The endgame of Pi Coin eyewash: After six years of mobile mining, why have we become the 'human rig mining' of the blockchain era?
As I look at the numbers in my Pi wallet that can never be withdrawn, I suddenly remember the joy of pressing the lightning button for the first time five years ago - I never imagined that this socially experimental endeavor cloaked in blockchain would shape 47 million users into 'mining machines' of the digital age.
The perfect invisibility of Ponzi coins: The death spiral from 'consensus' to 'shared loss'
One of Pi's most outstanding designs is turning every participant into a cancer cell of a multi-level marketing pyramid. The mechanism that recruits and enhances the power of rig mining by locking account balances essentially forces early players to use fresh blood to support their own account balances. I've seen a community leader develop 12 layers of downlines and collect thousands of Pi coins daily, while the fuel for this 'perpetual motion machine' is the grandparents who believe '1 Pi = 1 house'. Ironically, over six years, the project party has profited multiple times: first through ad traffic, then through the locking mechanism of user assets, and finally through exchange sales for major harvesting.
Trillions of bubbles: When 'mobile mining machines' become a cover for Ponzi schemes
The so-called 'everyone participates' mining game actually hides a fatal mathematical trap. Like the sword of Damocles, a supply worth 100 billion hangs over our heads - even with an optimistic valuation of $1, its value would exceed Bitcoin, but in reality, by 2025, the price will be between $0.4 and $1.2. More frightening is that of the 5.5 billion tokens mined, 660 million are still locked by the project team in a 'Pandora's box', ready to be discarded at any moment. Those who believe 'value lies in scarcity' will ultimately realize they are merely hostages in the project team's liquidity pool.
Survivor's paradox: How to leave gracefully before the collapse
The real dark humor lies in the fact that the Pi Coin community is exhibiting collective Stockholm syndrome. When the blockchain data shows fewer than 28,000 daily active wallets, the fans shouting 'HODL' are actually just afraid of being the last fool to expose the lies. The old miners I know have quietly planned to trade on the over-the-counter market at prices between $0.23 and $0.85, while still clinging to the myth of 'thousands of coins' in the community - in this 'obsessive-compulsive chair game', those who understand the truth pretend to be crazy.
Currently, Pi Coin is like the Truman Show of the blockchain world, where all participants play roles in the illusion of their own value. Perhaps in five years, we will find that what's most valuable is not the numbers in our accounts, but the main truth that this foolish experiment has taught us: in the crypto world, sensitivity to Ponzi schemes is more important than technology, and the courage to cut losses timely is more valuable than faith.
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