Original | Odaily Planet Daily (@OdailyChina)
Author | Golem (@web3_golem)
The farthest distance in the world is standing right in front of you, and you insist on convincing me that Pi is a scam.
On February 12, the leading global exchange OKX announced the opening of PI (Pionex) deposits and will simultaneously open PI/USDT spot trading on February 20 when the Pi Network launches its mainnet. This news triggered a series of butterfly effects, with several exchanges subsequently announcing support for PI, bringing Pi, which has been in existence for six years and has repeatedly been labeled as a "pyramid scheme" by regulators, back into the spotlight of public opinion. Even Binance, the "largest exchange in the universe," was affected, launching a 10-day poll asking, "Do you want PI to be listed on Binance?"
Veterans familiar with the Web3 world were surprised that the Pi coin, criticized for being a single-machine mining project with no on-chain verification, actually has a mainnet. They were astonished that exchanges like OKX would support such a high-risk project for user growth. Participants in Pi believe that the arrogant crypto industry insiders have never mined Pi and do not understand it at all, only forwarding related memes and holding biases against Pi—"If you don't believe me, I don't have time to convince you."
So, what is the real Pi like? It is difficult for those of us who have not truly integrated into the Pi community to know. The last tweet from the founder of Pi Network on the X platform was posted on September 21, 2021. The only channels to understand official Pi activities are the official blog and the official X account, while the core team and organizational members remain shrouded in mystery, with rumors suggesting that after years of operation, there has been a significant turnover.
Currently, the off-exchange price of PI fluctuates between 2-5 USDT, and "manual order" forms occasionally appear in WeChat groups.
According to the official blog, Pi Network will officially launch its mainnet on February 20, allowing Pi to interact with other networks and applications. However, the PI coins mined through mobile devices must go through KYC and successfully migrate to the mainnet before they can be transferred or traded independently.
As we approach the launch and face the moment of "authenticity verification," to help readers better understand the full picture of Pi, Odaily Planet Daily interviewed two "senior Pi friends" to learn how they joined and view Pi, their price expectations for PI, and their upcoming operational plans… providing a glimpse into the story of Pi from the perspective of those who have experienced it.
(Note: The interviewees used pseudonyms. This article does not constitute investment advice.)
A Yao: Older People Are Relatively Persistent and Less Impulsive
A Yao has been mining PI coins since 2019 for a total of 1694 days (nearly 5 years) and has promoted Pi to over a hundred people on the internet. However, due to the inability to cash out for a long time and the search for new opportunities, he gave up and is now continuously acquiring PI coins off-exchange.
Odaily: How did you first come across Pi?
A Yao: I came across Pi while playing "the game." I learned about this project through promotional information in WeChat groups, saw that the founder had a background from Stanford University, and since it was free to register and participate, I decided to give it a try.
Odaily: Is the actual mining process and threshold for Pi high?
A Yao: The threshold for Pi is relatively low. In the beginning, it didn't even require "science"; you just needed to click to check in every day to easily participate in mining, although the mined coins couldn't be withdrawn or traded. But starting from the closed mainnet phase (December 28, 2021), once you complete KYC and migrate to the mainnet, you can transfer them. However, due to domestic policy reasons, KYC has always been quite difficult.
Odaily: Mining PI coins requires checking in every 24 hours. What made you persist in mining PI coins for 5 years?
A Yao: First, I was optimistic about the blockchain and digital currency industry at that time, believing there were opportunities for low-cost wealth accumulation; second, the background of Pi's founder was well-promoted, and in 2019, having a Stanford University background in the crypto space was very valuable; third, mining PI coins is free, requiring no financial investment, and it only takes a simple click every day; finally, because Pi has a promotion mechanism, the more people you invite, the faster the mining speed, so many people formed groups, and within the community, everyone "brainwashed" each other, forming a certain deep consensus that made many willing to invest long-term.
Odaily: Is Pi's promotion a pyramid scheme model?
A Yao: Pi's promotion model is not like "the game" with a strict hierarchical structure; the motivation for promotion is more about wanting to increase mining speed voluntarily. Many people promote it because of the reputation of prestigious universities and well-known professors, and there is only a one-level referral relationship for mining bonuses. Initially, some communities translated English tutorials into Chinese for promotion, but as many people saw no returns for a long time, many groups gradually disbanded or were banned.
Odaily: Do you have any offline activities or gatherings?
A Yao: I personally prefer online promotion, so I haven't participated much in offline gatherings. However, there are offline activities for Pi; previously, some promotion teams liked to organize meetings for older people, perhaps because online teaching was difficult.
Odaily: In your promotion process, was the proportion of young people high or older people?
A Yao: Actually, there were more young people at first because the initial documents were all in English, but young people tend to be more impulsive. When they don't see returns in the short term, they easily lose patience and give up. Later, as Chinese materials improved and some "games" organizations came in to promote Pi, the proportion of older people increased, and older people tend to be more persistent and less impulsive. Even when some "games" withdrew later, the older friends did not waver in their confidence and voluntarily promoted it to those around them.
Odaily: How do you view the overwhelming negative reports about Pi?
A Yao: This depends on each person's understanding. Even when the country previously banned Bitcoin vigorously, there were still people playing. Pi itself is free to participate in, and since it couldn't circulate before, the actual risk is not high. However, wrongdoing cannot be avoided; scams exist in any industry and project, but they are all individual cases. When we promoted it, we emphasized free mining rather than making participants buy virtual coins.
Moreover, older people generally promote through friends and family channels, as they are familiar with each other, reducing the probability of mutual deception.
