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Broken promises and slow progress are turning users away from Pi crypto
An account holder named Hoang Phuong wrote in a Facebook group with more than 200,000 members in late June: “I have lost faith in Pi Core Team. For those still playing, good luck. I am deleting the app.”
Many users agree.
Thanh Huy wrote in a comment under the post: “I also deleted the app from my phone. Six years is too long for a cryptocurrency project.”
Vi Anh wrote: “Other projects with the same model have been on the market for a long time, while Pi continues to remain an empty promise. The Pi Core Team only wants to make money from advertising.”
On June 28, Team Pi announced that it has 60 million users, of which 12 million have successfully completed identity verification (KYC), up from 9.45 million on March 14.
The team reiterated the requirements for an “open mainnet,” where users can exchange Pi for other cryptocurrencies, such as completing the open network in terms of technology, product, business, and legal aspects for Pi, and achieving the KYC goal.
But he said it would take a long time to meet those requirements.
“We control the launch date of Open Network. This allows us to avoid launching at a time when global factors could disrupt the traditional business and crypto ecosystems. While we do not currently anticipate such events, we will not ignore them. We will work to ensure our launch is timed to best effect for the network,” he said in the June 28 announcement.
The platform also introduced a feature that allows you to lock Pi in the mainnet wallet for several months or more.
On social media, many see this as a “waiting for time” tactic by the team.
In the meantime, what they are most looking forward to, namely the ability to exchange Pi for other cryptocurrencies, has not yet become possible.
In fact, over the last year the Pi Core Team has made a small change to the application.
But Nicolas Kokkalis, considered the mastermind behind the Pi Network project, has not appeared in the media for over three years.
Data from SimilarWeb, an international software development and data aggregation company specializing in web analytics, web traffic, and performance, shows that Vietnamese were only fourth in visitors to minepi.com in June, down from the first or second place they had been in years and down 46 percent in three months.
However, there are still those who claim to continue supporting the project, as the Pi Core Team made another promise when they stated that “Pi2Day 2024 [which means March 14, 2024] marks a major milestone for Pi Network: it’s the last Pi2Day before the launch of Open Network!”
One user, Huy Tin, wrote on Facebook: “Pi Network is a long-term project. I believe this year will be the last year for us to wait for the open mainnet.”
Pi Network was launched in 2019 and advertised as a way for users to own the Pi cryptocurrency for free by checking the app daily.
Millions of users are still waiting patiently, saying that they will not lose anything by doing so.
Blockchain expert Dang Minh Tuan, however, pointed out: “Users will lose personal data such as name and phone number, waste time and phone resources, spend time recruiting others, and may lose additional information on their devices.”
In June 2023, the Ministry of Public Security said it had coordinated with local police to investigate the cryptocurrency.
According to a ministry spokesperson, there are signs of recruitment of people in a multi-level binary marketing model, and therefore one should be careful not to be fooled by high-profit cryptocurrency schemes.