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Pi Network: A Critical Analysis

The Pi Network, launched in 2019, has attracted millions of users with its promise of a new digital currency that can be mined on mobile devices. This model, however, contradicts the conventional wisdom of cryptocurrency mining, which typically requires significant computational power. The Pi team claims to have overcome this challenge by developing a technology that transcends traditional crypto mining.

To generate revenue, Pi relies on advertisements displayed during the daily "mine" action. Assuming a modest user base of 1,000 users and an average CPM of $2.00, the potential annual ad revenue is estimated at a mere $730. This starkly contrasts with the network's ambitious goal of becoming a global currency.

While the focus on user acquisition through referrals has driven rapid growth, it has also raised concerns about the long-term sustainability and value of the Pi coin. The network's delay in opening the mainnet for public transactions, coupled with the lack of clear utility for the coin, has led to scepticism among users.

The analogy of gold or diamond mining aptly illustrates the potential pitfalls of a widely accessible digital currency. If everyone can easily mine a resource, its value diminishes. Bitcoin's scarcity, achieved through computationally intensive mining, is a key factor in its value proposition.

In essence, Pi Network faces the challenge of balancing user growth with creating a sustainable and valuable digital currency. Its success hinges on its ability to address these fundamental issues and deliver on its ambitious goals.

Let's go Deeper

In the Pi Network, users referred to as "pioneers" contribute to the creation of a "People's Tree" by mining Pi coins daily on their mobile devices. Despite the general belief in the cryptocurrency world that crypto cannot be mined via mobile applications, the Pi Network team claims their approach transcends traditional crypto mining. They aim to establish Pi as a global currency. For more details, you can visit the provided link, and pioneers should click "Mine" every day to continue mining (with mining sessions occurring every 24 hours).

When clicking "Mine," users are required to watch an ad for at least 10 seconds.

Let’s assume:

• CPM (Cost Per Mille): The amount advertisers pay for 1,000 ad impressions. Assume an average CPM of $2.00 for video ads.

Calculations:

• Total pioneers: 1,000 users (using this number for calculation purposes, although there are 10 million users in reality)
• Total Impressions per day: 1,000 users * 1 ad/user/day = 1,000 impressions/day
• Total Impressions per year: 1,000 impressions/day * 365 days = 365,000 impressions/year
• Total Earnings: 365,000 impressions / 1,000 impressions/CPM * $2.00/CPM = $730/year

The Pi Network team generates earnings through ad impressions, but pioneers are primarily engaged in referring others and mining.

The Pi Network was officially launched on March 14, 2019, with its application designed for mining purposes. Bitcoin, on the other hand, was first conceptualized in 2008 by an anonymous individual or group known as Satoshi Nakamoto. The Bitcoin network was officially launched in January 2009. Although the concept of Bitcoin emerged in 2008, it only became a functional digital currency in early 2009.

While the Pi Network application was launched in 2019, the network has not yet been opened for user transactions. Pioneers seem less interested in the mainnet launch and are instead focused on increasing their mining rates by referring new users.

Currently, the Pi Network is exploring opportunities in social media networking, which could potentially lead to new business ventures in that field.

Many pioneers have high hopes for the Pi coin, envisioning it as a future asset that could benefit them. However, the Pi Network team has not yet launched the mainnet and remains focused on making Pi a global currency. Consider this: if you are mining Pi coins but your merchant is also mining them, he might not accept your Pi coins because he is also mining them and might not see their value. This situation is similar to if everyone were mining gold or diamonds on their land; these items would lose their value due to their abundance. Valuable items gain their worth when they are rare, diamonds or platinum. Bitcoin, for instance, was mined by a limited number of people, which contributed to its value. In contrast, if Pi coins are mined by everyone, their value could be diluted.

