Pi Coin: What the Crypto Community Really Thinks of the Project
Pi Coin, the mobile-mined cryptocurrency developed by Stanford alumni, has sparked passionate discussions across Reddit, Bitcointalk, and major crypto outlets.
Launched in March 2019, its innovative design and enormous miner base have attracted both enthusiasm and criticism. This article explores what the crypto community thinks, drawing on 4–5 trusted sources to balance optimism with skepticism.
1. Massive Community — A Double-Edged Sword
Pi Network boasts over 70 million claimed users, though only around 9 million wallets are active, and just ~20,000 show consistent engagement. Enthusiasts admire its accessibility: mobile-based “mining” democratizes crypto participation. A Reddit user comments:
However, critics argue the referral-based model resembles an MLM (multi-level marketing), raising red flags about long-term viability and token distribution.
2. Is It a Scam or Legitimate?
Support for Pi Coin includes:
- Credible core team: Dr. Nicolas Kokkalis and Dr. Chengdiao Fan are publicly known founders
- Venture capital backing from Designer Fund, 137 Ventures, and Ulu Ventures
- No upfront ICO—users earn coins through daily taps—reducing financial risk
Criticism and concerns:
- Heavy reliance on referrals may mimic pyramid structures .
- Initial “mining” is symbolic; tokens only become real after mainnet migration.
- Critics emphasize a lack of transparency, vague tokenomics, and centralized control\
3. Mainnet Launch: A Milestone or Mirage?
Pi Network’s phased progression included testnet, then a closed mainnet. The long-awaited open mainnet finally arrived in February 2025. While symbolic, this launch didn’t fully meet community expectations:
- Full decentralization hasn’t yet materialized—core team still controls mainnet nodes.
- Despite being tradable on exchanges like OKX and Bitget, Pi is not listed on major platforms such as Binance or Coinbase.
- Numerous withdrawal issues and transaction delays have shaken user confidence
cointelegraph.com
4. Pi Coin Price & Community Sentiment
After peaking near $3 in February 2025, Pi’s price collapsed by over 80%, hovering around $0.50–$0.70 by April.
Key concerns include:
Massive token unlocks — around 120 million Pi entered circulation at once, diluting price and eroding trust.
CryptoSlate reports backlash and growing distrust, particularly from the Turkish Pi community.
Optimists argue that mainstream adoption and successful dApp launches could trigger a rebound. Some price forecasts are visionary, predicting growth to $500–$1,000 by 2030 — though such figures are speculative.
5. Utility, Decentralization & Transparency – The Current Status
Pi has no established use-case yet: dApps, decentralized finance integrations, or real-world payments remain scarce. Whitepaper and token supply mechanics remain vague. CryptoSlate describes Pi as “feeling more like a private company than a decentralized protocol”.
Meanwhile, Cointelegraph adds transparency concerns and pyramid-like referral incentives to the brand of skepticism
Conclusion: Divided Verdict
Supporters claim:
- Robust user base and accessible mobile app foster inclusivity.
- Founding team legitimacy and VC backing suggest real intent.
- No direct monetary investment lowers scam risk.
Skeptics warn:
- Community feels betrayed by delays, limited exchange availability, and withdrawal hiccups.
- Centralization contradicts blockchain principles.
- Lack of practical utility and opaque tokenomics reduce long-term value.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
