Is Pi Network’s Core Team Hoarding Coins? The Shocking Truth Revealed! 😱

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It has come to light, through the diligent efforts of PiScan, that the esteemed core team of the Pi Network possesses a most prodigious quantity of the total supply of Pi Coins (PI).

While one might argue that such a concentration of power is requisite in the nascent stages of a network’s evolution, it does, I daresay, provoke considerable trepidation regarding the future decentralization of this ambitious project.

Concentration of Pi Coin Supply: Core Team’s Control Raises Eyebrows

The most recent revelations indicate that the core team of the Pi Network holds a staggering 62.8 billion Pi Coins, artfully tucked away in six wallets. Furthermore, an additional 20 billion PI languishes in approximately 10,000 unlisted wallets, all belonging to this select group.

Thus, the total supply under their dominion amounts to a rather alarming 82.8 billion PI, which constitutes a significant portion of the maximum supply of 100 billion. One might wonder if they are planning to build a castle with all those coins! 🏰

To further complicate matters, the Pi Network currently operates with a mere 43 nodes and three validators scattered across the globe. In stark contrast, the venerable Bitcoin (BTC) boasts over 21,000 nodes, while Ethereum (ETH) and Solana (SOL) flaunt their respective counts of over 6,600 and around 4,800 nodes. It appears that the Pi Network is rather shy in the company of its more established peers.

This limited number of nodes and validators results in a rather alarming concentration of control, leaving the network in the hands of a select few. One might say it is more centralized than a tea party hosted by Lady Catherine de Bourgh! ☕

But wait, there’s more! The veil of transparency is rather thin, adding yet another layer of uncertainty to this already perplexing situation.

“Analyzing Pi Network’s source code and on-chain data is currently challenging due to its incomplete openness,” lamented PiScan on X.

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On the day of its launch, the search interest soared to a remarkable 100, indicating a peak of public attention and excitement surrounding the event. Alas, this figure has now dwindled to a mere 12 at the time of this report, reflecting a rather steep decline in interest. One might say it is akin to a ball that has lost its charm! 🎉

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2025-03-12 11:07