Well written! But don't forget, those who can play for six years with human mining machines are all very determined. Large exchanges cannot pump coins, but small exchanges should be able to. Besides the elderly, young people should be able to sell the coins.

As I stare at the string of numbers in my Pi wallet that can never be withdrawn, I suddenly recall the excitement of pressing the lightning button for the first time five years ago—back then, I would never have thought that this social experiment cloaked in blockchain would be forging 47 million users into 'human mining machines' of the digital age.
The perfect disguise of a Ponzi coin: from 'consensus' to 'shared loss' in a death spiral.
The most ingenious design of Pi coin is to make every participant a cancer cell in the Ponzi network. The mechanisms of recruiting others to accelerate mining and locking assets to increase computing power essentially allow early players to use the 'blood' of new users to nourish their own account balances. I once witnessed a community leader develop 12 layers of downlines, effortlessly harvesting thousands of Pi coins every day, while the fuel for this 'Ponzi perpetual motion machine' is those grandpas and grandmas who believe that '1 Pi = 1 house.' Ironically, the project side has harvested three scythes over six years: first earning the initial bucket of gold through advertising traffic, then freezing user assets with a lock-up mechanism, and finally completing the ultimate harvest through listing on exchanges.