揭穿PI網絡項目：Pi Coin是騙局嗎？

自2月底在主網上正式推出以來，就PI網絡項目引起了很多爭議和猜測。

There has been much controversy and speculation about the Pi Network project since it officially launched on the mainnet at the end of February. While the price of Pi Coin has hardly changed in the past few days, continuing to trade in the range of $0.75–$0.80, the largest cryptocurrency YouTube channel, Coin Bureau, decided to take a closer look at the project.

自2月底在主網上正式推出以來，就PI網絡項目引起了很多爭議和猜測。儘管Pi Coin的價格在過去幾天中幾乎沒有變化，但仍在交易範圍為0.75-0.80美元，最大的加密貨幣YouTube頻道Coin Bureau決定仔細研究該項目。

For those living under a rock, Pi Network is a blockchain project that began in 2018. It claims to be developing a decentralized ecosystem with a focus on financial inclusion. The project has managed to acquire a following of several million users, who mine Pi tokens daily via a mobile application.

對於居住在岩石下的人，PI網絡是一個始於2018年的區塊鏈項目。它聲稱正在開發一個專注於金融包容性的分散生態系統。該項目已設法收購了以下幾百萬用戶，他們每天通過移動應用程序挖掘PI令牌。

However, despite its popularity, Pi Network has also faced criticism for its lack of transparency, slow progress, and alleged involvement in pyramid scheme activities.

但是，儘管它很受歡迎，但PI網絡還因缺乏透明度，進步緩慢以及涉嫌參與金字塔計劃活動而面臨批評。

In his in-depth analysis, host Nick will examine everything, including who really founded Pi, how it operates, its revenue generation methods, and the possibility of the Pi token reaching the magical $5 mark.

主持人尼克（Nick）在深入的分析中將檢查一切，包括誰真正創立了PI，其運作方式，其收入生成方法以及Pi代幣達到魔法$ 5的可能性。

Let's start with the key players behind Pi. While the project is usually linked to Stanford graduates Nicholas Kokalis and Chengdiao Fan, the original team actually comprised four founders. Vincent McPhillip and Aurelien Schiltz were also part of the initial core team. However, Vincent left the project amid controversy and even filed a lawsuit, which was settled out of court in 2023. Aurelien remained and continues to contribute actively to Pi's codebase.

讓我們從PI背後的主要參與者開始。儘管該項目通常與斯坦福大學的畢業生Nicholas Kokalis和Chengdiao粉絲有關，但原始團隊實際上是四個創始人。 Vincent McPhillip和Aurelien Schiltz也是最初的核心團隊的一部分。但是，文森特在爭議中離開了該項目，甚至提起了訴訟，該訴訟於2023年在法庭上解決。 Aurelien仍然留下來，並繼續為PI的Codebase積極貢獻。

One of the most crucial aspects of the Pi Network is how it functions. Unlike most cryptocurrency projects that utilize proof of work or proof of stake, Pi runs on a modified version of the Stellar Consensus Protocol. It is highly centralized, with only 28 nodes and 3 validators, all maintained by the core Pi team. This level of control has raised concerns for individuals seeking a truly decentralized currency.

PI網絡最關鍵的方面之一是它的運作方式。與大多數利用工作證明或股權證明的加密貨幣項目不同，PI在恆星共識協議的修改版本上運行。它是高度集中的，只有28個節點和3個驗證器，全部由核心PI團隊維護。這種控制水平引起了人們對尋求真正分散貨幣的個人的擔憂。

In terms of mining Pi, it's not traditional mining. Users tap a button once a day to demonstrate that they are human and engaged in the network. It's more like a game reward system than a blockchain consensus mechanism. And while millions of users have completed KYC to claim their tokens, only a small portion of the total supply is currently unlocked and available for trading.

就採礦PI而言，這不是傳統採礦。用戶每天點擊一個按鈕，以證明自己是人類並參與網絡。這更像是遊戲獎勵系統，而不是區塊鏈共識機制。儘管數以百萬計的用戶已經完成了KYC聲稱其令牌，但目前只有一小部分總供應量已解鎖並可用於交易。

This leads us to the token economics. Pi has a maximum total supply of 100 billion coins. Sixty-five percent is allocated for mining, while the remaining percentage is for the team, platform, and liquidity. To date, 7.2 billion coins have been mined, but only 2 billion are unlocked for users. Meanwhile, over 3 billion Pi are unlocked for the team and platform. This means that the core team controls a greater circulating supply than the entire user base.

