What is Pi Coin? Has Pi Coin been listed? PTT hot topics include KYC and scam controversies.

Pi coin, fueled by “zero-cost mobile mining,” has become a global sensation, attracting over 47 million members. On February 20, 2025, Pi officially launched its mainnet and opened trading on mainstream exchanges. The price of one Pi coin plummeted from an opening of $2.20 (about NT$66) to around $1.54 (about NT$36). Issues such as KYC personal data controversies, recruitment mechanisms suspected of multi-level marketing, and repeated delays by the official team have led to widespread scam suspicions on the Pi PTT forum.

Basic Information About Pi Coin

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Pi was born in December 2018. According to its official website, Pi defines itself as the future of social-purpose cryptocurrencies in the Web3 world, currently boasting over 47 million members worldwide. The official website is https://minepi.com/, commonly abbreviated as π, and in Chinese, it is called 派幣.

Pi Coin Founders

Nicolas Kokkalis is the founder and CTO of Pi, a Stanford PhD and instructor of Stanford’s first decentralized application course CS359B in 2018. His focus is on integrating distributed systems and human-computer interaction to bring cryptocurrency into daily life. Chengdiao Fan, also a founder and product lead, holds a PhD in anthropology from Stanford and is dedicated to unlocking human potential through social computing globally.

How Much Is One Pi Coin?

On February 20, 2025, Pi opened at $2.20 (about NT$66), but then sharply dropped to around $1.54. As of this writing, the price is approximately NT$36 per Pi. The value fluctuates greatly; depending on sources, 1 Pi can be roughly exchanged for NT$6.7 to NT$6.9, but actual trading prices depend on current market transactions. Since Pi has not yet been officially listed on all major exchanges, its price is mainly determined by market supply and demand, including OTC trades, with no fixed or stable exchange rate.

Total Supply of Pi Coins

According to the whitepaper, the total supply is 100 billion coins, with 20% allocated to the core team and 80% to the community. Based on a minimum acceptable price of NT$30 (about $1 USD) for merchants, Pi’s market cap would reach $100 billion, ranking second only to Ethereum among cryptocurrencies. However, this valuation is likely overestimated at present.

What Is Pi Coin?

Pi uses the Stellar Consensus Protocol (SCP), a consensus mechanism that allows users to mine directly via their mobile phones: simply download the Pi Network app, tap the mining button daily, and automatically earn Pi every hour. Unlike Bitcoin’s PoW, which requires mining hardware, or Ethereum’s PoS, which involves staking, Pi’s trust-based network verifies transactions without relying on computational power, making mobile mining feasible.

The Birth, Vision, and Technical Foundation of Pi Network

Pi Network’s core idea stems from two founders aiming to create an accessible cryptocurrency platform where anyone can participate. Users can mine by simply tapping an app daily, without expensive equipment or complex tech. This “low barrier, high accessibility” approach aims to break the wealth concentration caused by high costs and computational requirements of mainstream coins like Bitcoin and Ethereum.

Technologically, Pi does not use traditional proof-of-work but adopts SCP, a more energy-efficient, lightweight consensus mechanism. It relies on trust networks among users for verification, enabling mobile mining. Currently, Pi’s mining speed is about 0.003 Pi per hour, meaning it takes roughly 333 hours to mine one Pi, but this can be increased by locking coins, forming security circles, or becoming a node.

Pi Ecosystem

Pi’s ecosystem includes five roles: Pioneer, Contributor, Ambassador, Node, and SuperNode:

• Pioneer: Anyone who registers successfully can be called a Pi Pioneer and can mine Pi daily via the app.
• Contributor: Form a security circle with at least 3 members; each member provides a basic mining reward of 20% (up to 100%).
• Ambassador: Invite new users with your invitation code; each referral grants a 25% basic mining reward.
• Node: Download the Pi Node app on your computer; after mainnet launch, nodes verify blockchain transactions and earn additional Pi.
• SuperNode: Apply and pass the core team’s review; requires 24/7 online presence and helps reach consensus, earning more Pi.

What Can Pi Be Used For?

Currently, Pi is still in testing, with no concrete real-world applications. Future plans include using Pi for purchasing goods/services, as a medium of digital asset exchange, and incentivizing app usage. Some community-driven uses have emerged, such as in Taiwan, where as of August 15, 2023, 64 stores accept Pi for payments, including breakfast shops, guesthouses, department stores, and life services, indicating grassroots adoption.

Pi will soon launch an NFT creation and trading platform, allowing users to use mainnet Pi for NFT transactions and creation on PINFT Art, alongside daily mining.

Listing Details and Risks of Pi

With mainnet launch, several major exchanges like Gate have listed Pi for spot trading, mainly PI/USDT pairs. To sell Pi, users must complete 9 KYC steps and migrate their coins to the mainnet. Only Pi transferred through the official mainnet process is tradable.

