The Past and Present of Pi Coin
Pi Coin (Pi Network) originated in March 2019, launched by a team of Stanford graduates, packaged as a revolutionary project of "free mining on mobile phones." Users only need to click the APP button daily to accumulate Pi coins at zero cost, claiming to use a unique consensus mechanism that requires no electricity.
Through invitation codes and safety circles to attract new users, the project spread virally, attracting over 60 million users, with the community "pioneers" rapidly expanding, once viewed as "the most inclusive entry into cryptocurrency."
However, upon careful analysis, the project exhibits obvious characteristics of a Ponzi scheme: high return temptations: claiming free mining and future wealth from listing, attracting users to persist for six years, yet long-term lack of real trading and withdrawals.
Recruitment mechanism: invite rewards, tiered commissions, safety circle verification, encouraging the development of downlines, forming a typical multi-level expansion model.
No actual value support: mainnet launch repeatedly delayed, very few ecological applications, tokens mainly rely on user data and advertising for maintenance, lacking independent demand.
The most shocking part: after the mainnet opens in February 2025, the price of PI coin skyrocketed to 1.6 USD in the short term, and then quickly collapsed, dropping over 80%, with frequent insider selling allegations (suspected team-related wallets dumping 12M tokens), resulting in a market value evaporation of tens of billions of dollars.
Tens of millions of users mined for six years but found it difficult to withdraw or became deeply trapped, leading to a collapse of community trust. The reason these types of projects are destined to fail is: excessive reliance on new user recruitment and promises to maintain excitement; once the pressure of dumping arrives and the truth is exposed, user loss and value collapse is just a matter of time.
Investment must be cautious, reason should be primary, and protecting one’s assets is the key. Have you mined Pi? Are you still holding coins? Let's share experiences in the comments and stay alert!
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