When the enticing slogan of 'mobile mining' meets the wealth fantasy of 'zero cost to get rich,' the Pi network has woven a global cryptocurrency carnival over four years. This project, which claims 'everyone can participate,' now finds itself in an awkward situation of endless mainnet delays and tokens that cannot circulate. We can't help but ask: who is really paying for this carefully designed traffic game?
1. The rift between ideals and reality: from mining revolution to withdrawal dilemmas
Launched in 2019, the Pi network quickly gathered 30 million users with the innovative concept of 'mobile mining without power consumption.' The vision painted by the founding team is compelling enough: breaking Bitcoin's computing power monopoly and allowing ordinary people to easily participate in the digital revolution. But four years have passed, and the 'mining' button users click every day feels more like the myth of Sisyphus in the digital age—what seems to be accumulating Pi coins always remains an illusion.
What is even more concerning is its meticulously designed incentive mechanism: users must continuously recruit new members to maintain mining efficiency, this viral spread model is contrary to the decentralized spirit of blockchain. When the project team binds 80% of the computing power rewards to social fission, the underlying logic of this experiment has quietly deteriorated.
2. Business codes under the technical black box
Real blockchain projects take pride in open-sourcing their code, while Pi network has yet to disclose the complete node code. Its so-called 'Stellar Consensus Protocol' resembles more of a marketing rhetoric, and the core technical details remain shrouded in fog. This lack of transparency leads to two fatal problems:
Users cannot verify the true blockchain attributes of Pi coin
The project team may modify the underlying rules at any time
What is more intriguing is its commercial monetization path: the in-app advertisements implanted since 2022 reveal the fangs of monetizing traffic in this so-called 'non-profit' project. When 30 million daily active users become a valuable advertising resource, the so-called 'cryptocurrency revolution' has already deteriorated into an attention business of the internet age.
3. The shadow of pyramid schemes and the sword of regulation
The promotion model of the Pi network is touching the legal red line:
Three-tier distribution system: a hierarchical relationship formed through invitation codes
Dynamic income mechanism: mining rewards of lower-level members directly affect higher-level rewards
Unlimited tier rewards: theoretically, it is possible to obtain promotional rewards from unlimited levels
This design aligns closely with the definition standards of China's (prohibition of pyramid schemes) regulations. More dangerously, the wealth promises circulating in many communities, claiming 'instant riches upon mainnet launch,' are creating collective cognitive bias. When speculative psychology overwhelms rational judgment, this game of passing the buck will eventually face a reckoning.
4. The sobering agent in the blockchain bubble
The predicament of the Pi network reflects the deep-seated contradictions in the cryptocurrency field: the struggle between technological innovation and speculative bubbles. A true blockchain revolution requires solid technological breakthroughs, not clever traffic games. For ordinary investors, at least three cognitive bottom lines should be established:
Beware of all crypto projects that promise 'zero risk and high returns'
Stay away from models that require continuous recruitment to maintain profits
Recognize that the value of tokens must rely on real application scenarios
In this market filled with conceptual speculation, the Pi network has taught us a vivid lesson: when technological innovation becomes a traffic tool, when the dream of decentralization succumbs to commercial calculations, what remains will be shattered fantasies of wealth and a mess. Perhaps it is time to reassess that 'lightning button' we click every day on our phones—does it carry the ambition to change the world or is it a carefully designed cognitive trap?
