With its groundbreaking concept of easy smartphone mining, the cryptocurrency “Pi Network” has amassed tens of millions of users worldwide. However, doubts and criticisms persist, such as “When will it gain value?” or “Is the project truly progressing?” This article delves into the real current state of this project, which is swirling with enthusiastic support and harsh criticism, using the voice of a believer as a starting point, thoroughly dissecting it from objective data and multiple perspectives. No specialized prior knowledge is required. By the time you finish reading, you will have a solid compass to judge the true nature of Pi Network for yourself.
Confessions of a ‘Believer’: Significant Losses, Yet Still Believing
To understand the curious appeal and fervor of the Pi Network, let’s look at the words of a passionate South Korean supporter. He describes himself as ‘crazy about Pi Coin (또라이)’ yet analyzes the project with surprising calm.
He confesses to having lost a large sum, approximately 40 million Korean Won (equivalent to about 4.5 million JPY at current rates), in past Pi Network-related transactions. However, it’s crucial to note that this loss was not from selling Pi he mined on his smartphone. This was a failure in a high-risk market trading the “future value” of Pi, which officially has no value yet. Under normal circumstances, one might resent the project, but he continues to share information about Pi Network daily. Why? Perhaps because he sees the potential for a “grand social experiment” in this project, something beyond a mere speculative asset. This episode symbolizes the complex psychology that draws many people to Pi.
Pi Network’s ‘Now’ as Seen Through Objective Data
Let’s set aside emotional arguments for a moment and calmly analyze Pi Network’s current position based on publicly available data and facts.
The True Nature of ‘Price’ in the Market: What is IOU?
You might have seen Pi seemingly listed with a price on some crypto information sites or exchanges. However, as of June 2025, Pi Network is not listed on any major exchanges, and there is no official price.
So, what is the displayed price? It is primarily what is called an “IOU (I Owe You).” This is:
- a promise being traded: “If Pi truly gets listed in the future, we will hand over the actual Pi coins at that time.”
- In other words, it is a type of rights trading betting on the project’s future, and its price fluctuates significantly based on market expectations and speculation.
- You must understand that if the project fails, its value will become zero, making it a very high-risk asset.
Current IOU prices are traded at around 85 to 90 JPY per Pi on some exchanges, but it is crucial to strongly recognize that this is by no means the confirmed value of Pi.
The Major Hurdles of KYC and Migration Progress
For Pi Network to become a ‘real cryptocurrency,’ it must go through the unavoidable processes of ‘KYC’ and ‘Migration.’
- KYC (Know Your Customer): This is the ‘identity verification’ procedure. It is essential to prevent one person from fraudulently mining coins with multiple accounts and to maintain the network’s integrity.
- Migration: This is the process of moving Pi mined on the test network to the official network (mainnet), where it has the potential to hold actual asset value.
According to official information and reports, over 18 million people have completed KYC, but some sources suggest that less than half of those users have completed migration. As the process targets tens of millions of users, it is taking a long time, and many users are currently eagerly awaiting their turn.
Why the Criticism? Three Major Hurdles Pi Faces
While there is significant anticipation, Pi Network also faces harsh criticism. Here, we will organize the main challenges the project must overcome from three perspectives.
1. Stalled Development and Opaque Roadmap
One of the users’ biggest frustrations is the delay in development. The launch of the “open mainnet,” which would allow free transactions for anyone, has been repeatedly postponed from its initial schedule. Furthermore, the official roadmap (development plan) often lacks specific completion dates, increasing dissatisfaction and anxiety about “when it will finally materialize.”
2. A ‘Pie in the Sky’? Lack of Practical Utility
For a cryptocurrency to hold value, practical utility – “what it can be used for” – is essential. However, Pi Network faces a significant challenge in this regard. The promised DApps (decentralized applications) ecosystem development is not progressing as expected, and places where Pi can be used to purchase goods or services are currently limited to a very small part of the community. There are harsh criticisms that as long as this “useless” state continues, it will be difficult for Pi to attain true value.
3. Dissatisfaction with Lack of Communication from the Core Team
The lack of communication between the ‘core team’ leading the project and the user community is also a concern. Many users feel that when KYC delays or technical issues arise, there is often little clear explanation or swift response from the core team. Such an attitude contributes to increased distrust in the project.
Why Hope Persists: Pi’s Uniqueness Compared to Bitcoin
Despite facing so many challenges, why do tens of millions of people not give up hope? The answer lies in Pi Network’s unique philosophy and fundamental differences from Bitcoin.
- Differences in Philosophy and Design
Bitcoin was created by an anonymous individual named Satoshi Nakamoto, idealizing “decentralization” with no specific administrator. In contrast, Pi is operated by a team led by Dr. Nicolas Kokkalis, who holds a Ph.D. from Stanford University, and the project’s early stages are proceeding under strong centralized management. - Differences in Barriers to Entry
Bitcoin mining now requires high-performance specialized computers and vast amounts of electricity. In contrast, Pi aimed for thorough democratization of access, allowing “anyone, anywhere, with just a smartphone” to participate. This ease of access is the biggest factor that enabled the formation of a massive user community that no other project has achieved.
Pi Network can be described as a grand experiment aiming to become “the world’s most widely adopted cryptocurrency” through an entirely different approach than the world Bitcoin has created.
Outlook on the Upcoming Important Event: ‘Pi2Day’
Every year on June 28th, a significant date for the community named ‘Pi2Day’ (derived from being twice the value of Pi ≈ 3.14), some announcements related to the project are expected.
The community speculates that the introduction of ‘KYB,’ a corporate identity verification system, or new initiatives to expand the ecosystem might be announced. However, these are currently mere speculations. In recent years, despite the anticipation for events, objective data shows a declining trend in actual interest, so excessive expectations should be avoided. Whatever announcements are made, their content will undoubtedly be a crucial indicator for the project’s future.
Conclusion: How Should We View the Future of Pi Network?
Synthesizing the information presented so far, Pi Network can be summarized as follows:
- A Grand Social Experiment: It is an unprecedented, high-risk, high-return long-term project advocating the ideal of “currency for everyone.”
– Piles of Challenges: The hurdles to overcome are high, including KYC and migration delays, an opaque roadmap, and lack of practical utility, so it cannot be viewed optimistically.
– Its Greatest Asset is ‘People’: However, on the other hand, its vast and enthusiastic global community is a unique asset that no other project possesses.
The purpose of this article is not to definitively state whether “Pi will succeed” or “fail.” Rather, it is to present the fact that the key to success lies in “whether it can resolve its numerous challenges and transform its massive community into a practical economic zone,” and to highlight both possibilities.
Use this article as one piece of information, and I encourage you to follow official information with your own eyes. Without being swayed by excessive expectations on social media or unsubstantiated criticisms, calmly assess the project. That intellectual curiosity will undoubtedly be your most reliable strength in discerning the true nature of new technologies to come.