What is happening with Pi???
The Pi crypto crashes in less than an hour…. or did it?
The Pi crypto crashes in less than an hour…. or did it?
Yesterday, many of you who are mining Pi might have noticed — the value plummeted from $40 or so, all the way to $0.19.
So those stories I wrote about the “easiest $100k I ever made… maybe….”, the maybe part has come true, and it’s probably a hard nope.
The Pi community is fuming.
No shortage of hate in the comments and chatpod.
Was it a rug pull?
Was it a scam?
What happened?
I opened the Pi app and went into the chats and found relevant info, but I am still totally confused.
Apparently Pi team has been fighting a battle against exchanges with fraudulent PI listings, and the value seen in coinmarketcap is being drawn from illegitimate blockchains.
Those listings above - the Pi core development team say have nothing to do with them.
However, as you can see — on two exchanges — Pi is still $34-$37, and the two most recently listed exchanges seem to be what pulled the value down to lower than a $1.
I think.
Those last two listings just showed up yesterday, right as Pi took a massive sh1t in value on CoinMarketCap.
The Pi team claim no relation to any of these listings.
They are clear that Pi is a contained ecosystem at this time with no value yet established because it is NOT being traded against local currencies.
At this point, this perceived price drop has probably taken the wind out of a lot of people’s sails for mining Pi. And that sucks considering that Pi never had a value, and the core team have tried to communicate that over and over, or so they say.
At the very least, many are so confused that it makes it less likely we will pay much attention to the project going forward.
I had assumed, very incorrectly, that the first valuation of PI happened when they made their first Mainnet migration.
I was wrong.
The fraud blockchain was created right around that time.
This was perhaps intentional on the part of the fraudsters.
This listing gave Pi it’s false value on Coinmarketcap.
Pi core team have pointed to several news update posts as well as their bulletin where they warned people about the fraud going on and warned people against buying it on those exchanges. They have been clear — it is not available to buy or sell and any exchange offering it is a fraud, and not cooperating with Pi networks requests to remove the listings.
At this point, I am not sure what the future of Pi is, but Ill be mining it until the end of this year, after which I will cease to open my app, but I’ll always keep my wallet address/keys/phrase just in case.
Update : July 12, 2024 — Just found an interesting new crypto, a possible alternative to Pi! Check it out!
Thank you for reading!
Until next time….
Onward and Upward Everybody!
-Chris
Automated Income Lifesyle w/ Chris Morton YouTube
#pi #pinetwork #crypto #value #cryptocurrency #what #rugpull