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Paibi investigation record: can mobile phones "mining"? Be wary of air currency "cutting leeks"



With the help of Bitcoin and Dogecoin's myth of creating wealth, various names of "digital currencies" can be described as "eight immortals crossing the sea, each showing their magical powers." Pi (Pi), which claims to be able to "mine coins" with mobile phones, has recently become popular in the Moments. Weibo and WeChat Moments are full of news of Pi Pi "pulling heads".

Mobile phones can "mine", can such blockchain technology be realized? Many industry insiders said that mainstream "mining" projects need to consume a lot of computing power and design complex algorithms to achieve the purpose of encryption security, which is difficult to achieve with mobile phone "mining". Investors should be wary of the virtual currency project party using the "Ponzi model" to promote layered marketing, and need to be wary of the risk of being "smashed", "cutting leeks", or even falling into the trap of illegal fundraising, or being violated in privacy.

Mining Bitcoin requires enough mining machines, and the way to mine Bitcoin is very simple. According to the introduction of Paibi Chinese website, Bibi users only need to download the Paibi App to "mine" for free. It does not consume electricity or traffic. You only need to click once a day to mine Paibi.

Magic Eden's NFT market share on the Solana blockchain is rapidly declining: Jinse Finance reports that as NFT trading platforms that do not want creators to collect royalties become more and more popular, Magic Eden's NFT market share on the Solana blockchain is decreasing rapid decline. Magic Eden has been the leading NFT marketplace on Solana for the last year, quickly capturing 90% or more of the market and hitting a $1.6 billion valuation in June. But according to the latest data compiled by NFT marketplace Tiexo, Magic Eden’s Solana market share has declined in recent weeks. Looking at the results of the data analysis, as of this writing, its share has dropped from 89% in the past six months to 79% in the last month, with an even steeper drop last week, down to 61%, and to 58% in the past 24 hours .

“SOL Legend”, co-founder of MonkeDAO and managing partner of Frictionless Capital, explained: “When the bear market hits, profits are squeezed, and NFT exchanges start complaining because the 10% royalties severely erode their 20% profits .Magic Eden has such a dominant market position that niche players have no choice but to adopt a 0% creator fee royalty strategy to capture market share and put OTC volume back into the market.” [2022/10/14 14: 27:07]

A staff member of Paibi Chinese website said that there are more than 18 million active-zce miners in Paibi worldwide, and the consensus price of foreign barter is about 100 US dollars/Paibi.

Report: Singapore High Court Recognizes Three Arrows Capital Liquidation Order: Golden Finance reports that liquidators of Three Arrows Capital (3AC) have won a major court judgment in Singapore that will allow them to investigate Native holdings of defunct crypto hedge funds. Singapore’s recognition gives Teneo the freedom to demand all financial records held locally, including bank accounts, cryptocurrencies, shares in companies and properties, the report said. In July, 3AC co-founder Zhu Su wanted to sell his $35 million home in Singapore. According to a 1,157-page court document released in July, Teneo has so far controlled at least $40 million in Three Arrows Capital assets, a fraction of the claims of creditors estimated to be at least 28 million. One hundred million U.S. dollars. [2022/8/24 12:45:34]

In other words, at this stage, the organization that initiates the distribution of coins has acquired nearly 20 million active-zce users simply by "painting cakes". At present, Paibi’s Google search-zce results have reached 652 million, which is relatively close to Bitcoin’s 833 million search-zce results.

Data: The number of NFT users in Vietnam exceeded 2 million, ranking fifth in the world: Jinse Finance reported that according to retailnews, according to the "Digital Economy Compass 2022" (Digital Economy Compass 2022) released by the German data portal Statista, the number of NFT users in Vietnam in 2021 It reached 2.19 million, ranking fifth behind Thailand, Brazil, the United States and China. In terms of NFT penetration rate, Vietnam also ranks fifth with 2.24%, behind Thailand, Canada, Australia and Brazil (NFT penetration rate = active-zce paying customers (or accounts) share of the total population). According to a recent survey by Australian data research company Finder, the proportion of NFT gamers in Vietnam also ranks fifth in the world, after India, Hong Kong, the United Arab Emirates and the Philippines. [2022/6/13 4:23:36]

A group of friends told reporters that they have worked hard to "mining" for two years and contributed a lot of traffic to the project party. Another group of friends said that he has 8,000 coins and is a "rich man" among miners. They think, "Anyway, it's 0 yuan to collect wool, so it doesn't matter if you dig it."

WTI crude oil futures rose by 1.00% in the day: WTI crude oil futures rose by 1.00% in the day and are now at $83.66/barrel, after falling more than 1% before. [2021/10/30 6:20:33]

Can mobile phones "mine"? Wu Haifeng, a researcher at the Chinese University of Hong Kong (Shenzhen) Institute of Advanced Finance, said that emerging technologies such as blockchain and digital currency regard computing power as their core competitiveness, and cryptocurrency "mining" consumes a lot of computing power and takes up a lot of storage. For "mining", many blockchain projects have begun to build supercomputers. The geographical distance between computing power providers and demanders, network congestion, and signal collisions are all challenges in the field of distributed computing.

"Even if the mobile phone can really 'mine', it also shows that the bottom layer of the algorithm of this project is relatively simple, and it will certainly not be designed with such care as Bitcoin and Ethereum (ETH), whose code exceeds a million lines, all rely on The ultra-large computing power mining machine maintains mining.” He said.

