forget your password, you will never be able to recover it. However, there have not been any mechanisms yet for them to exchange coins securely. At that time, the exchanges spring up like "mushrooms after the rain", and on a beautiful day, if the exchange disappears, the money you deposit on the exchange will evaporate accordingly. This is a type of scam.
With decentralized exchanges, people still keep coins in their wallets and can still trade with each other. However, it’s just confined to Ethereum and a number of other blockchains, yet not completely working on all blockchains. Thanks to advances in technology, plus FOMO (fear of missing out), and the pandemic, we tend to look for other types of assets to store, all of which trigger the past virtual currency heat.
Should I invest in virtual money?
If evaluating whether it is worth the investment or not, the writer thinks that this is a quite risky gamble.
The first step is still "don’t put all your resources in one possibility". Cryptocurrencies are extremely volatile, changing 30% or even 90% in just 15 minutes. So it is also not a safe asset for the faint of heart.
So if you have a sum of 5% of your assets which is never used, you can invest in virtual money, leaving it there for future use. Because if viewed positively, Blockchain is being developed day by day and it gradually solves problems such as slow transaction speed, and different coins on different blockchains can be traded in a decentralized way,... Who knows what is going on in 10 years, but it's guaranteed that if you don't touch the other 5%, inflation will make it lose its value in less than 10 years.
Of course, in order to figure out where to invest, you have to spend time researching. If you do not know how Bitcoin works, then we sincerely advise you to learn about it to really understand. Especially for developers, we can see the source code of blockchains on Github, so why don’t we study carefully and draw our own conclusion from there. If you do not know about the place you put money into, then you will probably the loser in this case.
If "my uncle" invites me to play PiNetwork, should I agree?
To evaluate the PiNetwork project from the perspective of me and my colleagues - who directly work on Blockchain, it really ... needs careful consideration.
Let's consider the case in terms of the law of supply and demand. Since everyone can dig Pi with just their smartphone, the supply will definitely outweigh demand, so why should I spend money buying it when I can find it myself?
On the technic side, for blockchain, user transactions will be validated and included in the block, then they cannot be changed. But through the research, there have not been any transactions on Pi at all, moreover, the wallet does not belong to the user but on their application. PiNetwork does not publicize the source code, no one can verify whether the code is safe or not. That is not to mention their inability to program on their blockchain. So it can be said that it is not blockchain and on a personal level, the writer does not recommend you to invest in Blockchain.
Regardless of what you want to invest in, learn about it carefully, think and act on your own instead of listening to anyone. Because after all, it’s only you who take responsibility for your decisions. I wish you an effective investment!