Due to these issues, many pioneers stopped mining and many people ignored or uninstalled the application. The Pi Network team has announced that 13 million people completed KYC. Last year (2023), they held Pi Day for six months before the mainnet launch. This year, they've organized Pi2Day for six months in preparation for the mainnet upgrade. The grace period ends on September 30, 2024, similar to last year. If pioneers refer more people, the mainnet launch could be postponed to the following year, and the value of Pi may decrease.

 

While we can consult relevant officials for issues with traditional currencies, the decentralized nature of Pi presents unique challenges. The warning in Pi applications to 'check the address before sending' highlights this risk. If someone sends Pi to a wallet address found online, and the recipient ignores or breaks communication, recovering the funds or completing the exchange becomes easier. This underscores the importance of due diligence and caution when dealing with transactions in decentralized cryptocurrencies.

The Pi Network team initially announced September 30th as the deadline for completing KYC verification. However, this deadline has now been extended to November 31st. This means that until KYC is completed, the Open Mainnet remains somewhat inaccessible, like an oasis. Despite this, the number of Pioneers joining the network continues to grow, likely due to word-of-mouth referrals.

Some of Images which shown in Pi Application regarding KYC

Many individuals harbor aspirations and innovative ideas, such as launching new ventures financed through investments from Pi. However, recent developments from the Pi Network team have introduced a new dynamic. To register businesses and gain access to the anticipated value of Pi, the team has proposed an influencer program. This unexpected shift has raised questions and concerns among the Pi community.

Initially, there was widespread optimism that Pi could potentially surpass Bitcoin in value. However, the recent business registration requirement has led some to believe that Pi may be relegated to the status of a common currency, diminishing its perceived value. This shift in trajectory has undoubtedly dampened the dreams and hopes of many dedicated Pioneers.

Pi Network aims to be a practical cryptocurrency for everyday use. You can accumulate Pi coins to make significant purchases like a car or use it for smaller transactions such as buying groceries. For instance, if an egg costs 0.1 Pi, you could send 0.12 Pi for a dozen. This fractional capability makes Pi more flexible than other cryptocurrencies, enabling its use in various scenarios.

While there was initial optimism that a single Pi coin could be worth as much as a car, surpassing Bitcoin's value, the current reality is that Pi is emerging as a common currency. While it still holds value as a digital asset, it's important to understand that its value is derived from its utility as a medium of exchange rather than as a speculative investment.

Some other Images 

Pi Network pioneers have eagerly awaited the mainnet launch for the past four years, hoping to realize their financial dreams. However, the continuous delays and extended timelines have eroded the initial enthusiasm and optimism. As time progresses, the cryptocurrency landscape is evolving rapidly. New, AI-powered cryptocurrencies are emerging, potentially offering innovative solutions and faster adoption rates.

The prolonged wait for Pi's mainnet launch risks diminishing its value proposition. A rapidly changing technological landscape demands timely execution. The global economic climate, particularly post-pandemic, has shifted significantly. Many individuals are seeking new opportunities and alternative income streams. The delay in Pi's mainnet launch could hinder its ability to capitalize on this growing demand and potentially miss a crucial window of opportunity.

The current situation with Pi Network bears some resemblance to the 'one coin' scam, although with key distinctions. In both cases, individuals invested valuable resources – money in one coin and time and hopes in Pi. While the core teams in both scenarios likely benefited, the primary difference lies in the nature of the investment. In one coin, tangible financial assets were lost. In Pi, while time and emotional investment may feel lost, there is no direct financial loss involved. Pi Network operates on a decentralized model, relying on community effort and user contributions for its development. However, the lack of tangible value and the speculative nature of cryptocurrency projects make it crucial to approach such endeavors with caution and realistic expectations.

Initially, with no mainnet launch and limited public perception of Pi's value, completing KYC seemed less urgent. However, the Pi team has now emphasized that unless the referral and security team members complete the mainnet checklist by the grace period deadline, pioneers risk losing bonus Pi from their contributions. This situation parallels marketing scenarios where agents who fail to secure customers or achieve sales targets lose their commissions.

Now you can decide