Pi Network：多年的等待是什麼？

現在，在推出近六年後，用戶繼續以相同的方式賺取 Pi 代幣。但有一個明顯的問題——這些代幣不可交易，也沒有交易所支持它們。

Despite launching nearly six years ago, Pi Network users continue to acquire tokens through the same method. However, a glaring issue persists: these coins remain non-tradeable, with no exchanges offering support for them. Despite the significant hype surrounding the project, the only recent development is the introduction of a tradeable Pi token on a blockchain, albeit remaining non-tradeable. Curiously, this blockchain technology has been available for several years, begging the question: why the delay?

儘管 Pi Network 已推出近六年，但用戶仍繼續透過相同的方法獲取代幣。然而，一個明顯的問題仍然存在：這些代幣仍然不可交易，沒有交易所為其提供支援。儘管圍繞該項目進行了大量宣傳，但最近的唯一進展是在區塊鏈上引入可交易的 Pi 代幣，儘管仍然不可交易。奇怪的是，這種區塊鏈技術已經面世好幾年了，引出了一個問題：為什麼會延遲？

As Pi Network prepares for its highly anticipated mainnet launch, reportedly scheduled for December, further details have emerged. It turns out that Pi will be utilizing the Stellar Consensus Protocol (SCP), a well-established blockchain technology created by the Stellar network.

據報道，Pi Network 正在準備其備受期待的主網發布（據報道定於 12 月），更多細節已經浮出水面。事實證明，Pi 將利用 Stellar 共識協議（SCP），這是由 Stellar 網路創建的一項完善的區塊鏈技術。

While the implications may not be immediately clear to most users, this is a significant revelation. Instead of developing their own proprietary technology, Pi is essentially leveraging open-source code from the Stellar blockchain, which was launched in 2014, five years prior to Pi.

雖然大多數用戶可能無法立即清楚其含義，但這是一個重要的啟示。 Pi 本質上不是開發自己的專有技術，而是利用 Stellar 區塊鏈的開源程式碼，該區塊鏈於 2014 年推出，比 Pi 早五年。

This isn't inherently wrong - Stellar is a legitimate blockchain - but the issue lies in Pi’s portrayal of their work. They’ve led users to believe they were developing something new and revolutionary.

這本質上並不是錯誤的——Stellar 是一個合法的區塊鏈——但問題在於 Pi 對他們工作的描述。他們讓使用者相信他們正在開發一些新的、革命性的東西。

Essentially, Pi users have waited 5 years for them to launch using someone else's 10 year old technology.

本質上，Pi 用戶已經等了 5 年才使用別人 10 年前的技術推出。

No, You Didn't Mine Anything...

不，你沒有開採任何東西......

While Pi Network refers to it as mobile mining, the fine print will tell you this has always been and always will be a 'simulation' - you're playing a video game. 

雖然 Pi Network 稱之為移動挖礦，但細則會告訴您，這一直是並且永遠是「模擬」——您正在玩電子遊戲。

There is a way to really mine Pi tokens now, but it requires running their node software, and you'll need a real computer.

現在有一種方法可以真正挖掘 Pi 代幣，但它需要運行他們的節點軟體，並且您需要一台真正的電腦。

If millions of phones were actively validating transactions (mining), this wouldn't be necessary.

如果數以百萬計的手機正在積極驗證交易（挖礦），那麼這就沒有必要了。

Not Adding Up...

沒有加起來...

Pi Network claims a user base of over 60 million worldwide, but this doesn’t align with the reality of only 6 million active wallets. Even more striking is that only 0.16% of these wallets show any activity—a level of engagement that's unusually low for a supposedly active blockchain.

Pi Network 聲稱全球用戶群超過 6,000 萬，但這與只有 600 萬個活躍錢包的現實不符。更引人注目的是，這些錢包中只有 0.16% 顯示任何活動——對於所謂活躍的區塊鏈來說，參與度異常低。

If the "60 million" figure is accurate, it likely refers to total signups over time rather than active users. This number may include accounts created years ago, opened once, and subsequently abandoned, leading to inflated statistics that don’t reflect the current state of user engagement.

如果「6000 萬」這個數字準確的話，它可能指的是一段時間內的註冊總數，而不是活躍用戶。這個數字可能包括幾年前創建、打開一次、隨後被放棄的帳戶，導致統計數據誇大，無法反映當前的用戶參與狀態。

Pi’s Future Value...

