Is Pi Network a Scam? Analyst Explains Why 65M Users Changed Everything

After months of silence, slow progress, and a frustrated community, many seem to have given up on the Pi Network. 

But crypto analyst Dr. Altcoin is defending the project from collapse under its own weight.

Here’s what he has to say.

Pi Network has been under fire for delays especially after missing its promised Open Mainnet launch in December 2024. Even longtime supporter and crypto expert Dr. Altcoin admitted he began questioning the project’s direction.

“The only time I ever doubted whether Pi Network might be a scam was when the Pi Core Team repeatedly broke its promises,” he said in a recent post.

In January 2025, he ran a poll among nearly 5,900 users. 52% still backed the project. Confidence grew stronger when Pi Coin was listed on major exchanges like OKX and MEXC in February, staying within the Q1 timeframe he had set as a personal deadline.

A Project That Grew Faster Than Expected

So what caused the delays? According to Dr. Altcoin, Pi Network simply grew too fast.

What started as a small project ballooned into a global network with over 65 million users across 200+ regions. The infrastructure, he says, wasn’t built for that kind of scale, causing bottlenecks and slowdowns.

“The project’s infrastructure was pushed beyond its limits, yet it endured,” he said. “It was and still is a massive undertaking.”

Pi Network Keeps Building Behind the Scenes

While users have been waiting for updates, the team has continued development.

• A new Pi Node upgrade (v0.5.3) is now live. It adds auto-update features and makes it easier to set up nodes.
  
• Banxa integration now lets users buy and sell Pi using Apple Pay, Google Pay, and other payment methods.
  
• Pi has been listed on more exchanges, including Swapfone, a U.S.-regulated platform.

There’s also speculation about a Binance listing, after recent Pi Wallet updates showed support for Binance Connect and Binance P2P. That would indeed be huge!

Security Is Still a Concern

As the Mainnet migration continues, the Pi Core Team is urging users to complete 2FA setup in their Pi Wallets. This has even prompted speculation that something major is coming. But Dr. Altcoin says that’s not enough.

He’s calling for multi-factor authentication, including biometrics, to keep wallets secure even if a user’s passphrase gets leaked.

What’s Next for Pi Coin?

Pi Coin’s price has stayed between $0.43 and $0.45, but traders say it recently broke above a key trendline. If it holds support, a move toward $0.465 could follow.

Still, price isn’t the full story here. Pi’s development is moving slowly, but steadily. And for now, that’s keeping the project alive in the eyes of its strongest supporters.

“Let’s not forget to celebrate the milestones Pi Network has already achieved,” Dr. Altcoin said.

Whether the big breakthrough comes next or not, we’ll keep you posted.