“If you see Pi’s price surging on exchanges, don’t rush in to chase the peak. Those who lack knowledge but gamble on the hype could lose 90% of their money. Pi should be seen as an experiment, not a get-rich-quick scheme,” warns a cryptocurrency expert.
The growing Pi Network trend in Vietnam
Le Son Tung, a manager at The Startup and a cryptocurrency investor since 2015, has studied Bitcoin and other digital currencies extensively. He remains cautious about the recent surge in interest surrounding Pi Network mining and investment.
“Vietnamese investors are highly responsive to emerging trends, particularly in crypto. Pi Network attracted a massive following in Vietnam from the early days when mining was free on mobile devices. Now that Pi is listed on exchanges, more people are paying attention and trading, driven by the mentality of ‘buying early and waiting for price increases,'” Tung observed.
However, he told VietNamNet that participation in Pi trading depends on several factors, including liquidity, trust in its ecosystem, and regulatory policies.
“If Pi can be easily traded and converted into real money, more people will get involved. But if it remains a speculative asset with no real-world applications, interest will decline. Strict regulations on Pi transactions could also pose challenges,” he added.
In Tung’s view, if Pi continues to develop and establishes a clear roadmap, Vietnamese investor participation will remain high, but it won’t experience the same explosive growth as before.
Pi mining is no longer free – should investors be cautious?
For those hoping to get rich quickly through Pi mining, Tung advises reconsideration.
“Pi is no longer free to mine. The mining rate has dropped significantly. Without KYC (Know Your Customer) verification, mined Pi may be worthless,” he explained.
Furthermore, mining is just the beginning – Pi’s actual value depends on its ecosystem. Without real-world applications, Pi holdings may amount to nothing more than digital numbers on a screen.
“The biggest concern is that many Pi traders lack business knowledge, financial expertise, or experience with speculative assets. If they jump into trading without understanding the risks, 90% could lose money. Those who are overly eager to profit could end up losing even more due to their lack of knowledge,” Tung warned.
Risks of scams and unverified investment schemes
Tung, along with other cryptocurrency experts, strongly cautions against investing heavily in the Pi ecosystem until its legitimacy is clearer.
“There are numerous offers encouraging people to ‘buy and sell Pi’ or ‘invest in Pi projects’ with promises of high returns. Be wary of these claims. If Pi’s price surges on exchanges, don’t rush in blindly. Crypto markets are highly volatile. If you choose to participate, treat it as an experiment rather than a serious investment. Don’t expect large profits from something still unproven,” he advised.
A major concern is the increasing risk of scams targeting uninformed investors. Many people, lacking knowledge about cryptocurrencies, are lured into speculative trading schemes and lose money.
Authorities warn of legal and financial risks
Recently, the Hanoi Police Department issued a warning about the risks associated with investing in Pi Network. Several online platforms have been promoting Pi trading, raising concerns about potential fraud and legal violations.
Authorities emphasize that Pi currently lacks practical applications, and its market value is self-determined, leading to misleading perceptions about its true worth.
Scammers have exploited Pi’s popularity for various fraudulent schemes, including:
Creating fake Pi tokens to illegally raise funds.
Developing counterfeit Pi-related applications to steal personal data and assets.
Using Pi transactions to commit financial fraud.
Hanoi police advise the public to be cautious before investing in Pi Network. They also urge people not to share unverified information about cryptocurrencies on social media, as it could cause public confusion and violate legal regulations.
Binh Minh