#PiNetwork From Dream to Reality Full of Doubts
Once promoted as the "second Bitcoin" with an easy opportunity to make money just using a phone, PiNetwork has attracted millions of participants worldwide – including a large community in Vietnam. However, after more than six years of operation, that dream of changing lives is gradually turning into disappointment.
On February 20, 2025, Pi officially entered the Open Network phase, allowing users to trade outside the platform. Instead of bringing the boom as expected, the price of Pi has plummeted sharply, currently around 0.60 USD – losing more than half its value compared to its peak. Many people who once spent millions of VND to buy Pi are now facing the risk of heavy losses.
Not only has the price dropped, but the identity verification process (KYC) – a condition to transfer Pi to the main wallet – has also caused much frustration. A series of users shared that they have waited and attempted multiple times but still could not complete KYC. Moreover, many accounts have had large amounts of Pi revoked due to the referred person not verifying on time, causing outrage within the community.
In addition, the SuperNode verification mechanism of Pi is suspected to not be truly decentralized, as control remains concentrated in the development team. This lack of transparency further increases doubts about the fairness of the project.
Pi Network – a once-symbol of hope for zero-dollar wealth – is at a major crossroads: either prove its real value or become a costly lesson about trust in the world.
