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Before the release of the Pi Network mainnet, criticism of the project has been increasing. An analyst defended the credibility of the project, pointing out its global impact and practicality.
At the same time, critics believe the project faces major risks and legal scrutiny, and many question its legitimacy.
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Pi Network: Real or Scam?
In the latest X (formerly Twitter) post, analyst Kim Wong responded to the criticism surrounding Pi Network. Wong drew attention to the unique advantages of Pi Network, including instant cross-border transactions, free mobile mining model, and unparalleled user adoption.
Mr. Huang stated: "Pi Network has been distributing wealth for free to all who want it in the world, and this has already benefited millions of people."
He emphasized the global impact of the network, with Pi coins distributed in more than 200 countries. Furthermore, the network has over 100 million registered users, 65 million active participants, about 19 million KYC-verified users, and approximately 10.5 million users already holding Pi in their wallets.
The analyst also pointed out that the KYC system developed by Pi Network aims to comply with government regulations, which can enhance its credibility.
In addition to being a widely accepted digital currency, Wong also emphasized that Pi's Layer 1 blockchain is decentralized, scalable, fast, secure, and supports Web3, with a constantly evolving ecosystem covering various blockchain functionalities.
Huang challenged skeptics to find another cryptocurrency network with the scale and real-world application of Pi Network.
"If you still don't know what Pi Network is, or you still think Pi Network is a scam, then you are really behind and need to catch up!" he concluded.
Despite the optimistic outlook, critics remain unconvinced. Users pointed out that changes in the regulatory environment were a factor in the launch of the product.
"I've been in this space since we first heard about it in 2020. Unsurprisingly, the team suddenly woke up and realized, 'Yes, crime is indeed legal in this space. The US President is issuing meme coins, why can't we?'" wrote an X user.
Some social media users even labeled Pi as a scam.
"Pi Network is a scam. Don't invest when it first comes out," commented another user.
Additionally, due to the project's referral-based mining system, the project has also faced accusations of being a pyramid scheme. In May 2021, Pi Network was accused of being a source of data leaks, exposing the personal data of 10,000 Vietnamese citizens in a 17GB leak. However, the team denied these claims.
Pi Coin Gains Mainstream Recognition
Amid the ongoing scrutiny, Pi Network has gained significant attention in the crypto space. The project's account on X has more followers than Ethereum (ETH). Pi coin has also been listed on several exchanges, including OKX, Bitget, MEXC, and HTX. Gate.io announced support for Pi trading yesterday, joining the list.
Furthermore, Bitget has launched a 150,000 Pi airdrop to celebrate the availability of deposits. Gate.io has introduced a Launchpool activity, allowing users to stake their Pi tokens in exchange for GT airdrops. It's worth noting that these exchanges currently do not accept customers from the United States.
Meanwhile, speculation around a Binance listing continues. This could bring significant liquidity to the market and drive a substantial price increase. As the world's largest cryptocurrency exchange, a Binance listing would increase the legitimacy of Pi coin, attracting institutional investors and retail traders.
