Expert Explains the Truth About Pi Network, 90% of People Lose Money

"If you see the price of Pi increase sharply on the exchange, don't rush to buy at the peak. Those who lack understanding but are eager to trade, with a 90% risk of losing money, should be cautious," the expert noted. Having been involved in the field of digital currency from 2015 to the present, having researched Bitcoin and other types of digital currencies, Mr. Le Son Tung, the manager of The Startup, is quite hesitant about the trend of collectively mining Pi and investing in Pi in recent days. "Vietnamese people are very sensitive to new investment trends, especially in the field of crypto (cryptocurrency). Pi Network has attracted a large community in Vietnam from the early stages, when mining Pi was still free on the phone. Now that Pi is listed on the exchange, many people will continue to be interested and trade, especially when the psychology of buying early to wait for price increases is still common," Mr. Tung commented. However, Mr. Tung believes that the actual level of participation depends on many factors such as liquidity, trust in the ecosystem, legal policies... If Pi is easy to trade and withdraw real money, more people will participate. If Pi can only be traded without practical applications, the number of investors will decrease gradually. Moreover, when there are strict regulations on Pi trading, participation may face many obstacles. Overall, if Pi can maintain its development and have a clear roadmap, the level of Vietnamese investor participation will still be very high, but not as explosive as in the early days," Mr. Tung commented. For those who dream of getting rich quickly with Pi mining, Mr. Le Son Tung recommends to "reconsider". Mr. Pi's explanation is no longer free as before. Currently, the speed of mining Pi has decreased significantly. Without KYC (identity verification), the mined Pi may be worthless. On the other hand, mining Pi is just the beginning. The real value of Pi depends on the ecosystem. Without real-world applications, the number of Pi held may just be a number on the screen. “The most worrying thing is those Pi players who do not understand much about the real value of the project, about financial knowledge, about trading experience of speculative assets... (, just go to the trading floor. There is a 90% risk of losing money. Those who are gamblers may lose even more because of the lack of knowledge,” Mr. Tung expressed his concern. In line with many other cryptocurrency experts, Mr. Tung warns "not to invest too much in the Pi ecosystem if it is not clear." “There are currently many invitations to buy and sell Pi, invest in the Pi project with a commitment to high profits. Be careful with these invitations. If you see the price of Pi rising sharply on the exchange, don't rush to chase after it. Crypto is always unpredictable. If you want to participate, consider it more as an experiment than a way to get rich. Don't have too high expectations for big profits when everything is still unclear,” he noted. Another aspect is the risk of fraud that makes many people lacking knowledge and understanding of digital currency, being lured into becoming traders, and then losing money unjustly. Recently, the Hanoi City Police has issued a warning about the risks of investing in the Pi Network digital currency. There are currently many websites advertising and calling for users to participate in buying and selling Pi, posing risks of fraud and legal violations. The authorities believe that the Pi coin currently lacks practical application, and its trading value is self-determined, which can easily lead to misunderstandings. Some entities may exploit Pi to commit fraudulent acts such as: Issuing counterfeit Pi tokens to illegally raise capital; creating fake applications to collect personal data, misappropriate assets; exploiting Pi transactions to engage in financial fraud. Hanoi police recommend people to be cautious before participating in Pi Network investment; do not post or share unverified information about cryptocurrencies on social media to avoid causing public panic and violating the law.