Pi Network and its associated cryptocurrency, Pi Coin, have garnered significant attention, but their legitimacy remains a subject of ongoing debate.
On one hand
- Pi Network has a large user base of over 60 million individuals and a functional mobile app allowing users to “mine” Pi coins by tapping a button daily.
- The project was founded by Stanford graduates and aims to create an inclusive peer-to-peer ecosystem using a consensus mechanism based on the Stellar Consensus Protocol (SCP).
- The open mainnet, which enables external transactions and potential exchange listings, launched on February 20, 2025.
- Pi Coin is currently available for trading on select centralized exchanges like OKX, Bitget, and Gate.io, [according to CoinGecko].
However, significant concerns and criticisms exist
- Lack of transparency and limited decentralization: Pi Network’s code is not open-source, limiting external audits and raising questions about its operations.
- Centralized validator control: As of 2025, the core team fully controls all Mainnet validators, contradicting the project’s claims of decentralization, [according to OKX].
- Referral system resemblance to pyramid schemes: The heavy emphasis on inviting new members for mining rewards has led to accusations of Pi Network operating like a multi-level marketing (MLM) scheme, [according to Cointelegraph].
- Limited real-world utility: Pi Coin lacks significant practical applications outside its internal ecosystem, raising doubts about its long-term value and functionality.
- Data privacy concerns: The mandatory Know Your Customer (KYC) verification process and the storage of user data on centralized servers have raised privacy concerns.
- Mainnet delays and unclear roadmap: Pi Network has experienced repeated delays in its mainnet launch and has not provided a clear timeline for the token’s wider availability and use, [according to Cointelegraph].
In conclusion, while Pi Network has built a considerable user base and has taken steps towards launching its mainnet, the project’s legitimacy remains contested due to concerns about decentralization, transparency, and its referral-based model. Whether Pi Network will ultimately fulfill its vision of a widely used decentralized currency or succumb to the skepticism surrounding it remains to be seen.
It is crucial for potential users and investors to approach Pi Network with caution and thoroughly research the project and its associated risks before participating or making any financial decisions.
Will Pi Coin become real?
Great question! Does Pi Network have a future? Yes, Pi Network has strong community backing, a growing ecosystem (e.g., FruityPi), and a $100M developer fund. Its success, however, depends on mainnet activation, exchange listings, and real-world adoption.
Is the Pi Coin value real?
From my experience, The live Pi price today is $0.4296 USD, with a current market cap of $3.36B. The Pi price is up by 17.63% in the last 24 hours, and the 24-hour trading volume is $128.52M. The PI/USD (Pi to USD) conversion rate is updated in real time.
Can I get real money from Pi Coin?
Once Pi Network tokens are listed on reputable cryptocurrency exchanges—such as the highly-secure and user-oriented Bitget Exchange— users will be able to trade or liquidate their Pi coins against fiat currencies or other digital assets. This is the recognized benchmark for monetary value in the crypto world.
Is pi network a lie?
Good point! Initially, this post had the title: “Is PI Network a scam providing no value to users? Possibly yes ”. Now that mainnet is live, we can eliminate that possibility, Pi delivers value, though that value is likely to be measured in cents per hour unless the user recruited many other users into the system.