Odaily: How do you feel about Pi being recognized by mainstream exchanges? What are your next steps?
A Yao: I feel very excited and see many Pi friends "celebrating" in their circles. Although I haven't deeply participated for a year, seeing Pi gain mainstream recognition, especially being listed on OKX, makes me feel thrilled.
Currently, the proportion of users mining Pi who have completed KYC is small, and even fewer have migrated their coins to the mainnet. Among the people I know, none have completed this step. So, in fact, most people do not have coins in hand, and I plan to first purchase a base position.
Odaily: What are your expectations for the price of PI coins after they go live?
A Yao: The price on OKX should be at least above 9 USDT to be considered a successful first step; if not, I would basically judge this project as a failure.
Odaily: Do you think Pi will become second only to Bitcoin in the future?
A Yao: Pi has grand ambitions, aiming to create a global payment system where users can directly use Pi coins for transactions worldwide without converting to other fiat currencies. However, there is a lot of controversy about Pi online. Although the performance of the Pi network is indeed not as good as Solana, if Pi succeeds, its price will definitely overturn everyone's perception. I believe the probability of its success is over 70%.
De You: Pi is Essentially a Zero-Cost Project, and Its User Base Has Surpassed Many Chains
De You has been participating in Pi Network mining and promotion since 2019, mining continuously for nearly 2000 days and promoting it to over a thousand people.
Odaily: Can you summarize Pi in one sentence?
De You: Pi is a revolution, or an innovation in Web3, initiated by a senior blockchain professor from Stanford University in the United States.
Odaily: When did you first come across Pi?
De You: I came across Pi in August 2019, and I have been mining for nearly 2000 days now. However, I had already been involved in the crypto space since 2015, learning about Pi through WeChat groups and friends' circles. After in-depth research, I believed it was a good project and subsequently promoted it to over a thousand people.
Odaily: What are your reasons for persisting in mining and promoting Pi?
De You: One reason I promote it is that it can accelerate mining output, and another is that it’s called "Pi," which gives me the feeling that it’s a good project; otherwise, it wouldn't be named after the mathematical constant. Additionally, the project team has been persistent over the years, and I, along with my subordinates, have not invested a single cent; I am just part-time promoting it, so why not persist?
Odaily: Do you have any offline activities or gatherings?
De You: I started offline promotion in 2020. The reason I don't promote online is that I feel the information is interconnected; everyone who should register online has already done so, so I start with people around me.
However, my team basically does not have offline gatherings, and I have not participated in large-scale offline events because the promotion is mainly among my friends and acquaintances. Previously, there were many activities in Sichuan and Kunming, but now that the mainnet is about to launch, the number of meetings and activities has decreased.
Odaily: How does your promotion team operate?
De You: My team mainly relies on my promotional efforts. In my previous industry, I had 10,700 direct subordinates, but not all of them transitioned to mining Pi. The users mining Pi are those I started promoting one by one from my friends, so there is not a strong organizational structure.
I have nearly 2000 friends who are team leaders in mining Pi, but actually, being a team leader is not a strict position; anyone with promotional ability who wants to mine more Pi coins can become a team leader. They don't need to invest anything other than time, and no one provides them with extra financial incentives.
Odaily: How do you view the overwhelming negative reports about Pi?
De You: I believe the reported issues are not necessarily accurate. Bitcoin was also considered a Ponzi scheme at first, but today it is legal in many countries. Pi is essentially a zero-cost project; the project team has never required mandatory fees, but some people have engaged in inducement scams during the promotion process, which is absolutely illegal.
However, I have hardly encountered anyone around me who has been scammed because they are all under my management and do not interact with outsiders.
Odaily: How do you feel about Pi being recognized by mainstream exchanges?
De You: I belong to the Zen mining category; even if it’s not worth much, I’m still paying for my initial excitement. If it becomes valuable, it would just be a small fortune for me. But I think the launch of the mainnet is something to be happy about; after five or six years of effort, there is finally a return. I won’t be withdrawing the mined coins to exchanges; I will move forward with the project team.
Odaily: Are there many people around you who have migrated to the mainnet?
De You: Most of my team has passed KYC, but less than 20% have migrated to the mainnet; most have locked their coins for 1 or 3 years.
Odaily: Are more people coming to you to learn how to mine Pi now? What age group are the new users in?
De You: First of all, the number of people has definitely increased, but this time the new players brought in by the hype are mostly middle-aged; if they are too old, they don’t know what’s happening online.
Odaily: Are you organizing off-exchange trading? What is your price expectation for PI coins when they are listed on exchanges?
De You: If there is demand, I can help connect for off-exchange trading, mainly through WeChat. The average transaction price might be around 50 yuan per coin.
Exchanges are inherently places for speculation; their prices don’t need to be taken too seriously. According to the "official will," the price of PI will ultimately not be lower than $314,159, because the officials ultimately want to support barter. If the price is too low, it won’t support the ecosystem.
Odaily: What are your expectations for the future of the Pi project?
De You: I think it should at least support barter trading. Pi has its own marketplace, which consists of spontaneous merchants. I am also one of the 28,000 merchants, and in the future, I will sell the wine from my winery there.
Odaily: Do you think Pi will become second only to Bitcoin?
De You: Bitcoin will always be the big brother. I have bought Bitcoin before, but I don’t know much about it overall. However, Pi, as the little brother, has its unique potential and uses. Although it cannot replace Bitcoin, its future looks very promising, and the user base of Pi has already surpassed many chains in the blockchain space.
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