Pi's Dream

those who diligently check in to receive Pi virtual currency with the dream of changing their lives. Stories about them have been very hot these days.

People who diligently check in to receive Pi virtual currency with the dream of changing their lives are called 'Pi players'. Stories about them have been very hot these days.

3pm on February 20th can be considered a memorable moment for the group of Pi coin enthusiasts. After 5 long years of waiting, this virtual currency has opened its network (Open Mainnet), meaning it can be accessed, participated in, and made transactions. The "billionaire dream" of many Pi coin owners has become... possible.

Pi Network was born in 2019 and started to receive a lot of attention in Vietnam from around the end of 2020. Anyone can mine Pi for free through the Pi Network application on smartphones. It is called mining, but in fact, every day you open this application to check in. Each time you check in, you will receive a very small amount of Pi coins.

To speed up the accumulation, one person can introduce the other person to install the application and enter the invitation code. In this way, the more people join later, the faster the accumulation speed of the previous person.

However, right after being listed on the OKX virtual currency exchange (Hong Kong, China), the trading price of this virtual currency has been dancing non-stop, not in an upward direction, but in a downward direction. From the starting price of 2 USD/Pi, it then reached a peak only once of 2.2 USD/Pi for a few dozen minutes. Then it plummeted, until 4:30 p.m. on February 21, each virtual currency was only worth about 0.7 USD, maintained until 4:30 p.m. on February 22.

Before Pi launched, many people spent money to buy Pi from others at prices up to 60,000 VND/Pi (equivalent to more than 2 USD/Pi). Some people I know even spent billions of VND to "hold" Pi. After collecting, Pi's trading price is now less than 1/3. When Pi will rise to the break-even point, no one can confirm. But what can be confirmed right away is that they are suffering heavy losses.

What about the “Pi players”? After 5 years of hard work, diligently checking in every day, plus actively inviting others to join, what have they got? Remember when Pi was listed, the Pi players were excitedly showing off the “sky-falling” bargains, not having to do anything, just checking in but about to change their lives. However, currently, on groups exchanging information about this virtual currency, many articles are sharing heavy disappointment.

Some people say that you can get Pi without doing anything, and it can be converted into money, no matter how little or much. That is profit. Is it really profit?

To be eligible to trade Pi coins, Pi miners must go through an identity verification process. This process requires providing a lot of personal information completely and accurately, taking photos and uploading to Pi's system identification documents, taking facial photos...

Will this information be sold to a third party? Is the risk of personal information being leaked for less than 1 USD/Pi worth it? Not to mention, few people have been able to sell Pi in the past few days, because the exchange is full of sellers.

This is also a warning from a senior leader of a major virtual currency exchange in the world (Bybit) as soon as Pi coin was listed, regarding the issue of personal information security.

In Vietnam, the Pi coin was investigated by the Department of Cyber ​​Security and High-Tech Crime Prevention and local police to clarify related activities. Among them, there were signs of multi-level marketing activities with potential risks.

Although it has been listed on OKX, many other cryptocurrency exchanges, including Binance - the world's largest cryptocurrency exchange at present, also raise the question, is Pi a true blockchain cryptocurrency?

Normally, to be successful, a digital currency like Bitcoin or Ethereum needs its own ecosystem including smart contracts, decentralized financial platforms, unique ownership confirmation records, etc. Meanwhile, Pi is considered to have no real value, even vague.

Another very important thing is that virtual currencies, such as Pi, or even Bitcoin… are not yet legal means of transaction or payment in Vietnam.