The Crypto Investors’ Fury: Demanding the Pi App Be Deleted

Pi Network: The Long Wait for Investors

On July 3rd, numerous accounts within Pi Network investment groups on social media platforms such as “Thế Giới Pi Network” (with 234,000 members), “PI NETWORK VIET NAM” (89,000 members), and “Pi Network vn” (47,800 members) simultaneously posted calls to uninstall the app and quit the game following the Pi Network team’s continued promises without a clear timeline for the official trading of this cryptocurrency.

“Uninstall the app, they’re only good at making promises. Who knows when the Mainnet launch will actually happen?” wrote user M.M in a Pi group with over 150,000 members.

In the comments, a user by the name of L.A expressed their frustration: “What’s the point of keeping the app now? Other projects have been listed on exchanges for ages, while this one occasionally pops up with an announcement to give false hope. In reality, they’re herding us along instead of genuinely working on the project.”

Similarly, user Q.L wrote: “It’s extremely disappointing. Uninstalling the app is the right decision, no debate. Many people are rushing to invest while the Pi Core is clearly making excuses to delay.”

However, many other users remain optimistic and continue to fully support the project. User C.P wrote: “Whether you uninstall the Pi app or not doesn’t affect anyone. Pi is a long-term project. If you’ve lost faith, don’t post about it on Facebook. The Mainnet will launch soon, and those who sell now will regret it later.”

Previously, on June 28th, according to prnewswire, Pi Network announced plans to transition to the “Open Mainnet” phase, enabling users to trade cryptocurrencies by 2024.

However, this transition is subject to several conditions, including: 15 million KYC-verified Pi users; 10 million users migrating to the Mainnet; 100 Pi apps operating on the Mainnet or ready for the Mainnet; and no adverse external factors, among others.

The Pi Network community reacted with skepticism, believing that the project was deliberately being delayed and that the timing of the Open Mainnet launch could not be determined, if it would even happen at all, due to some vague and ambiguous conditions.

Mr. Nicolas Kokkalis, founder and CTO of Pi Network, stated that over the past few months, the team had been continuously testing and optimizing the technology, making multiple modifications to facilitate a smoother transition to the Mainnet, as well as working on KYC and other blockchain components.

“These updates will support upcoming projects such as KYC deadline extensions, the second and subsequent transitions, Mainnet and blockchain… towards the Open Pi Network in 2024,” the founder promised.

To date, Pi Network has attracted over 60 million participants globally, with more than 12 million KYC-verified accounts (up from 9.45 million in March).

According to financial experts, cryptocurrencies like Pi are not yet legally recognized as a means of payment. Therefore, investors bear all the risks when investing in this type of currency and similar products, as they are not protected by law.

“Users should be cautious before engaging in investment activities, capital mobilization, or participating in promotional events and transactions involving cryptocurrencies,” experts advised.

Regarding Pi, at a press conference in June 2023, Lieutenant General Lê Xuân Minh, Deputy Director of the High-Tech Crime Prevention and Control Department (A05), stated that they had coordinated with local police to investigate the investment promotion activities related to this digital currency.