Buying Pi Network at this time means the risk of losing everything

Like VietNamNet Recently, a number of cryptocurrency exchanges have listed Pi – the digital currency of Pi Network. This is a Blockchain network appearing in Vietnam since 2019.

To own Pi, users must “mine” by downloading the Pi Network app to their mobile phones. After that, what “miners” need to do is access the app and click on the lightning icon to receive Pi every day. If you want to increase the speed of “mining”, you must invite more people to join the network.

After 4 years since its appearance, Pi has been listing on some exchanges. However, Pi “miners” cannot load on the exchange to sell, but can only buy and sell Pi available on the floor.

Notes of VietNamNet shows that, after 1 week of being listed on Huobi, Pi price has increased very quickly from 0.01 USD to 345 USD, then gradually decreased and is currently maintaining at around 100 USD.

After about a week of listing, the price of Pi fluctuated with a very large margin and showed no sign of stability. Photo: Trong Dat

In addition to the very volatile price of Pi, what surprised many people was that the Pi Network developer itself warned that Pi is currently only being traded in the internal network and not approved for listing. on any exchange.

Explaining the cause of this story, an unnamed security expert said, the reason why “diggers” can’t put Pi on the floor because the project has not been officially mainnet, even has not yet announced the legal address. smart contract (smart contract).

The current listing and trading of Pi is similar to “buying and selling young rice”. The exchange itself opens and sells Pi (virtual), then lets users trade those Pi on the exchange.

Called Pi (virtual) because this is not a real Pi but resembles a symbolic Pi. Accordingly, the exchange stands to ensure that the owner of the symbolic Pi will receive the real Pi when the Pi Network officially goes into operation.

The purpose of that action is so that the exchange can make a profit based on the Pi fever at the time of listing. Besides, the exchange also has another revenue from the transaction fee every time users buy and sell the symbolic Pi coin. This is also the reason why users cannot withdraw the purchased Pi and also cannot bring Pi from the existing wallet to the exchange for sale.

According to the announcement of the development team, the Pi community in the world has more than 35 million people. Photo: Trong Dat

Owning the symbolic Pi helps people with speculative needs to own and trade Pi immediately, instead of having to wait for the official Pi Network to go into operation. However, there are also many potential risks for investors.

“When Pi Network officially mainnet, holders of symbolic Pi will have a large amount of Pi available to trade for profit. However, in the event that Pi Network fails to successfully mainnet or the market confidence in this project declines, the value of this symbolic Pi could go to zero at any time.”the expert shared.

After a number of cryptocurrency exchanges arbitrarily listed Pi, the Pi Network development team also asserted that it was not involved and recommended that the community should not participate in these transactions.

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