Historical Issue: IOU Trading Risks

Before mainnet, Pi trading was chaotic. Some exchanges prematurely listed Pi IOU (I Owe You) trading pairs—virtual promises representing future exchangeable Pi after mainnet. These IOUs, unapproved by Pi, once surged to hundreds of dollars but had poor liquidity and were not redeemable. Pi’s official statement clarified that no exchanges are authorized to list Pi, warning users to protect assets. Some platforms still host these pairs, with low volume and liquidity, and some have banned users for suspicious activity.

Is Pi a Scam?

Pi is not a scam because it does not require deposits or promise high returns. Controversies mainly include:

• Unfulfilled Promises: The whitepaper initially promised mainnet in 2021 and exchange listing in 2020, then 2022, but only launched in 2025, causing community dissatisfaction. The mainnet launch in 2025 dispels scam rumors.
• MLM Concerns: The referral system relies on inviting new users, resembling multi-level marketing. Chinese authorities warned about Pi scams and technical issues, suggesting potential MLM features.
• Data Privacy: KYC involves uploading personal info, raising privacy concerns. Some malicious actors have exploited Pi’s name to distribute fake apps and steal personal data.
• Fraudulent Schemes: Some scammers use Pi’s name to promote Ponzi schemes, though Pi itself is not involved.
• Community and Verification Disputes: The reliance on identity verification (KYC) and the “pulling people in” approach have led to accusations of MLM-like behavior and potential scams, especially given the sensitive data collection involved.

Structural Risks Behind Zero-Cost Mining

Pi’s large community is seen as its core strength, but it also hides risks. Since most users mine for free, their cost of holding Pi is nearly zero. This incentivizes speculation and quick profit-taking once Pi is tradable, leading to potential mass sell-offs. The lack of fundamental value support and reliance on community consensus make Pi vulnerable to sharp price drops upon listing.

Which Exchanges Will List Pi and Will It Drop?

On February 20, 2025, Pi officially launched on the mainnet and was listed on exchanges like Gate, providing liquidity. The current trading pair is mainly PI/USDT. After six years, Pi finally opened the mainnet, supported by many exchanges, marking a key moment for real-world trading.

Reasons for Price Drop: Bubble and Fully Diluted Valuation (FDV)

Pi’s price was highly volatile at launch, soaring to $2.20 then dropping below $1, settling around $1.54. This pattern highlights the issue of FDV—calculating total valuation by multiplying current price by total supply. At the peak, FDV reached $220 billion, ranking fourth globally, but this is a theoretical valuation not backed by actual circulating supply or demand. Most tokens are still unreleased, and the market price is driven by speculation, not fundamentals.

Is Pi a Scam? What Do Markets Say?

With mainnet launch and exchange listings, debates about Pi being a scam have intensified. Opinions are divided:

• Optimists: Believe in community consensus and potential, citing the large user base and low entry barrier. They see Pi’s value as rooted in social agreement, not necessarily a scam.
• Skeptics: Point to past delays, unfulfilled promises, and lack of strong applications. The history of multiple postponements and the absence of concrete use cases raise concerns about its legitimacy and long-term viability.

Summary: Pros and Cons of Pi

Advantages:

• Over 47 million members worldwide, strong community consensus.
• Zero cost to participate; just tap daily to mine.
• Growing real-world acceptance, with 64 stores in Taiwan accepting Pi.
• Continuous communication from project team since 2018, with timely updates.
• Mainnet launched in 2025, with multiple exchanges supporting trading.

Disadvantages:

• Multiple delays: mainnet promised in 2021 and 2022, only realized in 2025.
• Recruitment system resembles MLM; authorities have issued warnings.
• KYC involves personal data upload, raising privacy concerns.
• Free mining leads to sell-off pressure after listing; price dropped from $2.20 to $1.54.
• Mining consensus mechanisms are unclear, with vague anti-cheating measures.

Other Common Questions

Has Pi been listed? Is the mainnet live?

Yes, as of February 20, 2025, Pi has officially launched its mainnet and is tradable on exchanges like Gate. The current price is about NT$36 per Pi.

Why do so many support Pi?

Because it requires no investment—users just tap the app daily to mine Pi, with no need to deposit funds. Many join with the mindset of “it costs nothing, maybe I’ll get rich someday.” Since 2018, the project has maintained activity and communication, even amid delays and controversies.

Will Pi be listed on Binance?

There’s no official news yet. However, considering Binance’s history with similar coins like SHIB and PEPE, if Pi maintains popularity and successfully launches mainnet, Binance is likely to list it. Given Binance’s competitive stance, they will probably choose the option most beneficial for their platform.