Don’t Wait to KYC on Pi Network!
Here is why you shouldn’t drag your heels completing KYC.
Here is why you shouldn’t drag your heels completing KYC.
Pi
I’ve written a few stories about Pi network recently, which is a very interesting and unique crypto.
$124,000 in a week! ALT Title -The Easiest $280,000 I’ve Ever Made….maybe.
RELEVANT UPDATE, added April 5th, 2024:
www.minepi.com — use the referral code “solerift” if you wish to join my mining network.
Really important info:
When Pi goes live — your mined balance will not be available for transfer until you KYC.
KYC = Know Your Customer
Pi verifies identity. This amounts to being asked to submit your ID or DL, a photo, and a video of your face, which is now a standard practice for lots of crypto exchanges, per laws in a few places, and as a good measure to prevent fraud.
Some are resistant to KYC for different reasons such as wanting to remain anonymous online, privacy, etc.
However, there is literally no point to mine Pi without passing KYC.
I have about 46 people mining with me now, and only a handful have KYC’d.
I hope they do it soon. If not, they might be mining for no reason.
When Pi goes live to the first exchanges — myself and every other person who has been mining for a couple years will be lying in wait to sell.
Just waiting.
We may still hold Pi long term, we may buy back in after the big dip, or we may just dump it.
When everyone sells after years of mining and wanting to take profits, this will cause a price correction of a very steep order.
If you haven’t KYC’d and the price nosedives, you will miss out.
Yes, I am serving up a full plate of FOMO here. Steaming and aromatic.
If you rush to get KYC done right as the sell off happens, you can expect to be waiting for days while the price of Pi plummets to whatever it’s true market value will be.
It took them a week to KYC me when I did it last year, and that was not during the middle of a mad scramble of everyone trying to do it at the same time.
You might miss a HUGE opportunity for the kind of returns early adopters of Bitcoin and Ethereum had.
The other day — Pi shot up to $150, which would have made my Pi worth $768,000 if I could have sold it on that day.
Then the market corrected, and it went back to $44 or so. (It’s been hovering around $30 for a year or so)
If they go live 2025, the ideal situation would be :
I already have my account(s) created and have passed KYC on the exchanges Pi will be launched on. (Hopefully more than one at the same time. Just in case there are liquidity issues when the big sell happens.)
I will transfer a small amount from my Pi Wallet to the exchange Wallet, just to make sure it arrives with no problems. Then I will move my entire balance about $50k at a time, and sell in multiple orders.
I know to do this from experience.
I recently tried to sell my DCR when it crossed $25, and my sell order took 2 days to execute because there were not a sufficient amount of buyers to execute the entire balance being sold quickly.
Oops.
Because Pi is new, and there may be a surplus of sellers compared to buyers at first, the experience may be similar if you try to sell too much in a single order.
Pi Team has stated an intent to launch as soon as possible, when specific goals are met. One of those goals = KYC targets.
More people KYC’ing will make the crypto go live on exchanges faster.
I have changed my settings in the Pi app, so that I am no longer locking up 100% of my next Mainnet transfer. I am now only locking 25%.
All I am waiting for is news of which exchanges it will be launching on, so I can create the accounts on those exchanges, KYC on those exchanges, and be totally ready to transfer and sell as fast as I can.
Cheers to gettin’ that bag, ya’ll.
If you wish to join my mining network :
www.minepi.com — use the referral code “solerift”
Update : July 12, 2024 — I found an interesting possible alternative to Pi! Check it out:
Thank you for reading!
Until next time….
Onward and Upward Everybody!
-Chris
Automated Income Lifesyle w/ Chris Morton YouTube
#minepi #pi #pinetwork #crypto #cryptocurrency #mining #bitcoin #litecoin #cryptoexchange