Weird: 6 Most Trending Rumors About Pi Network

Pi Network-related rumors are constantly being spread.
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Pi Network, a mobile-mineable cryptocurrency project, has amassed a vast user base within a short period of time. As of writing, the project has attracted over 47 million Pioneers and has a sizable social platform community.

Despite such a huge network, the Pi Network initiative is still in its enclosed Mainnet phase, preventing individuals from trading and exchanging Pi for fiat currencies.

Both these facets of Pi Network—the immense popularity and uncertainty surrounding the launch date of the Open Mainnet—have led the community to speculate about this futuristic blockchain project from both negative and positive angles. Indeed, some thoughts can be considered weird rumors.

Let’s look at some of the internet’s most popular rumors concerning the Pi Network right now:

1) Pi coin will overtake Bitcoin

Bitcoin is the largest cryptocurrency, with a current fully diluted market cap of $1,253,040,264,717.90 and price of $63,655.22. By looking at the size of the Pi Network, many Pioneers believe that this new digital coin will dominate even Bitcoin following its Open Mainnet release.

Without a doubt, Pi Network has the potential to overtake Bitcoin but it is challenging to predict when, as the mobile-mineable crypto project is still in its early development stage.

In this post, we asked for public opinion about Pi Network vs Bitcoin

Bitcoin is already an established digital asset and speculating Pi’s dominance over BTC now especially when it is yet to address many challenges for Open Mainnet launch does not make sense.

Overtaking BTC is unlikely to happen within a few days or months of Pi’s Mainnet launch. It may take this cryptocurrency several years to achieve this milestone.

Our Pi Network price prediction is also based on Bitcoin’s market capitalization

2) Pi’s market value will be $314,159 per Pi

Based on a GCV (Global Consensus Value), which has declared the value of Pi to be $314,159 per Pi, many Pioneers have a misconception that Pi’s mainnet price will be the same.

GCV value of Pi is determined by a group of merchants of certain countries including China, Nigeria, and more. This does not mean that everyone in the ecosystem will agree to deal at the same price. Notably, once the Pi Network open Mainnet launches, its value is likely to be very much less than the GCV value of Pi.

After the Open Mainnet launch, the market will be driven by traders on crypto exchanges.

3) Pi Network’s Open Mainnet will launch on December 28, 2023

Pi Network’s Open Mainnet launch has been undoubtedly the hottest topic of discussion within the community. The speculations on the launch date keep revolving around the community, with the majority of people saying that the launch would be either on Pi Day (14 March) or Pi2 Day (28 June) if KYC verification goes well.

Unfortunately, no launch-related announcements have been made to date (28 June). This has led to a new launch date rumor, which is December 28, 2023. This new date appears to be fictitious and is quickly gaining traction on Twitter.

4) Forbes has announced the Open Mainnet launch date

Some tweets and articles are circulating around saying that Forbes, one of the most recognized business magazines in the world, has announced the launch date of Pi Network Open Mainnet launch to be June 28, 2023 (today as of writing).

However, the fact is that Forbes has recognized Pi Network as a potential cryptocurrency project and has listed it on its website to provide regular updates, prices, and more to their visitors. It has not mentioned any date for the Open Mainnet launch.

5) Pi Network is a scam

The “Pi Network is a scam” statement is one of the most prevalent rumors about the Pi Network project. The spread of the rumor is somewhat obvious as many Pioneers are frustrated due to the uncertain launch date of the Open Mainnet.

Many people in the Pi community often say “This project is nothing more than a scam. The Pi Core Team is giving false hope and taking advantage of such a large user base to make profits through in-app ads.”

Although the concerns are valid up to some extent, it would be wrong to say Pi Network is a scam project as of now as the project team has been progressing in many promised areas and is transparent to the audience.

Is Pi Network Trustworthy
Image via Moneybinds

You may also want to read 5 Convincing Reasons to Believe in the Pi Network

6) Pi Network is a government project

This rumor is based on the fact that a group of Stanford grads founded Pi Network. Some people think the project is really a covert government initiative to monitor citizens’ activities.

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Disclaimer: This post solely reflects the author’s research and opinions.

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Sanjiv Jaiswal
Sanjiv Jaiswal

Founder and Chief Editor
Jaiswal is a dedicated explorer of blockchain technology, crypto realm, and financial markets. With a passion for data analysis and a love for simplifying complex topics, he leads the Moneybinds team in delivering valuable and genuine insights.

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