We’ve seen the referral-heavy model of Pi Network, and it raises too many red flags—looks more like a pyramid scheme than a legitimate blockchain project. That’s why we won’t list it. - Ben Zhou, CEO of Bybit
If you’ve heard of Pi Network, you’ve probably wondered: Is this the next big thing in crypto—or just another scam waiting to collapse? Launched in 2019 by Stanford grads Dr. Nicolas Kokkalis and Dr. Chengdiao Fan, Pi Network promises to make cryptocurrency mining as easy as tapping a button on your phone. With over 60 million users and a freshly launched Open Mainnet (February 20, 2025), it’s got a lot of buzz. But behind the hype, there’s plenty of skepticism. Let’s dive into the facts, the hype, and what it all means.
Nough said! Cry all u want it's still has weak hands to liquidate before mooning!
What Is Pi Network?
Pi Network isn’t your typical cryptocurrency. Unlike Bitcoin, which demands energy-hungry mining rigs, Pi lets anyone “mine” coins through a mobile app—no hardware required. Built on the Stellar Consensus Protocol (SCP), it’s marketed as eco-friendly and accessible, aiming to bring crypto to the masses. After years in development, Pi hit its Open Mainnet phase in February 2025, and coins are now tradable on exchanges like OKX and Bitget. Sounds promising, right? Well, not everyone’s convinced.
The Facts: What We Know About Pi
This is a textbook scam: promise free money, build a pyramid of referrals, and delay any real value indefinitely. It preys on hope, not technology. - Justin Bons, founder of Cyber Capital
1. A Long Road to Mainnet
Pi Network spent over five years in development, with an enclosed mainnet phase before going fully open in 2025. The team controls the network’s nodes, making it more centralized than most blockchains—a red flag for purists. Still, the launch happened, and Pi is now in the wild.
2. Massive User Base
Boasting over 60 million users worldwide, with 13 million completing KYC verification, Pi’s community is huge. You need an invite code to join, and mining rewards grow with referrals—think multi-level marketing vibes. It’s free to participate, but you’re investing time and personal data.
3. Trading Begins—With a Crash
Post-launch, Pi hit exchanges with a bang, peaking at 0.65 within days. Volatility aside, its circulating supply is around 5 billion coins, with a max of 100 billion planned. Details on distribution? Murky at best.
4. Privacy and Security Hiccups
KYC is mandatory to join the mainnet, meaning you hand over personal info. A 2021 data leak in Vietnam affected 10,000 users, and in 2023, Chinese officials warned of scammers exploiting Pi’s hype to phish the elderly. The core team’s not directly implicated, but these incidents don’t inspire confidence.
5. No Cash Upfront
Here’s a twist: Pi doesn’t ask for your money—just your time and engagement. That sets it apart from classic Ponzi schemes, but it doesn’t mean there’s no risk.
The Hype: What People Are Saying
1. Crypto for Everyone
Pi’s big sell is accessibility. “Mine crypto on your phone!” supporters cheer. With 60 million users, they argue it’s Bitcoin-level adoption in the making. But a big crowd doesn’t equal a big payoff.
2. Sky-High Price Dreams
Enthusiasts predict Pi could soar to 10, or more, especially if Binance lists it (still pending a community vote as of late February 2025). Pre-launch IOUs once valued it at a wild $214 billion market cap. Post-launch reality? A lot less rosy.
3. Stanford Cred
The founders’ Stanford pedigrees get thrown around as proof of legitimacy. Smart people can build great things—but they can also oversell ideas.
Scam or Legit? The Big Question
So, is Pi Network a scam? Let’s weigh it up.
Why It Might Not Be
- No money lost: You don’t pay to join, so it’s not a traditional scam.
- Real progress: App updates, KYC, and the mainnet launch show effort.
- Trading exists: Exchanges like OKX listing Pi suggests some substance.
Why It’s Shady
- Centralized control: The team runs the nodes, not the community.
- MLM vibes: Referral rewards feel pyramid-y.
- Opaque operations: No clear whitepaper or funding details.
- Risky data play: KYC and past breaches are worrisome.
- Hype vs. reality: Years of promises, but little real-world use.
The Verdict (Sort Of)
As of March 31, 2025, Pi Network isn’t a proven scam—no one’s run off with a bag of cash. But it’s not exactly a shining star either. It’s got a massive following and a mainnet, yet it’s centralized, speculative, and light on practical value. The hype—accessibility, community, big price hopes—often drowns out the cracks: privacy risks, unclear economics, and a shaky launch.
If you’re in it, you’re not out of pocket, but you’ve spent time and shared data on a gamble. Pi’s future hinges on proving it’s more than a buzzword-heavy app. Will it become a legit crypto contender or fade into obscurity like so many before it? Time will tell. For now, tread carefully—and don’t believe the hype without digging into the facts.
What do you think—scam, sleeper hit, or somewhere in between? DM me on Twitter.