Based on analysis from multiple sources, **Pi coin is widely questioned as a scamcoin**, with core issues being lack of actual value support, opaque technology, suspected pyramid scheme involvement, and long-term unfulfilled Mainnet launch promises. Here is a detailed analysis:

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#PI First, the typical Shitcoin characteristics of **Pi coin**
1. **No actual technical support**
- Pi claims to be based on the Stellar Consensus Protocol (SCP), but the code is not open source, and the Mainnet has not been launched for a long time (it was announced to be launched in 2025). Mining is only done by clicking a button on mobile phones, which is considered by the industry not in line with the basic logic of blockchain technology.
- Multiple experts have pointed out that mainstream cryptocurrencies require complex algorithms and computing power to ensure security, while the "zero-cost mining" model of Pi coin is difficult to achieve true decentralization, and is more like a data recording game.

2. **Unlimited issuance and inflation risk**
- Pi coin does not set a total upper limit. Early users estimated that its supply has exceeded 60 billion, and the official white paper hints that it may reach 100 billion in the future. Compared to similar cryptocurrencies with market value (such as TRON TRX), its potential value is very low.

3. **Lack of application scenarios and liquidity**
- Pi coin has long been unable to trade on mainstream exchanges. Users can only trade over-the-counter (OTC) at extremely low prices ($0.23-$0.85) privately, and there is a lot of fraud risk. Even if it goes online on exchanges in 2025, its high circulation may lead to a price crash.

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### Chapter 2, **Pyramid Scheme Model and User Harvesting Risks**
1. **Pulling Mechanism**
- Pi coin expands its user base through the "invitation rebate" model, where users need to develop downlines to increase mining speed, which is highly similar to the hierarchical commission model of MLM. According to media reports, it has over 60 million users, but less than 15% are active users, with a large number of accounts being "zombie users".

2. **Information gathering and later harvesting**
- Registration requires providing real-name information (name, ID card, mobile number), with the risk of privacy leakage. The project party may harvest users through later charges (such as withdrawal fees, high-priced mining machine sales).

3. **False advertising and delaying tactics**
- The team claims to have a "Stanford Ph.D. background", but the members' identities are vague and have been questioned as packaging; Mainnet has been delayed multiple times and has long induced users to hold with the promise of "future skyrocketing".

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### Three, **Regulation and Legitimacy Disputes**
1. **Chinese policy risk**
- China clearly prohibits virtual currency trading, and the central bank and other institutions have repeatedly warned that Pi coin is suspected of illegal fundraising and pyramid selling. User investments are not protected by law and may face financial losses.

2. **Global Regulatory Pressure**
- The US SEC has not clearly confirmed the Pi coin, and its KYC (real-name authentication) and AML (anti-money laundering) measures are criticized for being formalistic, with doubts about actual compliance.

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### Fourth, **Market Evaluation and Future Risks**
1. **Valuation Bubble and Selling Risk**
- If a large number of users sell Pi coins after they are listed on an exchange, their price may quickly drop to zero. Even with an optimistic valuation (comparable to Dogecoin), its unit price is unlikely to exceed $1, far below the team's advertised target of "hundreds of dollars."

2. **Insufficient ecosystem construction**
- The claimed "cooperative applications" (such as AirAsia payment) have not actually landed, and the ecosystem lacks real demand support.

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### Conclusion
Overall, **Pi coin has the core features of a Shitcoin**: no technological substance, relies on pyramid scheme expansion, unlimited issuance, lack of liquidity, and clear legal and market risks. Although its community cohesion is relatively strong, it lacks sustainable support, and investors need to be highly vigilant to avoid becoming the target of harvesting.