Previously, the Pi Network system announced that before 3:00 p.m. this afternoon, all Pi mining participants must verify their identity. Any Pi that is not verified in time will be deleted, meaning that players will lose everything.
However, even though it has passed the 15:00 mark as announced, many people said that the unverified Pi gold has not disappeared from the account. Many reasons say that, maybe because the time of each country is different, so currently in the Vietnamese market, Pi gold has not reached the withdrawal deadline.
"My golden Pi number hasn't disappeared yet, but the timer has changed from counting down to a negative number. I don't understand why, will the Pi number that hasn't been verified be lost?" , commented Nguyen Phuong.
On OKX exchange, Pi price continuously decreased this afternoon, at 4:00 p.m., Pi was trading at 1.5 USDT/Pi.
Pi price on OKX exchange continuously plummeted on the afternoon of March 14. (Photo: Facebook)
Previously, many people also shared articles about having difficulty verifying their identity as the deadline for KYC is approaching.
"The verification deadline is approaching and I still have 361 Pi that I can't KYC. There's nothing sadder than watching time pass by and seeing the amount of Pi I've accumulated disappear," shared Thai Phong.
Many people are also worried when they have completed all the verification steps, but their Pi coins have not been transferred to their wallet or confirmed safely.
"My more than 600 pink Pi that were supposed to be verified and sent to my wallet were suddenly converted into gold Pi. After investigating, I found out that those were Pi coins that I invited others to participate. To verify, the invited people must also verify to be eligible for the wallet. At this moment, I accept losing everything," wrote Tien Dung.
Many people shared about facing the risk of losing all their accumulated Pi because they did not have time to KYC. (Screenshot)
According to Pi Network's regulations, there are 3 types of Pi with different colors: pink Pi, purple Pi and yellow Pi. In which, purple Pi is the number of Pi that has been transferred to the mainnet (can be sold on the exchange), pink Pi is the number of Pi waiting to be transferred to the mainnet and yellow Pi is the number of Pi that miners receive from those who mine with them in the system, when they use the invitation code given by this person.
Currently, some Pi players said that they have successfully KYC, but for some reason, the pink Pi number was suddenly converted to gold Pi in large quantities.
Previously, commenting on the "fever" of Pi Network virtual currency, Mr. Nguyen Anh Dung, a personal financial planning expert at FIDT Investment Consulting and Asset Management Joint Stock Company, said that this virtual currency has no intrinsic value when it is completely mined for free and coordinated by the management team behind it.
Investing in virtual currency is like a speculative activity, people put money in, hoping that one day the price will increase so they can sell it for profit. However, almost no one can answer what factors make the value of virtual currencies increase.
Mr. Dung analyzed that, unlike other types of financial investment, where investors can have market bases to calculate the ups and downs, with virtual currency, almost all countries in the world have not recognized it, so investing in this model will come with the risk of easy loss of liquidity.
From the perspective of a personal financial planning expert, Mr. Dung aims to keep investors' financial resources safe, so he recommends that "Pi investors" should consider carefully when investing. It is necessary to monitor market fluctuations, especially when Pi is falling sharply.
According to Mr. Dung, in reality, new investors are only buying Pi on the OKX exchange in the form of pre-orders, and cannot even sell the Pi they own, they can only buy it. Therefore, investors need to consider if they intend to spend money to "hold Pi" when seeing the price drop.
"Previously, investors could earn free Pi with their smartphones. After many years, this virtual currency was accumulated quite a lot, so when the money was listed on the exchange, the phenomenon of dumping goods occurred. In fact, there have been no recorded cases of selling Pi on the exchange. Therefore, many people turn to black market collection channels to make a profit. This can happen in the short term, bringing profits to those who sell goods. However, for investors who intend to invest money to hold goods, there will be many risks," said Mr. Dung.
Meanwhile, analyzing from a legal perspective, many lawyers said that according to current regulations, Pi Network virtual currency is not a legal means of payment. Current legal regulations also do not recognize cryptocurrencies in general and Pi Network virtual currency in particular as assets. Therefore, the risk of this cryptocurrency is very high.
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