Uncovering the Controversy of the Pi Network: The "Air Coin Trap" Dressed in Blockchain Clothing?
Recently, the Vietnamese social media platform exploded! A large number of middle-aged and elderly investors borrowed money to buy Pi coins and suffered an 80% loss. Some borrowed $40,000, which shrank to only $8,000, equivalent to nearly 200 million Vietnamese Dong evaporating. This project, which claims to be a "mobile mining revolution," is experiencing an unprecedented crisis of trust.
(Latest news: The State Bank of Vietnam issued a risk warning on August 29, reminding citizens to be vigilant about Pi Network-related financing activities. Leading exchanges like Binance and Bybit have publicly stated they will not list Pi coins for now.)
According to on-chain data analysis, the Pi mainnet has yet to achieve decentralized operation, and the so-called "barter price" has plummeted from $3 to $0.6. Even more puzzling is that the project team has locked 55 million users' assets through KYC verification, with 85% of accounts unable to trade for the next three years. The founder Nicolas's team has been reported to control a large number of "zombie accounts," suspected of manipulating the market to cash out.
As a veteran investor with six years of experience, I believe this exposes three fatal issues:
The mainnet has been delayed for 4 years without being launched, and the technology roadmap has seriously missed deadlines.
The KYC mechanism has become a harvesting tool, violating the open spirit of blockchain.
The core team's identity is unclear, and the GitHub code repository has not been updated for two years.
(Data Value Point: On-chain data shows that 78% of Pi's circulation is concentrated in the top 100 addresses, a typical characteristic of market manipulation.)
The current market is in the eye of a regulatory storm; the SEC's ruling on the Ripple case indicates that any token with unregistered securities attributes will face severe crackdowns. Projects like Pi, which have no real application and engage in centralized control, are very likely to become the next targets for cleanup. Reflecting on Bitconnect in 2017 and Squid Game coin in 2021, history always seems eerily similar.
Advice for newcomers: Never borrow money to trade coins! Those projects promising "zero-cost wealth" often hide the sharpest sickles. Real value coins must possess: verifiable technological progress, transparent team backgrounds, and reasonable token economic models.
Feeling confused and unable to find a way out? The market is turbulent right now, and walking alone is lonely.
I am Wenbin; only those supported by top teams and resonating on the same frequency can gather together!
$ETH #币安合约将上线JELLYJELLY