PI is about to launch on mainstream exchanges: is it a celebration for the naive or a harvesting feast?
Recently, the crypto community has been buzzing about #pi ! This "grassroots coin," once looked down upon by crypto big shots, is actually set to launch on mainstream exchanges. Especially with OK’s official announcement, many "grandpas and grandmas" who have been checking in for years are as happy as if it's the New Year.
But as an old player in the circle, seeing these "grandpas and grandmas" dancing with joy brings mixed feelings: could we really be the true naive?
The high enthusiasm for the launch of PI coin precisely exposes the awkward reality of the current crypto market. The so-called bull market in 2024 has been tumultuous. Other altcoins, apart from $BTC which is thriving with support from Trump and #etf , are a sight to behold—those that once plummeted can still see some rebound waves, while now, they are directly falling to delisting without anyone caring.
In this market environment of stark contrasts, the characteristic of #pi large traffic has emerged at the right time. Exchanges need traffic inflow, and the PI project team needs monetization channels, making it a perfect match. This truly echoes the old saying: in the world of business, there’s no sentiment, only interests.
However, this time the launch of PI coin is not that simple. There are reports that OK has adopted special measures for this PI launch, and users in certain regions may be restricted from making deposits. This means that those "isolated" users can only watch their coins sit idly in their accounts.
So is PI coin an opportunity or a trap? We need to thoroughly examine its essence.
The operating model of PI coin, in simple terms, is "check-in mining + referral rewards". Opening the app every day to check in allows users to earn PI coins for free, and bringing in more people accelerates the mining process. To maintain this model, the project team has also created a mall where users can exchange PI coins for goods—from rice cookers and towels to Rolls Royces, everything is available. However, in practice, most users only receive trivial gifts, and those luxury cars and famous watches are basically just empty promises.
This model is essentially a massive traffic pool: users contribute their time and attention for free, while the project team monetizes through ads and data; a few lucky ones receive physical prizes, attracting more people to join; while those early users hoarding large amounts of PI coins face the risk of being controlled by the project team at any time.
Speaking of which, if you are an old player in the circle, don’t you feel a sense of déjà vu? That’s right, this is the classic Ponzi scheme and mutual aid operation!
Regarding the future of PI coin, the most pessimistic view is:
This may be the last wave of harvesting by the project party. In the OTC market, some people have already started selling at high prices, with prices of 2U, 4U, and 10U flying all over the place, and some even boasting that they can sell for dozens of U. But these transaction records are likely just illusions created by actors.
Once PI coin officially launches on exchanges and a surge occurs, guess what will happen? The project team and early players will definitely run away first, and the last ones left holding the bag will become the ultimate victims of this game.
So here's a reminder to all investors: we can accept losses, but we must never accept being insulted in our intelligence. If you can avoid participating, just watch from the sidelines.
Losses are a necessary tuition fee on the road of investment, but being blatantly scammed by a Ponzi scheme means paying an IQ tax.
When facing projects like PI coin, it’s even more important to calmly consider three questions amid the market frenzy:
1. Do I really understand this project?
2. Am I clear about its profit model?
3. Am I participating based on rational judgment or being swept up by market emotions?
"In this uncertain crypto world, only by continuously expanding our knowledge and cognitive boundaries can we go further on the investment path. Following the Starting Research Society will help you seize opportunities in this volatile crypto world.
