'Pi players' are nervous before KYC closing time, may lose all the Pi they have mined

The afternoon of March 14 will be the deadline for Pi miners to conduct identity verification (KYC). If they do not do so, the "Pi miner" will lose all the Pi they have mined, and friends in the system who do not verify will also lose their bonus Pi.

According to Pi Network's announcement, 3pm this afternoon (March 14) will be the deadline for Pi miners to verify their identity, otherwise they will lose all the Pi they have owned so far.

Pinetworkmn — Pi miners will have to complete KYC today. Photo illustration: BLTS

At the same time, those who have completed verification are also “nervously” waiting to see how much Pi they will lose, if the miners in their system do not conduct KYC.

According to the system's regulations, there are 3 types of Pi with different colors: pink Pi, purple Pi and yellow Pi. Accordingly, purple Pi is the Pi that has been transferred to the mainnet (can be sold on the exchange), pink Pi is the Pi waiting to be transferred to the mainnet and yellow Pi is the Pi that the miner receives from those who mine with him in the system, when they use the invitation code given by this person.

According to the Pi mining community, successful KYC is not simple, there are many steps to take and not everyone is accepted by the system. For those who cheat, trade Pi coins illegally or use bots to mine and are detected by the system, KYC will not be granted. For those who fail to complete KYC before 3:00 p.m. today, all Pi they own will be lost.

As for those who have successfully KYC, they also have to wait to see how their Pi number will fluctuate, because if the miners in the system do not conduct KYC, the bonus Pi number will also disappear.

Currently in the Pi Network community, some people who have successfully KYCed have wondered why their gold Pi suddenly increased, even more than the pink Pi they own. They think that the Pi Network system is deliberately forcing users, to limit the number of Pi brought to the market for trading on cryptocurrency exchanges.

Explaining this issue, a long-time Pi miner who understands the system said that in fact, Pi Network is still very fair. Currently, the number of pink Pi in some people's wallets has decreased because the system has transferred a certain amount to the wallet, becoming purple Pi for trading, so there is the above phenomenon. In reality, the gold Pi will not change and depending on the number of people in the common mining system who conduct KYC or not, there will be different levels. If a large system has many people who do not KYC, the number of gold Pi rewarded will be larger than the pink Pi, which is obvious and of course they will lose this Pi.

At present, Pi price is trading in the range of 1.6 - 1.7 USD/Pi, in the past 24 hours, the market has not fluctuated much.

What is special is that in the Pi Network community, the issues are raised quite moderately, many people even said that if KYC is not successful and they lose all the Pi they own, they will just consider it bad luck.

In Vietnam, there are currently no regulations on cryptocurrency transactions. The State Bank has also repeatedly warned that owning, buying, selling, and using Bitcoin and other similar cryptocurrencies as an asset class poses many risks to people and is not protected by law.

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