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How the decentralized exchanges(DEXs) are trying to scam Pioneers?
These exchanges (OKX and Bitget) are scamming pioneers of their hard-earned Pi. The most frustrating part is that they are scamming pioneers in such a legally twisted way that Pi Network can't do anything now to stop them.
According to Dr. Nicholas, Pi is designed in such a way that its price is always going to be determined by pioneers. Before the main net launch of Pi Network, more than 90 percent of pioneers agreed on GCV, which is 1Pi=314159$. So in ideal circumstances, Pi's price should be this. Here is what happened after the launch.
According to Pi Network's official Pi explorer, the amount of Pi available for trade(unlocked circulating supply) is 159+ Million which is in possession of pioneers. However, After the launch of exchanges, Suddenly, the Supply of Pi coins on these exchanges started to skyrocket, which destroyed the price of Pi coins. Now here's the twist. Still, Pi Explorer is officially showing that the total Unlocked circulating supply of Pi is 159+ Million, but the supply on the Market has exceeded 256 Million.
The question is why these exchanges are showing such a huge difference in their amount and the Official Pi Explorer amount.
The answer to this question is simple.
These exchanges and whales have recognized Pi coin's potential. They know it's gonna surpass Bitcoin due to its technology, ecosystem and biggest verified community in the history of crypto. So, they are manipulating the supply and turnover through these exchanges, and also they are buying and dumping the Pi from the Pi core team's 20 percent reserves. Dr.Chengdiao has made it clear that 80 percent belongs to the community and 20 percent belongs to the Pi Core team.
And these exchanges and whales just didn't stop there. When a lot of pioneers deposited their Pi on these exchanges but didn't sell due to its manipulated price and wanted to get their Pi back into their Pi wallet so they could hold or sell to local/black market buyers at higher prices, these exchanges didn't allow them to withdraw their Pi and you can still confirm this on OKX which holds the most Pi right now.
All of these tactics are being done just to exploit loyal and hard-working pioneers so these whales and DEXs(exchanges) can fill their ugly bellies.
On the other hand, the majority of pioneers supporting GCV from China, Indonesia, and the Philippines, and some pioneers across the globe have totally boycotted these exchanges. They have expressed their concern about such a price which is being controlled by exchanges. They are still implementing the GCV and keeping their trades according to it in their businesses. Now, the local market/ black dealers are using this opportunity to buy Pi from pioneers at a price that is higher than exchanges and get their profit by selling those Pi in GCV-implemented areas. They are not buying from exchanges because they can't withdraw that Pi.
That's it, folks. This is all the fuss that has been created due to the greed of some exchanges and whales. Be sensible.
If you still wanna sell your Pi, at least sell it at a higher price to local market buyers.