Mining 2000 Pi coins day and night, revealing the side of Pi that you and I do not know.

Author: Golem, Odaily Planet Daily

The farthest distance in the world is standing right in front of you, yet you insist on convincing me that Pi is a scam.

On February 12, global leading exchange OKX announced the opening of Pi (Pionex) deposits, and on February 20, when the Pi Network launches its mainnet, it will simultaneously open PI/USDT spot trading. This news triggered a series of butterfly effects, with several exchanges subsequently announcing support for Pi, bringing the six-year-old Pi, which has been repeatedly labeled as a "pyramid scheme" by regulators and often mocked by the Crypto Native community, back into the spotlight. Even Binance, known as the "largest exchange in the universe," was affected, initiating a 10-day poll asking, "Do you want Pi to be listed on Binance?"

Veteran players 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 figures in the crypto industry have never mined Pi and do not understand it, merely forwarding related memes and harboring prejudice 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, with the core team and organizational members shrouded in mystery. There are also rumors that after years of operation, there has been a significant turnover in the team.

Currently, the off-market price of Pi coins 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 the launch approaches and the moment of "authenticity verification" arrives, 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… a glimpse into the story of Pi from the perspective of those who have experienced it.

A-Yao: Older individuals tend to be more 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 hundreds of people on the internet. However, he eventually gave up due to the inability to cash out and find new opportunities, and now continues to acquire Pi coins off-market.

Odaily: How did you first come into contact with Pi?

A-Yao: I learned about Pi while playing "games" and came across promotional information in WeChat groups. I 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 for Pi and the threshold 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. However, starting from the closed mainnet phase (December 28, 2021), once you complete KYC and migrate to the mainnet, you can transfer them. But due to domestic policy reasons, KYC has always been quite difficult.

Odaily: Mining Pi requires checking in every 24 hours. What has kept you mining Pi for 5 years?

A-Yao: First, I was optimistic about the blockchain and cryptocurrency industry at that time, believing there were opportunities for low-cost wealth accumulation. Secondly, the background of Pi's founder was well-promoted; in 2019, having a project in the crypto space with a Stanford background was very valuable. Thirdly, mining Pi is free, requiring no financial investment, and it only takes a simple click each day. Finally, because Pi has a promotion mechanism, the more people you invite, the faster the mining speed, leading many to form groups, and within the community, there was a kind of 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 "games" with a strict hierarchical structure; the motivation for promotion is more about wanting to increase mining speed. Many people promote it because of the prestigious university and well-known professors associated with it, 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, Pi does have offline activities; previously, some promotion teams liked to organize meetings for older individuals, perhaps because online teaching was difficult.

Odaily: In your promotion process, was the proportion of young people higher or older individuals?

A-Yao: Initially, there were more young people because the early materials were all in English. However, young people tend to be more impulsive; if 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 individuals increased, and older individuals tend to be more persistent and less impulsive. Even when some "games" withdrew later, older friends did not waver in their confidence and actively promoted it to those around them.

Odaily: How do you view the overwhelming negative reports about Pi?

A-Yao: It depends on each person's understanding. Even when the country previously banned Bitcoin, there were still people playing. Pi is free to participate in, and since it couldn't circulate before, the actual risk is not high. However, malicious acts cannot be avoided; scams exist in any industry and project, but they are exceptions. When we promoted it, we emphasized free mining rather than asking participants to buy virtual coins.

Moreover, older individuals 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 now that Pi has gained recognition from 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 been deeply involved for a year, seeing Pi gain mainstream recognition, especially being listed on OKX, is thrilling.

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 after it goes live?

A-Yao: The price on OKX should be at least 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 online about Pi. 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 for nearly 2000 days and promoting it to over a thousand people.

Odaily: Can you introduce 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 into contact with Pi?

De-You: I came into contact with Pi in August 2019, and I have been mining for nearly 2000 days. However, I had already been involved in the crypto space since 2015. I learned about Pi through WeChat groups and social circles, and after in-depth research, I believed it was a good project, subsequently promoting it to over a thousand people.

Odaily: What are your reasons for continuing to mine and promote Pi?

De-You: One reason I promote it is to accelerate mining output, and another is that it’s called "Pi," which gives me the impression 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’m just doing promotion part-time, so why not persist?

Odaily: Do you have any offline activities or gatherings?

De-You: I started offline promotion in 2020. I don’t promote online because I feel that 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 all people I started promoting one by one from my friends, so there isn’t a strong organizational structure.

I have nearly 2000 friends who are team leaders in mining Pi, but 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 initially considered a Ponzi scheme, 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 engage 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 now that Pi has gained recognition from mainstream exchanges?

De-You: I am a laid-back miner; even if it’s not worth much, it’s a way to pay for my initial excitement. If it becomes valuable, it’s just 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 will not withdraw the mined coins to exchanges; I will follow the project team’s lead.

Odaily: Are there many people around you who have migrated to the mainnet?

De-You: Most of my team has completed 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? 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 individuals. Older individuals may not know what is happening online.

Odaily: Are you organizing off-market trades? What is your price expectation for Pi coins when they are listed on exchanges?

De-You: If there is demand, I can help facilitate off-market trades, mainly through WeChat, with an average transaction price around 50 yuan per coin.

Exchanges are inherently places for speculation; their prices do not need to be overly concerned about. According to "official intentions," the price of Pi will ultimately not be lower than 314,159 USD because the official goal is to support barter. If the price is too low, it cannot sustain the ecosystem.

Odaily: What are your expectations for the future of the Pi project?

De-You: I believe it must support barter transactions. Pi has its own marketplace, filled with spontaneous merchants. I am also one of the 28,000 merchants, and in the future, I will sell my brewery's products there.

Odaily: Do you think Pi will become second only to Bitcoin in the future?

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 a younger sibling, has its unique potential and use cases. While it cannot replace Bitcoin, its future looks promising, and the user base of Pi has already surpassed many chains in the blockchain space.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。