The ‘fever’ of mining virtual money using phones

Avatar of Nick John By Nick John Dec21,2023 #mining #virtual
The 'fever' of mining virtual money using phones 2
The 'fever' of mining virtual money using phones 2

`If you already play Pi Network, why don’t you download Bee Network and start mining? In a year Bee will be like Pi now, at that time I will have already lost some capital,` a member named Pham Minh shared.

After three days of playing and actively `inviting` friends, Minh pulled nearly 150 people to join Bee.

A series of platforms claiming to be `cryptocurrency that can be mined with your phone` appeared in Vietnam after Bitcoin reached a `huge` price.

In parallel with the Pi `fever`, many Vietnamese people are looking for other `virtual currency` projects that can be `mined` on the phone, such as Bee, TimeStope, Eagle… How these applications work

With the thought of `spending a little time every day, losing nothing` and being able to own cryptocurrency and later earn `thousands of dollars`, many people turn to these applications despite the risk warnings.

`Every day I go to the group to see if there are any new coins to mine,` shared Quang Tuan, a member of the Pi Network Vietnam group.

For example, Pi currently only allows mining at a speed of 0.1 Pi/hour, while Bee is 0.5 Bee/hour, new coins are at a speed of several coins per hour, not to mention the number will increase if

Tuan does not care about the nature of virtual currency or the technology behind these currencies.

According to experts, this is the FOMO mentality (Fear of missing out on opportunities) – appearing in many cryptocurrency investors.

The 'fever' of mining virtual money using phones

Applications like Bee Network have the same `mining` method as Pi Network.

Potentially dangerous

The value of the Pi coin is currently 0 and cannot be traded.

With applications that `follow` Pi, the risk of losing information security is many times higher.

For example, Bee Network is a project with a `mining` method similar to Pi Network, but Bee’s white paper only states general information, has no founder’s name, and no development roadmap.

Meanwhile, the Bee Network application on Android requires a series of permissions, such as accessing location, reading/editing the contents of memory, reading contacts, accessing the network… At the end of February 2021, Bee

`This project looks like an anonymous group trying to get important personal information from users, without bringing any value,` said AI Multiple expert Cem Dilmegani.

The 'fever' of mining virtual money using phones

The application requests a series of permissions to access the user’s phone.

Compared to having data taken by social networks, experts say that Google or Facebook are legal entities bound by law and will be affected if users react, while Bee’s development team

Other projects, such as Sperax Play, Time Stope, Eagle Network, are similar.

`Users should be careful when installing applications like Pi Network. The permissions and information requested by Pi Network have the potential to steal user information and get malicious code. Then the consequences will be very unpredictable,` said the expert.

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