Amid the rising criticism surrounding Pi Community forward of its Mainnet launch, an analyst has defended the venture’s credibility, pointing to its international attain and utility.
In the meantime, critics argue the venture faces vital dangers and authorized scrutiny, with many questioning its legitimacy.
Pi Community: Actual or Rip-off?
Within the newest X (previously Twitter) put up, Analyst Kim Wong addressed criticism surrounding the Pi Community. Wong drew consideration to Pi Community’s distinctive strengths, together with immediate cross-border transactions, a free cellular mining mannequin, and unmatched consumer adoption.
“Pi Community has been distributing wealth to all of the folks on the earth whoever desires it, free, this has benefited hundreds of thousands of individuals already,” Wong acknowledged.
He highlighted the community’s international attain, with Pi coin distributed in over 200 international locations. As well as, the community has over 100 million registered customers, 65 million lively contributors, round 19 million KYC-verified customers, and roughly 10.5 million customers already holding Pi of their wallets.
The analyst additionally identified Pi Community’s self-developed Know Your Buyer (KYC) system, designed to align with authorities rules—a facet that strengthens its credibility.
Past being a broadly accepted digital foreign money, Wong burdened that Pi’s Layer 1 blockchain is decentralized, scalable, quick, safe, and Web3-ready, supporting a rising ecosystem that extends throughout varied blockchain functionalities.
Wong challenged skeptics to seek out one other cryptocurrency community with Pi Community’s scale and real-world utility.
“For those who nonetheless don’t know what Pi Community is, or when you nonetheless assume Pi Community is a rip-off, you’re actually falling behind and have to catch up!,” he concluded.
Regardless of the optimistic outlook, critics stay unconvinced. Customers pointed to the adjustments within the regulatory atmosphere as an element behind the launch.
“I’ve been on this house since we first heard about it again in 2020. This comes as no shock that instantly the group wakened and realizes that “yeah, crime is actually authorized on this house.” President of the US is launching meme cash, why can’t us,” wrote one consumer on X.
Some social media customers have even labeled the Pi a rip-off.
“Pi Community is a rip-off. Don’t spend money on it when it launches,” one other consumer remarked.
Furthermore, the venture has confronted allegations of being a pyramid scheme, as a result of its referral-based mining system. In Might 2021, Pi Community was accused of being a knowledge breach supply. The information leak uncovered 17GB of non-public information from 10,000 Vietnamese residents. Nonetheless, the group denied these claims.
Pi Coin Features Mainstream Acceptance
Amid ongoing scrutiny, Pi Community has seen vital traction within the crypto house. The venture’s account surpassed Ethereum (ETH) in follower depend on X. Pi coin additionally secured a number of change listings, together with OKX, Bitget, MEXC, and HTX. Gate.io joined the record by asserting its help for Pi buying and selling yesterday.
That’s not all. Bitget has launched a 150,000 Pi airdrop to rejoice deposit availability. Gate.io has launched a Launchpool occasion, permitting customers to stake their Pi tokens in change for GT airdrops. It’s price noting that none of those exchanges presently settle for prospects from the US.
In the meantime, hypothesis continues round a possible Binance itemizing. This might carry vital liquidity to the market and drive main worth surges. Because the world’s largest crypto change, Binance’s itemizing would add legitimacy to Pi coin, attracting each institutional traders and retail merchants.
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