Pi 的未來價值...

Pi fans searching for the token on CoinMarketCap were excited to find a coin labeled as “Pi” priced at $34.45. However, this is ultimately misleading. The listed coin appears to be a scam, a completely unrelated token using the Pi name and logo. The official Pi team has made it clear, their tokens cannot currently be transferred, and they have no listing on any exchange - so ignore this.

在 CoinMarketCap 上搜尋該代幣的 Pi 粉絲很高興發現一枚標有「Pi」的代幣，售價為 34.45 美元。然而，這最終是一種誤導。列出的代幣似乎是一個騙局，是一個完全不相關的代幣，使用 Pi 名稱和徽標。 Pi 官方團隊已經明確表示，他們的代幣目前無法轉移，並且他們沒有在任何交易所上市 - 所以請忽略這一點。

With no trading happening, all users can do is speculate, and the Pi Subreddit is full of this. Pi supporters engage in wildly optimistic price predictions. Most estimates fall somewhere in the range of $10 to $100, which is already insane.  Then there's the extremes, outliers speculating as high as $1,000 per token based on flawed reasoning like "if Pi becomes half as popular as Bitcoin." These are guesses out of thin air, based on nothing. 

在沒有交易發生的情況下，用戶所能做的就是猜測，Pi Subreddit 上充滿了這樣的內容。 Pi 支持者對價格進行了極為樂觀的預測。大多數估計都在 10 美元到 100 美元之間，這已經很瘋狂了。然後是極端情況，異常值基於「如果 Pi 的受歡迎程度只有比特幣的一半」等有缺陷的推理，推測每個代幣的價格高達 1,000 美元。這些都是憑空猜測，毫無根據。

Pi should be looked at like any other coin that gave away a large portion of it's supply to anyone willing to press a button, aka 'Tap To Earn'. If you look at what happens when these coins start to be traded, we see a huge number of holders simply unloading their supply as soon as possible, and the value immediately crashing.   

Pi 應該像任何其他硬幣一樣被視為將其大部分供應量贈送給任何願意按下按鈕的人，即「點擊即可賺取」。如果你看看這些代幣開始交易時會發生什麼，我們會看到大量持有者只是盡快拋售他們的供應，而價格立即崩潰。

Here's what happened with two recent launches of tap-to-earn tokens:

以下是最近推出的兩次點擊賺取代幣所發生的情況：

Then, there's still so many free coins still in circulation, any time the coin begins to gain value, there's a long line of people still waiting to dump theirs, keeping the price down forever.

然後，仍然有許多免費硬幣仍在流通，每當硬幣開始升值時，就會有一大群人仍在等待拋售他們的硬幣，從而永遠壓低價格。

So, What Are the Pi Owners Up to? 

那麼，Pi 所有者在做什麼？

While they haven't sold any Pi tokens, they may have found creative ways to profit from people wanting free ones. With millions of people reportedly opening the Pi app each week to “mine” tokens by pressing a button, they’re also being served ads. This monetization model could be quite lucrative for Pi Network, especially if users are unaware they can disable the ads. On mobile apps, ad revenue can quickly add up when multiplied by millions of daily users.

雖然他們沒有出售任何 Pi 代幣，但他們可能已經找到了創意的方法，從想要免費代幣的人身上獲利。據報道，每週都有數百萬人打開 Pi 應用程序，透過按下按鈕來「挖掘」代幣，他們也會收到廣告。這種獲利模式對於 Pi Network 來說可能非常有利可圖，特別是如果用戶不知道他們可以停用廣告。在行動應用程式上，廣告收入乘以數百萬日常用戶後可以迅速增加。

But advertising may only scratch the surface of the Pi Network’s potential revenue streams. There’s a bigger concern: user data, which brings me to my next point...

但廣告可能只是 Pi Network 潛在收入來源的冰山一角。還有一個更大的問題：用戶數據，這讓我想到了下一點...

Privacy Concerns...

隱私問題...

When users sign up for Pi, they are agreeing to share a broad range of personal data. Pi Network collects browsing history, chat messages, comments, likes, location data (including GPS and Wi-Fi information), contact lists, device details,

當用戶註冊 Pi 時，他們同意共享廣泛的個人資料。 Pi Network 收集瀏覽歷史記錄、聊天訊息、評論、按讚、位置資料（包括 GPS 和 Wi-Fi 資訊）、聯絡人清單、裝置詳細資訊、