揭穿PI网络项目：Pi Coin是骗局吗？

自2月底在主网上正式推出以来，就PI网络项目引起了很多争议和猜测。

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月底在主网上正式推出以来，就PI网络项目引起了很多争议和猜测。尽管Pi Coin的价格在过去几天中几乎没有变化，但仍在交易范围为0.75-0.80美元，最大的加密货币YouTube频道Coin Bureau决定仔细研究该项目。

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.

对于居住在岩石下的人，PI网络是一个始于2018年的区块链项目。它声称正在开发一个专注于金融包容性的分散生态系统。该项目已设法收购了以下几百万用户，他们每天通过移动应用程序挖掘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，尽管它很受欢迎，但PI网络还因缺乏透明度，进步缓慢以及涉嫌参与金字塔计划活动而面临批评。

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）在深入的分析中将检查一切，包括谁真正创立了PI，其运作方式，其收入生成方法以及Pi代币达到魔法$ 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.

让我们从PI背后的主要参与者开始。尽管该项目通常与斯坦福大学的毕业生Nicholas Kokalis和Chengdiao粉丝有关，但原始团队实际上是四个创始人。 Vincent McPhillip和Aurelien Schiltz也是最初的核心团队的一部分。但是，文森特在争议中离开了该项目，甚至提起了诉讼，该诉讼于2023年在法庭上解决。Aurelien仍然留下来，并继续为PI的Codebase积极贡献。

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网络最关键的方面之一是它的运作方式。与大多数利用工作证明或股权证明的加密货币项目不同，PI在恒星共识协议的修改版本上运行。它是高度集中的，只有28个节点和3个验证器，全部由核心PI团队维护。这种控制水平引起了人们对寻求真正分散货币的个人的担忧。

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.

就采矿PI而言，这不是传统采矿。用户每天点击一个按钮，以证明自己是人类并参与网络。这更像是游戏奖励系统，而不是区块链共识机制。尽管数以百万计的用户已经完成了KYC声称其令牌，但目前只有一小部分总供应量已解锁并可用于交易。

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.

这使我们进入了代币的经济学。 PI的总供应最高为1000亿个硬币。分配了65％的人用于采矿，而剩余的百分比是针对团队，平台和流动性的。迄今为止，已经开采了72亿个硬币，但用户仅解锁了20亿个硬币。同时，为团队和平台解锁了超过30亿个PI。这意味着核心团队控制着比整个用户群更大的循环供应。

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

现在，对于燃烧的问题：PI硬币真的可以达到5美元吗？

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.

从技术上讲，是的，但是只有满足特定条件。交换的流动性低使价格泵送更容易。根据硬币局的数据，只有大约3亿PI坐在已知的交换钱包上。与其他主要加密货币相比，这个数字很小。而且，如果团队通过OTC交易所出售硬币并使用这笔钱与做市商合作，他们可以至少在人为地保持高价。

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.

尼克解释说，这种价格操纵并不是PI独有的。其他大型项目也会发生。但是，由于PI在交易所的可用供应量较低，因此挑战性的挑战较小。这就是某些人认为PI可以达到5美元的方式，即使其基本面不支持该估值。

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.

该视频还提到了即将到来的里程碑，这些里程碑可能会引起更多的关注并有可能提高价格。这些里程碑包括顺利地将硬币转移到主网，将论坛令牌转换为PI，并引入更多的开发人员为生态系统做出贡献。但是，尼克警告说，与PI网络社区缺乏透明度和缓慢的沟通正在阻止它。即使是现在，他们的路线图似乎已经过时且不完整。

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.

还有其他问题。由PI内部处理的KYC流程提出了有关隐私和数据合法性的问题。如果组织和交流不信任它，他们将不会参与生态系统。没有他们的支持，PI的增长可能会停滞不前。

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.

最后，Pi硬币热潮建立在潜力和神秘的奇怪组合上。它拥有数百万用户，但流动性很少。它承诺权力下放，但仍由一小组人严格控制。它谈论了效用，但是生态系统仍处于早期阶段。

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.

那么，Pi硬币可以达到5美元吗？也许，尤其是，由于大量的公告或上市，流动性持续不断且利息峰值。但是，它是否可以维持该水平（甚至应得的）取决于该项目可以从更广泛的加密货币社区中获得的信任水平。目前，这是一个值得关注的项目，但也许您还不应该敢打赌。