'Up' with the dancing pi price

With the official announcement of being listed on the exchange and at one point the value reached more than 2 USD, many users who own the 'virtual currency' pi in Vietnam are aiming for the dream of becoming millionaires.

Young people dig pi on phone app - Photo: NGOC PHUONG

However, less than 24 hours after listing, the price of Pi plummeted due to huge selling pressure, causing many investors to be "disillusioned".

Dizzy watching pi price go up and down

The virtual currency pi officially opened its network at 3:00 p.m. on February 20 (Vietnam time). From a starting price of 2 USD, pi reached a peak of 2.2 USD and then plummeted. By 4:30 p.m. on February 21, each pi was worth only 0.6685 USD.

The fact that the pi price was split into three shocked many investors, especially those who had "mined" a large amount of pi but the pi had not yet reached their wallets, so they could not trade on the exchange. Some people even advertised to sell the mined pi that was in In queue status (waiting for the gate to open to move to the wallet), and also handed over the phone used to mine pi.

On social networking sites, there are two sides. Those who have been persistently "mining" pi for the past 5-6 years and own a large amount think that this price is too good because investors have almost nothing to lose, only check in once a day and now have billions in hand.

Even the piers also called on those who are on the sidelines to actively download the app and enter their referral code because "better late than never".

Some people think that this starting price of pi is "too good", because before bitcoin reached the current level of more than 98,000 USD, there was a period when the price was very "cheap". On the contrary, many people think that pi will fall even more, so pi players will hardly be able to change their lives as expected before.

Notably, after a day of opening the network, pi network continuously encountered problems. Users could not access the wallet, make transactions or even log in to the application. The error message appeared continuously: "An error occurred. However, do not worry, your pi balance is still safe. Please come back and try again later!".

Pi is not a recognized blockchain project yet.

Speaking to Tuoi Tre, Mr. Tran Xuan Tien, vice president and general secretary of the Blockchain Association of Ho Chi Minh City, said that the whole world believes in bitcoin and other cryptocurrencies because they do not need to believe in... people. People can decide on their own assets at any time without depending on a third party.

"This comes from the fact that bitcoin has the following elements: decentralized, finite, transparent, secure, global and applicable. In the case of pi network, the community is trusting each other based on the consensus mechanism. Pi network is committed to having a finite quantity. The pi network community is global.

Other factors such as security, applicability and decentralization are still being developed by the project. Because it is an internal chain, pi network can be edited by the project team, it is completely unknown how many tokens have been created so there is a lack of transparency," Mr. Tien analyzed.

Similarly, Mr. D., deputy general director of a digital transformation service provider in Vietnam (who requested not to be named), is concerned that the true value of pi is being "inflated". Accordingly, the pi community has built absolute confidence in the great future of this technology network.

"However, the biggest focus that a blockchain technology project needs seems to be that pi has not been able to do. Therefore, they have not been able to convince other leading blockchain technology units," Mr. D. commented to Tuoi Tre.

As one of the leading blockchain experts in Vietnam, who has given speeches at major global technology conferences, Mr. D. believes that pi coin and pi network do not yet have 100% of the full features of a completely decentralized blockchain platform.

"They only have some of the features in blockchain technology. This explains why pi has not really convinced investors who value technology evaluation," Mr. D. commented.

However, Mr. D. also believes that the opportunity for pi coin as well as pi network depends a lot on the applications of units that bring value to end users. Until there are those projects, pi will increase in real value and be worth investing.

Ministry of Finance rejects proposal to trade cryptocurrencies at financial center

Sending comments to the draft proposal to build a resolution of the National Assembly on building a financial center of the Ministry of Planning and Investment , the Ministry of Finance disagreed with the proposal that transactions using crypto assets and cryptocurrencies in the financial center will be implemented from July 1, 2026 due to financial security concerns.

The Ministry of Finance also requested the Ministry of Planning and Investment to synthesize the opinions of the State Bank of Vietnam because according to the proposed controlled testing policy (sandbox) with business models applying technology in the financial sector (fintech), crypto assets and cryptocurrencies are used as means of payment in financial transactions.

Source: https://tuoitre.vn/len-ruot-theo-gia-pi-nhay-mua-20250222075820198.htm