Why are so many people still 'digging' Pi for three years?

 After three years, Pi Network is still incomplete, the transaction may be illegal, but many people still "dig" and expect Pi to cost thousands of dollars.

Desire to own 'free' cryptocurrency

With popular cryptocurrencies like Bitcoin, Ethereum, people who want to own have to spend money to buy or mine through specialized equipment, Pi is "gifted" to users through mobile applications. After installing Pi Network and creating an account, the user's Pi number automatically increases, provided they go to the app and click attendance every 24 hours. The amount of Pi awarded will be higher if they can invite more people to join the network.

Many people call this way free cryptocurrency mining, because every day it only takes a few seconds to have cryptocurrency in the wallet. The project's white paper also implies that "mining" Pi on the phone is the difference of the project compared to previous cryptocurrencies.

Users need to press lightning every day for attendance and Pi number to automatically increase. Photo: Luu Quy
Users need to "press lightning" daily to take attendance and the Pi number automatically increases. Photo: Luu Quy

"In the past, 10,000 Bitcoins can only be exchanged for two pizzas, now even tens of thousands of dollars can't buy one Bitcoin. So we have to take advantage of the opportunity when Pi is still free," Duc Nam, a Pi miner, shared. . Nam has been involved in the project for nearly two years, there is a period that takes weeks to complete the application and invite friends to join. So far, although he has not used this virtual currency for anything, he still accesses the application every day because he thinks "nothing to lose".

However, according to experts, Pi is not completely free. What users have to trade off is time, phone resources and the risk of losing personal data. By default, every time the Pi goes into "roll-in," Pi plays a 60-second ad and forces the user to watch it all, though they can then turn off the ad in the settings.

In mid-2021, many security experts discovered that this application stores user contacts even after deleting the account. In addition, to be able to use, users need to perform identity verification (KYC). This requires sending a portrait and citizenship photo. To verify the phone number, users need to compose a message to a number in the US, with a fee of 2,500 VND each time. Many people who want to "dig" Pi fast have invested hundreds of millions of dong in computers to run nodes for the network.

Expect Pi to cost thousands of dollars

Unlike cryptocurrencies, whose value depends on the money flowing into the market, the value of Pi is currently based on the consensus price. Buyers and sellers agree with each other on the value of Pi and pay for the goods with the corresponding Pi.

Because there is no specific rule, on Pi communities in Vietnam, many people suggest numbers from less than a dollar to tens of thousands of dollars. When this kind of information constantly appears, many people expect "maybe they can change their lives" by owning thousands of Pi, or earning thousands of dollars a day by taking attendance and receiving Pi on the app.

In the documentation, the Pi Network project says that Pi holders will have two ways to earn money, using Pi to buy goods or exchange Pi for fiat money. After July 13, when the project entered the official launch stage, some Vietnamese users bragged about buying computers, phones... with Pi.

However, using virtual currency to pay for goods is against the law in Vietnam. Pi is also not currently listed on exchanges, so it cannot be traded like other cryptocurrencies.

The project's move to buy time

According to the initially announced plan, Pi Network said to start testing Pi transactions in the fourth quarter of 2019. In fact, after nearly three years, a small number of new users can do this.

During that process, many people left the project. A "pioneer" of Pi mining in Vietnam said that out of a network of about 500 people he invited to join, 90% gave up because they couldn't wait. However, there are still some people who maintain the daily attendance because they believe in the "time-buying" moves that Pi Network makes.

For example, at the beginning of 2021, the development team confirmed to launch the official network (mainnet) by the end of the year so that users can trade. On December 28, 2021, the team announced the "mainnet", but in reality there was no change other than adding the Pi Mainnet wallet with zero balance. The team continued to delay by dividing two phases of the "closed mainnet" " and "open mainnet", scheduled to take place on Pi day (March 14) or 2Pi (June 28). By the end of June, the "closed mainnet" will be conducted, and users continue to be asked to wait an additional 14 days to "move Pi onto the network".

Pi Network entered the mainnet but the wallet remained zero for half a year. Photo: Luu Quy
Pi Network entered the mainnet but the wallet remained zero for half a year. Photo: Luu Quy

According to statistics on Google Trends and application rankings on the App Store, Google Play, in each stage of this promising project, the number of searches and downloads of Pi Network and Pi Browser applications skyrocketed, then gradually decreased. .

One of the other requirements of Pi Network is that users must KYC. Despite claiming to be able to KYC for 90,000 people a day, after nearly half a year, Pi Network has KYCed 1.5 million people, according to the founder's announcement on June 28. Most of the remaining users are still KYC and cannot use their Pi for anything.
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