Does Pi Coin really have value? My opinion
I started getting involved with Pi Coin in 2020, when it was particularly popular, claiming that you could 'mine' with just a mobile phone, without using electricity, just a simple click. What if the computing power is low? Just bind a few more phone numbers, and referring others can add even more. I mined for over two years and accumulated nearly ten thousand coins. At that time, the promotion was extravagant, saying things like '1 Pi for a Rolls Royce', but it turned out differently later.
First, they made you lock up your coins, 20%, 40%, 60%, 80%, the more you locked, the higher your computing power, it felt like a trick. Every time I opened the app, the homepage would display an advertisement first; I had to watch it before I could click 'mine', running automatically 24 hours a day. I noticed that there were a lot of older people in the user group, while fewer young people. Later, the gameplay became even more ridiculous: adding computing power by referring others, increasing computing power by locking coins, and requiring KYC verification, resulting in a lot of people getting stuck unable to pass verification. I thought at the time that this was definitely a pyramid scheme coin.
This year (2025), Pi went on exchanges, and the price shot up at first but quickly wavered. I calculated that this coin has a rumored total supply of 100 billion coins, and most of it is still held by the project team. The coins locked by users cannot be moved, but the project team can sell them at will. Thinking about it, they made so much money from advertisements, and now going on exchanges is just continuing to harvest, right? They claim it's 'mobile mining', but how much can something that is so easy to mine be worth? I can't see where its value lies.
In my opinion, Pi is just propped up by tricking a bunch of people into creating 'consensus'. You can mine with just a click on your phone, and with computing power being so easy to manage, why should it be valuable? Looking at it now, most people's coins are locked up, while the project team holds the majority; once they have harvested enough, the price is likely to plummet, even to zero. I advise everyone to not take it too seriously; it's just a game, what do you think?