PI網絡，Coinbase和上市風險：紐約人

Pi Network的潛在共插曲是列出金票還是傻瓜的差事？我們剖析了謠言，風險以及對投資者的意義。

The buzz around Pi Network potentially listing on Coinbase is deafening. Is it the real deal, or just another crypto pipe dream? Let's break it down, New Yorker style.

PI網絡周圍的嗡嗡聲可能在Coinbase上列出。這是真正的交易，還是另一個加密管道夢？讓我們分解，紐約人的風格。

Pi Network and Coinbase: The Rumor Mill Churns

PI Network和Coinbase：謠言磨坊

As of August 2025, the crypto world is buzzing about a possible Coinbase listing for Pi Network. Hints dropped on social media, plus the project's technical progress and some institutional interest, have everyone speculating. Coinbase's CLO, Paul Grewal, even posted a Pi Day image that got tongues wagging. But is there fire under all this smoke?

截至2025年8月，加密貨幣世界正在嗡嗡作響，以欣賞PI網絡可能的共同插件上市。在社交媒體上的提示，加上該項目的技術進步和一些機構興趣，所有人都在猜測。 Coinbase的CLO Paul Grewal甚至發布了Pi Day圖像，舌頭搖擺不定。但是，在所有這些煙霧下是否有火？

The Good News: Catalysts for Optimism

好消息：樂觀的催化劑

Pi Network's made strides. They're nearing completion of their open-source code, aiming for a full release by September 3, 2025. This is huge because Coinbase needs that transparency. Plus, Valour, a European company, launched a Pi Coin Exchange-Traded Product (ETP), and Ulu Ventures added Pi to their portfolio. Even a listing on Swapfone, a US-regulated exchange, happened. Things are looking up, right?

PI Network取得了長足的進步。他們接近完成其開源代碼，旨在在2025年9月3日之前完整髮布。這是巨大的，因為Coinbase需要這種透明度。另外，歐洲公司Valor推出了PI硬幣交易所交易產品（ETP），Ulu Ventures將PI添加到了他們的投資組合中。甚至在Swapfone上的列表（美國監管的交易所）也發生了。事情正在抬頭，對嗎？

Hold Your Horses: Risks and Red Flags

握住你的馬：風險和危險信號

Not so fast. Pi Network's got a history of delays and governance issues. Their massive token supply is a worry, and real-world utility is still kinda vague. The price is hovering around $0.338, but it's mostly retail investors driving the hype. Analysts are saying this 15% price jump is built on rumors, not solid ground. Regulatory uncertainty is also a biggie. Sure, Valour's ETP is regulated in Europe, but what about the US and the rest of the world?

不那麼快。 PI Network有延誤和治理問題的歷史。他們的大量令牌供應令人擔憂，現實世界中的實用程序仍然有些模糊。價格徘徊在0.338美元左右，但主要是驅動炒作的零售投資者。分析師說，這15％的價格上漲是基於謠言而不是堅實的基礎。監管不確定性也是一個大事。當然，Valor的ETP在歐洲受到監管，但是美國和世界其他地方呢？

The Institutional Angle: A Double-Edged Sword

機構角度：雙刃劍

Institutional interest is nice, but it ain't a guarantee. The Swapfone listing and ETP are cool, but Pi needs to prove to Coinbase that they meet all the strict requirements. This could take months, and Coinbase could still say no. And if Coinbase doesn't confirm a listing by September 2025? Watch out for a price correction.

機構利益很好，但這不是保證。 Swapfone列表和ETP很酷，但是PI需要證明它們滿足所有嚴格要求。這可能需要幾個月的時間，而Coinbase仍然可以說不。如果Coinbase在2025年9月之前無法確認上市？提防價格更正。

A Balanced Approach: What Should Investors Do?

平衡的方法：投資者應該做什麼？

If you're thinking about investing in Pi Network, be smart. The potential Coinbase listing could bring big rewards, but there are serious risks. Keep an eye on these things:

如果您正在考慮投資PI網絡，請保持聰明。潛在的共插入式上市可能會帶來很大的回報，但存在嚴重的風險。密切關注這些事情：

• Open-Source Completion: The September 3, 2025, launch is key for trust.
• Regulatory Clarity: Any news about compliance from Pi or Coinbase matters.
• Market Fundamentals: Look for real-world use and activity.

Until then, treat Pi as a gamble, not a core investment. Only put in what you can afford to lose. But for those with patience, the project's progress is worth watching.

在此之前，將PI視為賭博，而不是核心投資。只能投入您負擔得起的損失。但是對於那些有耐心的人來說，該項目的進度值得一看。

My Two Cents

我的兩分錢

Personally, I think Pi Network's playing a high-stakes game. The Coinbase listing is a huge gamble, but if they pull it off, it could be massive. The project needs to focus on providing clear utility. The listing on Swapfone and the push for open-source are steps in the right direction. Ultimately, it all hinges on whether Pi Network can deliver on its promises and convince the big players (like Coinbase) that it's the real deal.

就個人而言，我認為Pi Network正在玩高風險遊戲。 Coinbase列表是一場巨大的賭博，但是如果他們將其推出，那可能會很大。該項目需要專注於提供清晰的實用程序。 SwapFone上的清單和開源推動是朝正確方向的步驟。最終，這一切都取決於Pi Network是否可以兌現其承諾，並說服大玩家（如Coinbase）這是真正的交易。

The Bottom Line

底線

So, is Pi Network's Coinbase dream a slam dunk or an air ball? Only time will tell. But one thing's for sure: it's a wild ride. And in the crazy world of crypto, you gotta strap in and enjoy the show!

那麼，Pi Network的Coinbase是否夢想著扣籃或空氣球？只有時間會證明。但是可以肯定的是：這是一個瘋狂的旅程。在瘋狂的加密世界中，您必須參加並享受演出！