- Pi Network users are concerned about the prolonged stay in the enclosed mainnet.
- The developers have no intention of listing Pi Coin in the near term.
- The number of Pi Coin miners has crashed in the past few months.
Pi Network fans are criticizing the developers for the current state of the network. A key issue for most of them is that the network has remained in an enclosed mainnet for long and there are no plans to list the Pi coin in key exchanges like Binance and Coinbase.
Pi Network activity is falling
Pi Network is a company that aims to change the financial industry. The platform was inspired by Bitcoin, the biggest cryptocurrency in the world. The developers, who are former Stanford University students, saw the challenges with Bitcoin and decided to launch an alternative.
For example, unlike Bitcoin, which requires specialized mining equipment, anyone with a smartphone can now mine the coin. Further, the transaction costs within the Pi ecosystem are significantly lower than Bitcoin and other cryptocurrencies.
At the same time, the developers aim to have a whole ecosystem of diverse applications in the network. Some creators are already making gaming, DeFi, and metaverse apps in the ecosystem.
At its peak, Pi Network had millions of users from around the world. Today, the statistics have dropped sharply. A key concern is that millions of Pi Network pioneers have accumulated coins that are virtually worthless. And this has been going on since 2018.
Pi Coins are worthless because holders cannot cash out. This will only happen if the developers list the token in either decentralized or centralized exchanges like Uniswap and Binance.
Pi Network users blast core team
Now, many Pi Network fans are complaining about this delay and the inconsistencies of the Pi Core Team. In a long Tweeet, a user going by the name Pi Inu Token identified several concerns. First, he noted that the developers will not open the mainnet any time soon.
Second, he noted that the holders of the Pi Coins were concentrated in countries like China, Nigeria, and Vietnam. He wrote:
“As long as the mass holders are distributed in China, Vietnam, Nigeria, Philippines and other countries, the PiCore team will not convert the entire amount mined into coins and pay them out.”
Further, he raised concerns about how Pi Network will achieve wealth redistribution and the next breakthrough in the network.
I have long argued that Pi Network could be a scam. My view is that the developers created a platform that became very popular among users. As it grew, it became increasingly profitable since its apps display ads when people mine.
Now, leaving the enclosed mainnet and listing the coin in exchanges will be counterproductive. For one, Pi Coin price will likely drop as many pioneers cash out. This, in turn, will disrupt the revenue that the Pi team is now making from ads.
