Author: Yangz, Techub News

Earlier today, the news that OKX will launch PI is in the circle This caused an uproar. Techub News contacted OKX PR for the launch of the "project" that was for sure as a pyramid scheme, but the other party declined to comment. At the same time, Bitget also followed OKX's pace and announced that it will launch PI.

When it comes to PI (coin distribution or π coin), I believe everyone in the industry knows it is a typical pyramid scheme project, which is specialized in "harvest" the middle-aged and elderly groups. The project claims to be launched by Stanford University's Ph.D., and teaches and preaches to older people in the name of "charity". It claims to be able to mine for free by simply downloading the APP on your mobile phone and using simple operations.

According to a report last year by Blue Whale Finance, the so-called "mining" only needs to light up the home page lightning every 24 hours in the "π coin" application. Just sign, if the operation is completed, the π coins will gradually increase, without technical content and no capital investment is required. Coupled with the pyramid scheme of "buying cars and houses with π" bombarded in the community, many middle-aged and elderly people have been deceived into the game over the years.

Although police such as Wuxi City repeatedly warned such pyramid schemes, saying that criminals use "free" and "gifts" as gimmicks to attract people who are greedy for small profits Download the software, then use low operating threshold, no capital investment, and give a small amount of "π coins" to give the victims sweetness, expand the victims' group by attracting the head rewards, and defrauding victims of money, but middle-aged and elderly people who lack judgment ability are difficult to realize. Since the rising number of π coins, there is no withdrawal channel at all. The so-called quotation of 100 coins can be exchanged for a Rolls-Royce's own mall is just a pretext for a scam.

However, OKX today announced that it will launch Pi Network token PI on February 20 The news of spot trading completely shocked the entire industry. Compared with the coin community, which must be a buzz and drum at this moment, most of the coin circles are "silenced" in addition to the self-deprecating and joking of young investors who "want to be friends with old men". Many investors said they couldn't understand it and lamented that "the crypto market has changed."

On one hand, it is the contempt of the currency circle for the Pai Coin community, and on the other hand, it seems that Pai Coin also dislikes the currency circle. @0xJaleel_eth shared, "No one looks down on each other in the two worlds." He said that the current coin distribution community even looks down on OKX and is not interested in the exchange because they have a barter market themselves. In addition, @0xJaleel_eth shared some information about the current coin distribution community. He said, "There are very little coin circulation, so KYC needs to wait for a long time. Secondly, most accounts through KYC are waiting for "mapping to the main network". In the group of 500 people, only 1 holds a coin Ordinary people with a small number have successfully "map to the main network", and only when mapping to the main network can they transfer coins. The black box operation of the mapping rules is very large. "

Wu said that the founder of blockchain also suggested not to report on Pi related situations on X. He said, "The pyramid scheme-related industry chains are all targets of severe crackdowns. Everyone still has some common sense of law. Not happening does not mean a lucky mentality. There was a disaster for the whole family. "

From Trump's issuance of TRUMP before his official inauguration, to the President of the Central African Republic suspected of following the example of issuing CAR a few days ago, The current currency circle has made many "old leeks" stunned and even had the idea of ​​"retirement". In the previous currency circle, there were DeFi and NFTs. Now, in addition to the Bitcoin ecosystem that has shown a decline and AI agent narrative, the Memecoin (a report from the cryptocurrency intelligence platform Merkle Science) is full of sudden rises and then halved. , cryptocurrency investors lost over $500 million in Memecoin scam in 2024).

Many views believe that Memecoin represents retail investors' rebellion against the traditional VC model. Through Memecoin, ordinary investors are no longer passive buyers, but can unite to promote collective action and form new market rules. However, if this concept is exploited by bad people, the decentralized spirit that was originally an ordinary investor to resist traditional financial monopoly tools may eventually be distorted.

When everyone shouted about paying attention to "attention economy" such as Memecoin and exchange currency became the focus of public opinion, it also exposed the lack of practical applications in the current market. Issues with new capital inflows. As @tmel0211 pointed out, "TRUMP messes away a lot of liquidity in the industry, and PI coins take away the only remaining moral 'superiority' in the industry." Perhaps few people are persisting in the dream of decentralization, transparency and breaking the traditional financial landscape that they once proud of.

There were some different sounds in the shock. Some X users said that although the nature of the project itself is questionable, it undoubtedly brought users. Just like Bitcoin in the early days, it seems that it would not have been able to reach this point today without the "persistence of pyramid schemes". The author believes that "bringing users" is not a reason for its rationality to stand firm. The leading exchanges with huge influence in the industry that support obvious "pyramid scheme projects" should be firmly resisted. The development of Web3 requires the most basic bottom line. It is a fact that the industry itself lacks a sense of direction, but please remember that "the evil done by heaven can still be violated, but the evil done by oneself cannot survive."