Heavenly sins can be avoided, but self-inflicted sins cannot be lived through.
Written by: Yangz, Techub News
Earlier today, OKX announced the listing of PI, causing a huge stir in the community. Regarding the listing of the project, which is firmly identified as a pyramid scheme, Techub News contacted OKX's public relations, but they refused to comment. Meanwhile, Bitget also followed in OKX's footsteps, announcing that it would list PI.
Speaking of PI (Pionex Coin or π Coin), everyone in the industry knows it is a typical pyramid scheme, specifically targeting middle-aged and elderly groups. The project claims to be launched by a Stanford University PhD and uses the guise of "public welfare" to conduct lectures for older individuals, claiming that one can mine for free simply by downloading an app and performing simple operations.
According to a report by Blue Whale Finance last year, the so-called "mining" only requires users to light up the lightning icon on the homepage of the "π Coin" app every 24 hours. Once the operation is completed, the amount of π Coin will gradually increase, with no technical skills or financial investment required. Coupled with the community's rampant promotion of "using π to buy cars and houses," many middle-aged and elderly individuals have been deceived over the years.
Despite repeated warnings from police in places like Wuxi City about such pyramid schemes, stating that criminals attract the greedy with "free" and "gifts" to download the software, and then expand the victim pool through low operational thresholds, no financial investment, and small amounts of "π Coin" as incentives, the elderly, lacking judgment, find it hard to realize that behind the continuously increasing amount of π Coin, there are no withdrawal channels. The so-called offer of exchanging 100 π Coins for a Rolls Royce in their own marketplace is merely a facade of the scam.
However, today's announcement by OKX to launch spot trading for Pi Network's token PI on February 20 has completely shocked the entire industry. Compared to the currently jubilant Pionex community, the crypto circle has largely remained "silent" on this surreal news, aside from some self-deprecating humor and mockery from younger investors who want to "make friends with the elderly." Many investors expressed confusion, lamenting that "the crypto market has changed."
On one hand, there is disdain from the crypto community towards the Pionex community, while on the other hand, it seems that Pionex also looks down on the crypto circle. @0xJaleeleth shared, "Two worlds, neither looks up to the other." He stated that the current Pionex community even looks down on OKX and is completely uninterested in trading on exchanges because they have their own barter market. Additionally, @0xJaleeleth shared some information about the current Pionex community, stating, "The circulation of Pionex is very low, KYC takes a long time, and most accounts that pass KYC are in a waiting state for 'mapping to the mainnet.' In a group of 500 people, only 1 ordinary person with a small amount of coins has successfully 'mapped to the mainnet,' and only those who have mapped to the mainnet can transfer coins. The mapping rules are highly opaque."
The founder of Wu Says Blockchain also suggested on X not to report on matters related to Pi, stating, "Pyramid scheme-related industrial chains are all targets of strict crackdowns. Everyone should have some legal awareness. Just because it hasn't happened doesn't mean it's safe; if it happens once, it's a disaster for the whole family."
From Trump's issuance of TRUMP before officially taking office to the recent suspected imitation by the president of the Central African Republic issuing CAR, the current crypto circle has left many "old investors" dumbfounded, even considering "leaving the market." Previously, the crypto circle had DeFi and NFTs, but now, aside from the visibly declining Bitcoin ecosystem and AI-driven narratives, it is filled with Memecoins that suddenly surge and then may plummet (a report from crypto intelligence platform Merkle Science shows that in 2024, cryptocurrency investors lost over $500 million in Memecoin scams).
Many viewpoints suggest that Memecoins represent a rebellion of retail investors against traditional VC models. Through Memecoins, ordinary investors are no longer passive participants but can unite to drive collective action and form new market rules. However, if this concept is exploited by bad actors, the decentralized spirit originally intended as a tool for ordinary investors to resist traditional financial monopolies may ultimately be distorted.
As everyone shouts to pay attention to Memecoins and other "attention economies," the focus on exchanges listing coins also exposes the current market's lack of practical applications and new capital inflows. As @tmel0211 pointed out, "TRUMP's chaotic antics have siphoned off a lot of liquidity from the industry, and PI Coin has taken away the last remaining moral 'superiority' of the industry." The once-proud dreams of decentralization, transparency, and breaking the traditional financial structure may have few left to uphold them.
Amidst the shock, there are, of course, some differing voices. Some X users stated that although the nature of the project is questionable, it undoubtedly brings users, just like early Bitcoin; without the "pyramid scheme's persistence," it seems it wouldn't have reached this point today. The author believes that "bringing users" is not a valid reason for its existence; prominent exchanges with significant influence in the industry should firmly resist obvious "pyramid scheme projects." The development of Web3 requires the most basic bottom line, and while the industry itself lacks a sense of direction, please remember, "Heavenly sins can be avoided, but self-inflicted sins cannot be lived through."
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