Beyond Bitcoin Market Value

The Pi Network is about to launch its mainnet, and after six years of waiting, it is quite surprising. The project claims that ordinary people can mine using just their smartphones, resulting in 50 million registrations, of which 18 million have completed KYC verification. In Taiwan, some have even used Pi to buy bubble tea and pay rent. However, upon closer inspection, things seem to be more complicated. The total supply of Pi is 100 billion coins, which, at $1 each, gives it a market cap of $100 billion, exceeding one-third of Ethereum's market value. Currently, only 2 billion coins have been migrated to the mainnet, and there are no clear answers on how to handle the remaining 98 billion coins or when they will be released. Even more puzzling is that a project claiming to be decentralized requires mining through a mobile app. Over the past six years, the timeline for the mainnet launch has changed multiple times, and KYC verification requires ID cards, facial recognition, and proof of address, making the process cumbersome, akin to applying for a bank card. Most of the 80 so-called mainnet applications are empty and lack practical use cases. On February 20, the truth will be revealed. Pi will either become the popular version of the blockchain world or just a large Ponzi scheme dressed in high-tech clothing. In any case, these years have passed, and the coming days are inconsequential; we shall wait and see.