Pi is a centralised shitcoin. The faster you understand this, the better for you. Pi is going to be one of the biggest scams in the history and that is too a huge KYC scam. My intuition is very strong on this point. The amount of KYC data they have gathered from their worldwide user base, that puts them in a position to monetize that data using different avenues.
I'm also waiting for this to happen; they have nothing innovative to offer to the community, it's one of the biggest centralized coins in the industry, and there's a possibility of the admins dumping their shares in the market and then just vanishing. A report on Binance square accused them of dumping 12million tokens worth $8 billion, Pi is a scam waiting to happen.
That's exactly it is! I do not track this shit so I didn't know that the owners have dumped such a huge volume. But that was expected. Slowly but surely the owners are going to dump their coins and run away with billions. But the riskier part is that, they have access to a huge amount of KYC data. Pi users should not get surprised if their data gets associated with any terrorist incident anywhere in the world. We simple don't know how they are going to utilise this KYC data.
I too used to mine Pi coin using my mobile. But stopped it when realised that I am not going to get the coins unless I share my KYC data with them.