What I Learned About $PI in 15 Hours and 700 comments:
TLDR: Stay away at all costs.
Why?
1) @PiCoreTeam has been around since 2018-2019 and claims to have up to 65M users, mostly in Asia.
2) The thesis has always been to become a more efficient Bitcoin - no mining farms needed, just an app you download.
3) Hardly any Web3-native people are involved. Instead, Pi Network has built a strong cult following among non-crypto users who shill it purely for financial reasons, without even understanding what $PI is supposed to do.
4) The insane numbers - $26B FDV and 60% float - seem completely fake or artificially inflated. It looks like a classic Ponzi scheme, where staking exponentially increases rewards, plus many users can’t even claim or send their tokens to exchanges.
5) $3.5B in daily volume, mostly from @okx, @bitgetglobal, and @Gate_io - but 99% sure this is just wash trading.
6) The whole project has major shady vibes. The Bybit CEO @benbybit even shared a Chinese police report from 2023 labeling Pi Network as a scam targeting the elderly - likely why Bybit hasn’t listed it.
Also, ask yourself: Why haven’t Binance, Coinbase, or Kraken listed it? Why only unregulated, offshore exchanges?
My thoughts:
This is just a giant Ponzi that faked it till they made it.
They mastered virality by promising “free money” and leveraging word-of-mouth marketing to go mainstream. Definitely study PI’s growth tactics for your next word of mouth campaign, but don’t fall for the scam.
If you mined some coins, good for you - sell them while you still can.
There’s zero intrinsic value behind $PI, and I fully expect this to be down 99% in a few years.
The proportions of this Ponzi suggests that the classic Chinese mafia is behind it, which also explains the exchanges they managed to get listed on.
Once again, shame on CEXs like OKX, Gate and Bitget for ignoring due diligence in favor of trading volume and quick profits.
What I Learned About $PI in 15 Hours and 700 comments:
TLDR: Stay away at all costs.
Why?
1) @PiCoreTeam has been around since 2018-2019 and claims to have up to 65M users, mostly in Asia.
2) The thesis has always been to become a more efficient Bitcoin - no mining farms needed, just an app you download.
3) Hardly any Web3-native people are involved. Instead, Pi Network has built a strong cult following among non-crypto users who shill it purely for financial reasons, without even understanding what $PI is supposed to do.
4) The insane numbers - $26B FDV and 60% float - seem completely fake or artificially inflated. It looks like a classic Ponzi scheme, where staking exponentially increases rewards, plus many users can’t even claim or send their tokens to exchanges.
5) $3.5B in daily volume, mostly from @okx, @bitgetglobal, and @Gate_io - but 99% sure this is just wash trading.
6) The whole project has major shady vibes. The Bybit CEO @benbybit even shared a Chinese police report from 2023 labeling Pi Network as a scam targeting the elderly - likely why Bybit hasn’t listed it.
Also, ask yourself: Why haven’t Binance, Coinbase, or Kraken listed it? Why only unregulated, offshore exchanges?
My thoughts:
This is just a giant Ponzi that faked it till they made it.
They mastered virality by promising “free money” and leveraging word-of-mouth marketing to go mainstream. Definitely study PI’s growth tactics for your next word of mouth campaign, but don’t fall for the scam.
If you mined some coins, good for you - sell them while you still can.
There’s zero intrinsic value behind $PI, and I fully expect this to be down 99% in a few years.
The proportions of this Ponzi suggests that the classic Chinese mafia is behind it, which also explains the exchanges they managed to get listed on.
Once again, shame on CEXs like OKX, Gate and Bitget for ignoring due diligence in favor of trading volume and quick profits.