Pi cryptocurrency price drops, some 'Pi players' catch the bottom, others race to cut losses

The price of Pi Network virtual currency continuously decreases, making Pi miners restless. Many people call for buying while many others say they have had to sell at a loss.

Pi plummets, "Pi players" are in trouble

On the afternoon of March 30, on the OKX exchange, the value of the virtual currency Pi Network was traded at around 0.78 USD/Pi. This is the price close to the lowest level since the day this virtual currency was listed. Compared to the price of 2 USD/Pi on the listing day of February 20, the value of this currency has decreased to 1.22 USD/Pi (equivalent to about 61%).

With the value of this virtual currency continuously falling without increasing as expected, on social networking forums about Pi coin, two opposing opinions have "exploded". While many people called on investors to take advantage of the low price of Pi to buy Pi to make a profit when the price increases, many posts on social networks expressed disappointment with the abnormalities of this currency and said that they had sold all of it at a loss because they were afraid that the price would continue to decrease.

Account Nguyen Tuan wrote: "Red buy nothing, green sell nothing. This is the time for Pi brothers to buy, by the end of the year the price will increase and you will win big."

Meanwhile, many users also said that the price of Pi may continue to decrease, so they placed buy orders at 0.6-0.7 USD in the hope of being able to collect Pi at a good price.

Many controversial posts in Pi Network groups. (Screenshot)

On the contrary, in these groups, the number of posts expressing disappointment and calling for selling at a loss when Pi continues its streak of price drops is somewhat more dominant.

Date and Month account asked: " Can anyone help analyze why Pi only decreases and not increases? At this rate, it will definitely continue to decrease."

Similarly, Hoang Lam account wrote: "Pi is down again, it goes up slowly but why does it go down so fast, I don't understand".

Meanwhile, an anonymous account was upset: " Pi Network is a scam, creating trust for people to make Pi players believe and spend their savings to buy Pi, hoping that Pi will increase in price to change their lives.

The issuers hire influential people in the communities to promote that Pi network is the global common currency that will reach 314$/Pi, making many people believe it is real and willing to borrow money from the bank or spend all their savings over many years of investing in pi, causing them to suffer heavy losses or lose everything.

Analyzing his opinion further, this account wrote that the developer deliberately delayed opening the mainnet to make money from advertising for many years, with the amount possibly reaching hundreds of millions of USD.

Next is to intentionally block identity verification (KYC) or suspend this process so that Pi miners do not receive Pi and if they receive Pi in 2025, they will have to wait until 2028 to sell it.

During this time, the publisher will have time to dump at least a few billion Pi in the past 3 years.

"From now until the end of the year, the price of Pi will be 0.05-0.1$/Pi. Fortunately, the CEO of bybit and Binance has stopped this scam to protect users. Everyone should be careful. If you invest, you should invest with an amount of money you can accept losing without affecting your life," this account wrote.

Meanwhile, many people also said they have registered to sell all Pi, accepting losses because they fear that the Pi price will continue to drop to low levels.

Many abnormalities

Also on Pi Network groups, many users are upset and complain about Pi not being in their wallets even though they completed the KYC process a long time ago.

Previously, in the latest announcement, the founding team of the Pi Network ecosystem said that they will continue to stop returning Pi to Pioneer wallets.

The system was forced to stop to check through additional analysis and analysis before allowing the user to move, ensuring the safety and security of the user account.

The system testing is now complete and the team announced: “The migration is now ongoing and will gradually expand as more email-based 2FA and system-level testing is completed. Pi Network is committed to a smooth and secure transition, and we appreciate your patience as account security is enhanced for everyone.”

Also in the above announcement, Pi Network updated on Mainnet migration and account verification. The founding team also pointed out the shortcomings in traditional verification and authentication methods.

Pi Core Team gave the reason for releasing the new authentication feature. Because, from the very beginning, Pi accounts were authenticated using phone numbers as a unique identifier, not using email addresses.

However, during the usage, this method has shown its inadequacies, not ensuring security through SMS messages connecting users and the development team, the cause of which originates from geographical limitations in telecommunications regulations, network operator policies, service registration and individual costs...

In particular, at this time, most Pi users are in the KYC identity authentication phase to move to the mainnet phase, so the security requirements are even stricter. From there, with the ultimate goal of supporting advanced authentication methods such as passwords and biometrics. Email-based 2FA verification not only solves the above challenges but also improves security thanks to the two-factor aspect.

The value of virtual currency Pi on the afternoon of March 30 continued to decrease. (Screenshot)

Commenting on current investment in Pi virtual currency, Mr. Nguyen Anh Dung, a personal financial planning expert at FIDT Investment Consulting and Asset Management Joint Stock Company, said that the most important thing in investing is to understand what and how you are investing?

“Virtual currency is a huge market with many different types of money. However, investing in it is more like a belief and hope than a clear financial investment plan,” Mr. Dung stated his opinion.

According to Mr. Dung, investors need to be careful when "pouring money" to collect Pi in the context of an unclear market trend and full of risks like the present.

Also, Pi is being created for free so it is difficult to see where the value of this coin is to have any basis to believe that it will increase in value.

“Like stocks, shares, gold, real estate… we can calculate why they go up and down. But with Pi, even the players probably don’t understand why it is valuable,” he said.

From there, expert Nguyen Anh Dung said that virtual currency is like a form of speculative asset. Without careful research and market assurance, small investors can become easy prey for "sharks".

In terms of personal financial planning, Mr. Dung recommends that investors should not choose such risky financial options. If so, they should only use a small part of their idle assets to participate in an exploratory way and not go deep.

Virtue

Source: https://vtcnews.vn/tien-ao-pi-rot-gia-pi-thu-ke-bat-day-nguoi-dua-nhau-cat-lo-ar934688.html