這使我們進入了代幣的經濟學。 PI的總供應最高為1000億個硬幣。分配了65％的人用於採礦，而剩餘的百分比是針對團隊，平台和流動性的。迄今為止，已經開采了72億個硬幣，但用戶僅解鎖了20億個硬幣。同時，為團隊和平台解鎖了超過30億個PI。這意味著核心團隊控制著比整個用戶群更大的循環供應。

Now, for the burning question: Can Pi Coin really reach $5?

現在，對於燃燒的問題：PI硬幣真的可以達到5美元嗎？

Technically yes, but only if specific conditions are met. Low liquidity on exchanges makes price pumping easier. According to data from Coin Bureau, only about 300 million Pi are sitting on known exchange wallets. This number is very small compared to other major cryptocurrencies. And if the team is selling coins through OTC exchanges and using that money to work with market makers, they could keep the price artificially high – at least for a time.

從技術上講，是的，但是只有滿足特定條件。交換的流動性低使價格泵送更容易。根據硬幣局的數據，只有大約3億PI坐在已知的交換錢包上。與其他主要加密貨幣相比，這個數字很小。而且，如果團隊通過OTC交易所出售硬幣並使用這筆錢與做市商合作，他們可以至少在人為地保持高價。

Nick explains that this kind of price manipulation isn't unique to Pi. It also occurs with other large projects. But because Pi has a low available supply on exchanges, moving the price is less challenging. That's how some believe Pi could reach $5, even if its fundamentals don't support that valuation.

尼克解釋說，這種價格操縱並不是PI獨有的。其他大型項目也會發生。但是，由於PI在交易所的可用供應量較低，因此挑戰性的挑戰較小。這就是某些人認為PI可以達到5美元的方式，即使其基本面不支持該估值。

The video also mentions upcoming milestones that could attract more attention and potentially boost the price. These milestones include smoothly transferring coins to the mainnet, converting forum tokens to Pi, and bringing in more developers to contribute to the ecosystem. However, Nick warns that the lack of transparency and slow communication with the Pi Network community is holding it back. Even now, their roadmap seems outdated and incomplete.

該視頻還提到了即將到來的里程碑，這些里程碑可能會引起更多的關注並有可能提高價格。這些里程碑包括順利地將硬幣轉移到主網，將論壇令牌轉換為PI，並引入更多的開發人員為生態系統做出貢獻。但是，尼克警告說，與PI網絡社區缺乏透明度和緩慢的溝通正在阻止它。即使是現在，他們的路線圖似乎已經過時且不完整。

There are also other concerns. The KYC process, handled internally by Pi, raises questions about privacy and the legitimacy of the data. If organizations and exchanges don't trust it, they won't participate in the ecosystem. And without their support, Pi's growth could stall.

還有其他問題。由PI內部處理的KYC流程提出了有關隱私和數據合法性的問題。如果組織和交流不信任它，他們將不會參與生態系統。沒有他們的支持，PI的增長可能會停滯不前。

Finally, the Pi Coin craze is built on a strange combination of potential and mystery. It has millions of users but very little liquidity. It promises decentralization yet is still tightly controlled by a small group. And it talks about utility, but the ecosystem is still in its early stages.

最後，Pi硬幣熱潮建立在潛力和神秘的奇怪組合上。它擁有數百萬用戶，但流動性很少。它承諾權力下放，但仍由一小組人嚴格控制。它談論了效用，但是生態系統仍處於早期階段。

So, can Pi Coin reach $5? Maybe, especially if low liquidity continues and interest spikes due to significant announcements or listings. But whether it can sustain that level – or even deserve it – depends on the level of trust the project can earn from the broader cryptocurrency community. Right now, this is a project to watch, but perhaps you shouldn't bet the house on it just yet.

那麼，Pi硬幣可以達到5美元嗎？也許，尤其是，由於大量的公告或上市，流動性持續不斷且利息峰值。但是，它是否可以維持該水平（甚至應得的）取決於該項目可以從更廣泛的加密貨幣社區中獲得的信任水平。目前，這是一個值得關注的項目，但也許您還不應該敢打賭。