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What PI network promised

When the PI network reached the scene for the first time in 2019, it had a simple but convincing stadium: What if you could extract the cryptocurrency directly from your phone – there is no expensive equipment, nor huge electricity bills, only one click on the application?

The fire caught. Millions of people jumped on the planeThe idea of ​​a “free” mobile mining and an opportunity to reach the next big thing. Make the app easy: I registered, invited a few friends, exploit a button every 24 hours, and I saw PI (BayThe balance grows slowly. With the growth of the social referral model, it was not long before more than 70 million users shop around the world.

Do you know? Pi Network uses the SCP protocol (SCP), which aims to efficient energy and decentralization, differs from proving intensive work of energy in Bitcoin.

What PI network presented

The road map was supposed to be gradual: Start with a laptop mining, then move towards the Testnet and KYC test, and finally the full Mainnet launch with real trading and interest. But that last step took longer than anyone expected.

After years of forgetfulness, PI network Finally, Mainnet opened external trading in February 2025. This should have been a great victory. But she did not go smoothly. For anyone, not all users were able to deport their balances. Learn to check the customer (KYC) The bottle neck has become, and let many people wonder about when – or if – they will be able to reach the distinctive symbols they have benefited for years.

Then there was the price. When PI first started trading on external platforms, the price rose, with a height of $ 2.98 in late February. But the noise did not last. When the first adoption began selling their distinctive symbols and use in the real world, they remained thin, the price slides. By early May 2025, it decreased to about $ 0.58, giving more than 70 % of its value.

There is also no real benefit. You Pi cannot spend a lot (Only in the small markets managed by society and experimental programs). While the team talks about building a complete ecosystem for applications and services, it is not clear how quickly – or how dangerous – this.

Why the encryption community became skeptical

As the months turned into years, more and more red flags began to appear, and society began to ask difficult questions.

1. I am still waiting for Mainnet

I was launched in 2019, and for years, users continued to hear that Open Mainnet It was “just around the corner.” First there was Testnet. Then “closed mainnet”. Then update the road map. The actual open network did not reach until early 2025 – after six years. By that time, many of the first believers began to lose faith.

2. All roads lead to the primary team

Despite talking about DecentralizationThe fact is that the Pi Core team has almost kept the project’s full control.

• Every Mainnet knot is active? Control it.
• Most of the distinctive symbol supplies? They are still in their hands.

This does not sit well with encryption users who believe in distributed energy and networks driven by society. Currently, PI looks like a private company more than a central protocol.

3. Where is transparency?

Another attached point was the lack of details about how PI already works under the hood. the White paper mysterious. There is no clear collapse Distinguished symbolThere are no time schedules on the time of opening the symbols, and there is no burning mechanics or insight into the supply control. Without this information, it is difficult for anyone to judge health or future value of the project.

4. The exchange lists

Despite the noise years, the PI is still not. Little in the main stock exchanges Like Binance or Coinbase. It is trading on some platforms like OKX and Bitget, but even there, things are fragile. Some users have reported a problem with withdrawing their distinctive symbols, as exchanges blamed “traffic nails” and other mysterious technical reasons. Everything feels slightly fragile.

For example, one of the users reported on Bitget about the deposit of 1500 PI icons but found it unknown, with no clear timetable for the solution. In OKX, withdrawals have been suspended for more than 24 hours, as users were asked to provide identity and verify email, but given mysterious responses such as “your order will be completed within 24-48 hours.”

By April 2025, users informed that MexcAnother PI exchange list, and hanging PI withdrawal, which raised concerns about liquidity and the reliability of the platform. This was collected by reports on large PI transfers from Mexc, Gate.IO and Bitget to OKX governor, which raises doubts about coordinating prices or exchange level problems.

5. Fake size and noise fading

At its peak in February 2025, PI was about $ 3 and generated billions of billions. Quickly a few months forward, and this folder has decreased from the abyss – to about $ 40 million. This type of collapse raises dangerous questions: Was the demand real, or was it amplified by speculation, robots, or making the inner market?

6. Users are trapped in a closed loop

To date, many users cannot use or pull their PI codes. Without reaching real exchanges or spending options, they are stuck in a kind of symbolic forgetfulness, and see a number that rises in the application but without any way to turn this into anything useful.

Do you know? While the PI network demands more than 70 million users, Blockchain data indicates that there are only about 9.11 million portfolios, with approximately 20,000 wallets that show a daily activity.

Is the PI network a fraud or just a failed vision?

Not every encryption project is a fraud. Some are just ambitious ideas that do not completely come out. So where does the PI network fall?

On the surface, PI does not fit with classic fraud template. There was no Initial currency view (ICO)In advance is not required – just an application that allows you PI by clicking on your phone daily. This is a low ribbon for entering, attracting millions.

But pits a little deeper, and things become quieter. The entire system is strongly inclined to referrals, and encourages users to bring more people to increase the mining rate. This type of structure begins with a multi -level marketing chart more than a central encoding project.

Then there is a liquefy angle. The application is filled with ads, asking users to complete the KYC verification, and delivery of personal data. So, although you don’t pay money, you enter your attention and information.

Looking at these developments, critics such as Ben Chu, CEO of BYBIT, and Justin Bones, founder of Cyber ​​Capital, have publicly. Doubts expressed regarding the legitimacy of the PI network.

The PI network may not serve as flagrant fraud, but a mixture of non -dark processes, aggressive referral tactics and skeptic liquefaction strategies definitely provoke eyebrows.

Do you know? The PI network was officially launched on March 14, 2019 – PI Day – symbolizing the sporting fixed π (3.14).

Can PI recover, or is it ended?

Is there a way forward for the PI network? Perhaps, but it is a sharp climb.

First, transparency is the key. The blogged open education would allow the community to verify what is under the hood and build confidence.

Second, PI needs a real benefit. Currently, the PI contract does not provide much hope in the future value. Including PI in cases of actual use – such as payments or decentralized applications – would give the symbolic purpose.

Third, the broader exchange lists are crucial. Currently, PI is available on a limited number of ExchangeWhich hinders liquidity and discovering prices. Main exchanges like Binance and Coinbase have not yet included PI, noting concerns about transparency and organizational compliance.

Fourth, decentralization must be more than just a word ton. Currently, the PI Core team maintains great control over the network, which contradicts the principles of decentralization. Implementation Decentralization It would distribute decision -making strength and agree with the spirit of Blockchain technology.

But even if all these boxes are examined, the time is a factor. Since the launch of Mainnet in early 2025, the PI price has decreased dramatically, and the user sharing has faded. Reconstruction of momentum is difficult.

Without major changes, the PI network risks vanishing in mystery, and remembered more of its unreasonable promises of its achievements.