### 1. Account Activation and Balance Transfer Issues
- Many Pi Network users have reported difficulties in activating their accounts or transferring their balances. This has effectively locked a large portion of Pi coins, preventing them from entering the market.
- While this has helped stabilize the price by limiting supply, it also raises questions about the network's functionality and user experience. If users cannot freely access or use their coins, it undermines the utility and credibility of the project.
### 2. Delayed Identity Verification
- Some users have waited years for identity verification, which is a critical step for migrating coins to the mainnet. This delay could indicate inefficiencies in the project's processes or a lack of resources to handle the scale of users.
- For a cryptocurrency project, timely and efficient user onboarding is crucial. Delays like these can erode trust and create frustration within the community.
### 3. Ambiguity Around Balances
- The fact that only a small number of users have been able to migrate their coins, while the majority remain under the control of the Pi Network team, is a red flag. This centralization of control contradicts the decentralized ethos of blockchain technology.
- Without transparency regarding how balances are managed and when users can expect full control over their coins, it’s difficult to assess the project's legitimacy and long-term viability.
### 4. Influencer Marketing and Hype
- The use of ambassadors and influencers to promote the project has generated significant hype, but hype alone does not guarantee success or sustainability. The focus should be on delivering a functional product and addressing user concerns.
- Over-reliance on marketing without substantive progress can lead to skepticism and accusations of the project being a "vaporware" or even a potential scam.
### 5. Lack of Clarity and Transparency
- Until there is more clarity on how Pi Network plans to address these issues, it’s reasonable for exchanges like Binance to be cautious. Listing a token with unresolved operational and transparency issues could expose users to unnecessary risks.
- Binance, as a leading exchange, has a responsibility to ensure that listed projects meet certain standards of credibility and functionality.
### Your Position as a Pi Holder
- You mention holding around 150 Pi coins mined four years ago. While this is a relatively small amount, it’s understandable that you, like many others, would want clarity on the project's future. The fact that you’ve held onto these coins for so long without being able to use or transfer them highlights the frustrations shared by many in the community.
### Conclusion
- Your perspective aligns with a cautious approach. Until Pi Network addresses these concerns—such as improving user access, speeding up verification processes, and providing transparency around coin balances—it’s reasonable for exchanges to hold off on listing the token.
- For now, the Pi Network community should continue to push for greater transparency and functionality from the project team, as these are essential for building trust and achieving long-term success.
Let me know if you'd like to explore this further or discuss potential scenarios for Pi Network's future!
