Pi Network's 65M user milestone sparks legitimacy debate as blockchain delays persist

The debate over Pi Network’s legitimacy has intensified amid its expansion to 65 million users, a milestone attributed to organic growth rather than fraudulent activity, according to crypto analyst Dr. Altcoin. The platform’s delays in launching its public blockchain—initially slated for December 2024—have fueled skepticism, but Dr. Altcoin argues these setbacks stem from unprecedented adoption rather than malfeasance [1]. The project’s infrastructure, he explains, was not designed to scale to 200+ regions simultaneously, leading to bottlenecks that slowed progress but did not derail the project [1].

Recent developments, including listings on exchanges like OKX, MEXC, and Swapfone, have bolstered confidence among users. A January 2025 poll by Dr. Altcoin revealed that 52% of 5,900 respondents still support the project, a figure that rose after these listings met a self-imposed Q1 2025 deadline [1]. Meanwhile, the team has rolled out backend upgrades, such as the v0.5.3 node version with auto-update features and integration with Banxa for payment flexibility [1]. Speculation about a potential Binance listing has also emerged, with Pi Wallet updates showing compatibility with Binance Connect and P2P services [1].

Security concerns, however, remain a sticking point. While the Pi Core Team urges users to enable two-factor authentication (2FA), Dr. Altcoin advocates for stronger measures, including multi-factor authentication (MFA) with biometrics, to protect against compromised wallets and stolen passphrases [1]. Some community members have already flagged vulnerabilities, emphasizing the need for robust solutions [1].

Pi Coin’s price has fluctuated between $0.43 and $0.45, with traders noting a recent breakout above a key trendline that could push the coin toward $0.465 if support holds [1]. Yet price movements are only part of the narrative. The project’s gradual, if uneven, progress—including infrastructure upgrades and ecosystem development—has kept its core supporters engaged [1].

Critics, including MEXC analysts, caution against conflating Pi’s legitimacy with the risks of third-party scams, such as paid mining services or fake investment schemes, which are unrelated to the platform’s core model [3]. These warnings highlight the dual-edged nature of Pi’s rapid growth: while it democratizes crypto access through mobile-friendly mining, it also creates opportunities for exploitation [3].

Long-term viability hinges on Pi’s ability to attract developers and entrepreneurs to build applications on its blockchain. With 400,000 nodes and a decentralized network spanning 200+ regions, the platform has demonstrated technical resilience despite its challenges [1]. However, regulatory clarity and sustained progress toward an open mainnet remain critical hurdles. Dr. Altcoin acknowledges that the team has admitted slower-than-expected execution but emphasizes that transparency in addressing obstacles—such as user onboarding and technical complexity—underscores its commitment to iterative improvement [1].

For now, Pi Network’s survival appears tied to its capacity to balance user growth with technical execution. While 65 million users represent a significant achievement, the project’s future will depend on whether it can maintain momentum without sacrificing credibility. Users are urged to remain vigilant, distinguishing between the platform’s core mission and external risks as the crypto landscape evolves [1][3].

Sources:

[1] title: Is Pi Network a Scam? Analyst Explains Why 65M Users ...

url: https://coinpedia.org/news/is-pi-network-a-scam-analyst-explains-why-65m-users-changed-everything/

[3] title: When Will Pi Mining End? Pi Network Mining Timeline | MEXC

url: https://blog.mexc.com/when-will-pi-mining-end/