Executive Director of International Affairs of the Bank of Japan: The Bank of Japan currently has no plans to issue a central bank digital currency: October 15 news, Uchida, executive director of the Bank of Japan in charge of international affairs: The Bank of Japan currently has no plans to issue a central bank digital currency, whether to issue a central bank digital currency This is a big decision and maintaining the status quo is not an option for us. (Golden Ten) [2021/10/15 20:30:42]

He denied the application value of Picoin, "Mining a bitcoin consumes a lot of electricity, and its cost must at least cover the price of electricity. If the mobile phone can also mine coins without storage, the cost is very low, and the marginal cost can be ignored. , from this aspect, its market value is doomed to be very low.”

He said that the reason for the emergence of cryptocurrencies is to ensure security, so organizations and individuals with particularly high security requirements will consider cryptocurrencies. The algorithm of distributing coins is so simple, it also means that it is easy to be broken or decoded by hackers, so it also lacks credibility in the currency circle.

What is the "wealth code" of Paibi? In April 2020, the Paibi App launched an intent-to-advertisement survey. After a while, many mobile game advertisements appeared on the Paibi homepage. The Paibi project earns advertising revenue every day, but has always been ambiguous about the launch time of the mainnet and the launch of the exchange. Many group members believe that mining every day is contributing traffic to the project side, and this model is not much different from "sign in every day to collect points".

In the eyes of many people in the currency circle, the expansion model of the coin distribution is highly similar to the pyramid scheme. To judge whether a project is a pyramid scheme or not, two characteristics are usually looked at: first, whether there is an entrance fee, and whether it needs to spend money to invest; Whether the hierarchical relationship of interests exceeds two levels.

According to a number of coin lovers and Paibi Chinese assistants, Paibi does not require any money investment. But the aide said it was possible to make money through hierarchical relationships. "Paibi will be able to be traded on the exchange one day. It is recommended to invite more newcomers, establish a contact group, and when OTC transactions can be carried out, provide guarantees for mutual transactions in the group, so as to obtain guarantee fees." He believes that anytime As the price of Pai Coins rises, the organizers will be able to cash out the Pai Coins in their hands.

Industry insiders believe that almost all so-called air coins have concocted similar business routines. One is coinage, the founding team registers a shell company, completes the "white paper" by relying on the common technical solutions in the industry and spends several months debugging the code; the other is packaging, blowing the project into hype through Moments, lectures, and celebrity platforms; The third is to attract private placements, through internal private placements and external investors, and then spend some "coin listing fees" to list on specific exchanges; the fourth is to raise prices, publicize the skyrocketing market to attract investors; Shipment.

Whether Paibi is an air coin is still inconclusive, but the reporter found out that Paibi’s US official website has not been filed, and open source codes cannot be found on GitHub, and mainstream blockchains are all open source technologies.

According to data from the blockchain security company PeckShield, there will be 151 fraud incidents related to virtual currency in 2020, a 37-fold increase from 2018 and a 4-fold increase from 2019, resulting in losses of more than $3.2 billion. Among them, Aircoin is indispensable. The most typical cases that have been officially judged or investigated include Wuxingcoin, Asia-Europe Coin, OneCoin, Hero Chain (HEC) and so on.

Wu Haifeng said that in the currency circle, such virtual currencies are "overwhelming", and none of them can survive in the end, and investors who join in the later stage may encounter the risk of "smashing the market". "I learned that there are at least hundreds of thousands of coins being mined, but very few of them can be traded on the exchange. Many virtual coins are yellow before they are listed on the exchange, and some coins are held to a certain amount. The makers will say that the holder has violated a certain regulation and forcibly cleared the coins in the account, causing investors to spend a lot of energy mining, but the coins in their hands are worthless in the end.”

Wu Haifeng is also worried that "mining" with mobile phones may also lead to "streaking" of user privacy. Most of the apps in the currency circle can only be downloaded in the app market with overseas IDs. Borrowing other people's IDs may upload files in your mobile phone. Moreover, these virtual currency apps may also upload user privacy information during use.

Yu Jianing, the rotating chairman of the Blockchain Special Committee of the China Communications Industry Association, reminded investors that a small number of fraudulent activities in the cloak of blockchain will set very low thresholds for users in the early stage, with simple operations and low (free) funds Threshold, and through the "head pull" reward model and a lot of publicity to increase the popularity of the project. In the beginning, the project party was essentially building a multi-level distribution system. In the second stage, the project party announced that the virtual currency can be transferred or traded, and there is a possibility of capital circulation. They are looking for opportunities to sell a large number of virtual currency, and the risk of investors will also greatly increase.

Yu Jianing summed up the four major methods for investors to “avoid lightning”: First, be vigilant against risk-free, high-return blockchain projects. The price of encrypted assets rises and falls frequently, and air coins may return to zero in extreme cases. The second is to avoid projects that rely on "head-pulling" and multi-level rebates to monetize. This type of pyramid marketing is extremely risky. The third is to learn to look at GitHub’s open source programs. You can find its parameters and operation methods on the blockchain browser, as well as all accurate information about asset issuance, circulation, and transfer records. Fourth, blockchain projects that use off-exchange transactions or specific exchange transactions need to be carefully screened. It is very likely that the price will be highly manipulated and cannot be freely charged.

Reporter Tang Yanfei

Editor Chen Yu


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