Pi Coin’s legitimacy is a hotly debated topic, and there’s no definitive consensus yet—it’s a mixed bag of promise and skepticism. Launched in 2019 by Stanford grads, Pi Network aims to make crypto accessible by letting users “mine” coins on their phones with a simple daily tap, no heavy hardware required. As of March 23, 2025, it boasts over 60 million users, and its Open Mainnet launched in February 2025, finally allowing Pi to be traded on exchanges like OKX and Bitget. This move has given it some credibility—legit projects tend to hit these milestones. Plus, its Stellar Consensus Protocol and massive community suggest it’s not just vaporware.

But here’s the rub: skepticism runs deep. Critics point to its long pre-mainnet phase—years of users mining with no tangible value until recently. The referral system, where you earn more by inviting others, smells like a pyramid scheme to some, though there’s no hard proof it’s structured that way. Transparency’s another issue—the code isn’t fully open-source, and details on funding and token utility were vague for ages, fueling scam accusations. Privacy concerns linger too; the KYC process collects personal data, which clashes with crypto’s usual anonymity ethos, and there’s no clear audit proving that data’s safe.

On the flip side, Pi’s not asking for upfront cash like classic scams, and its user base keeps growing despite the doubts. Post-launch, its price has been volatile—starting at $0.30-$0.50, dipping 60%, then rebounding to around $1.29 by February 2025, per some reports. That’s real market activity, not just hype. Still, with a potential supply of 100 billion coins, inflation could tank its value long-term unless demand spikes hard. Exchanges like Bybit rejecting it (CEO Ben Zhou’s called it out) doesn’t help the optics.

So, is it legit? It’s not an outright scam—no one’s lost money they invested, just time and maybe data. But it’s not fully proven either. The mainnet’s live, trading’s happening, and the team’s still pushing forward.