Is Pi Network Just a Fancy Scam? Simon Dedic Thinks So! 😱

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So, Simon Dedic, the big cheese at Moonrock Capital, has thrown some serious shade at Pi Network’s trading antics. Who knew crypto could be so dramatic? 🎭

He’s not alone in his skepticism; a whole parade of industry bigwigs are raising their eyebrows at Pi Network’s business model. And get this, the project has somehow roped in a whopping 65 million users since it popped up in 2018-2019. Talk about a popularity contest! 🏆

Simon Dedic Goes Full Sherlock on Pi Network

In a post that could rival a soap opera script on social media platform X (formerly Twitter), Dedic pointed out some glaring red flags waving like they’re at a football game. His main beef? The authenticity of Pi Network’s trading volume. Spoiler alert: it’s not looking good. 🚩

“My thoughts: This is just a giant Ponzi that faked it till they made it,” Dedic quipped. Ouch! 🔥

Simon’s got a point. Despite boasting a $26 billion fully diluted valuation (FDV) and a 60% token float, it seems like the Web3 community is giving Pi the cold shoulder. Instead, it’s like a party for non-crypto folks who might not even know what a blockchain is. Awkward! 😬

And here’s the kicker: a huge chunk of Pi’s reported $3.5 billion daily trading volume is hanging out on exchanges like OKX, Bitget, and Gate.io. Dedic suspects this is mostly wash trading—where traders play a game of buy-sell-buy to make it look like there’s more action than there really is. Classic! 🎲

But wait, there’s more! Dedic also waved around a Chinese police report from 2023, shared by Bybit CEO Ben Zhou, that called Pi Network a scam targeting the elderly. Yikes! That’s a serious accusation that raises eyebrows and questions about the project’s credibility. 🕵️‍♂️

“It checks some red flags for sure and I am not going to touch it. May miss some profits, but better safe than sorry,” said Swizzy, a Web3 strategist. Wise words, Swizzy! 💡

And let’s not forget, this isn’t Pi Network’s first rodeo with criticism. Two years ago, Vietnam’s Cybercrime Unit was already on the case, and now legal experts are sounding alarms about potential risks. It’s like a never-ending thriller! 📚

Despite the drama, some analysts are waving the Pi flag, claiming it’s got a unique approach to crypto adoption. Plus, businesses in Florida are starting to accept Pi Coin. Real-world utility? Maybe! 🌍

Pi’s listing on exchanges like OKX has given traders a taste of liquidity, although the price took a nosedive after. Oops! 😬

Meanwhile, Binance is still playing hard to get with the Pi token. They’ve kicked off a community vote to see if Pi should join the party, stirring up a mix of excitement and skepticism. Will it be a hit or a flop? 🎉

The voting wraps up today, and only a handful of Binance’s massive user base has chimed in. Some investors are betting that a Binance listing could legitimize Pi Network, while others are rolling their eyes. 🙄

If Binance gives the green light, analysts think Pi’s price might just skyrocket temporarily. Some are even predicting a price range of $5 to $10 in April. Fingers crossed! 🤞

“Everything dumped, the market is bearish, Pi about to hit $2, about to be listed on Binance. By the end of April, Pi will trade above $5. Maybe at $10,” a hopeful crypto investor mused on X. Dream big, right? 💭

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2025-02-27 16:31