Having been involved in the cryptocurrency field since 2015, having researched Bitcoin and other cryptocurrencies, Mr. Le Son Tung, manager of The Startup, is quite concerned about the recent trend of people mining Pi and investing in Pi.

“Vietnamese people are very sensitive to new investment trends, especially in the crypto field. Pi Network has attracted a large community in Vietnam right from the beginning, when Pi mining was free on phones. Now that Pi has been listed on the exchange, many people will continue to be interested and trade, especially when the mentality of 'buying early to wait for price increase' is still popular,” said Mr. Tung.

However, speaking with VietNamNet reporter , Mr. Tung said that the actual level of participation depends on many factors such as liquidity, trust in the ecosystem, legal policies...

If Pi is easy to trade and withdraw real money, more people will participate. If Pi is only traded without practical applications, the number of investors will gradually decrease. Moreover, when there are strict regulations on Pi trading, participation may be difficult.

“In general, if Pi maintains its development and has a clear roadmap, the level of participation of Vietnamese investors will still be very high, but not as explosive as in the beginning,” Mr. Tung said.

For those who dream of getting rich quickly by mining Pi, Mr. Le Son Tung recommends "reconsidering".

Investment Pi.jpg
Many cryptocurrency experts believe that one should not invest too much in the Pi ecosystem if it is not clear. Photo: Trong Dat

He explained that Pi is no longer free as before. Currently, the speed of mining Pi has decreased sharply. Without KYC (identity verification), the amount of Pi mined may be worthless.

On the other hand, mining Pi is just the beginning. The real value of Pi depends on the ecosystem. Without practical applications, the Pi you hold may just be a number on a screen.

“The most worrying thing now is the ‘Pi players’ who don’t understand much about business (real value of the project, financial knowledge, experience in trading speculative assets...), just go to the trading floor. There is a 90% risk of losing money. Those who are greedy can lose more because of lack of knowledge,” Mr. Tung is concerned.

Sharing the same opinion with many other cryptocurrency experts, Mr. Tung warned "not to invest too much in the Pi ecosystem if it is not clear".

“There are currently many invitations to 'buy and sell Pi', 'invest in the Pi project' with high profit commitments. Be careful with these invitations. If you see the Pi price increase sharply on the exchange, do not rush to catch the peak . Crypto is always unpredictable. If you want to participate, consider this an experiment rather than a way to get rich. Do not put too much hope on big profits when everything is still unclear,” he noted.

Another aspect is the risk of fraud, causing many people who lack knowledge and understanding of cryptocurrencies to be lured into becoming traders and then lose money unjustly.

Recently, Hanoi City Police have issued a warning about the risks of investing in the Pi Network cryptocurrency. Currently, there are many websites advertising and calling on users to buy and sell Pi, which poses a risk of fraud and violation of the law.

Authorities believe that Pi coin currently has no practical application, the buying and selling value is self-determined, which can easily cause misunderstandings.

Some subjects may take advantage of Pi to commit fraud such as: Issuing fake Pi virtual currencies to illegally raise capital; creating fake applications to collect personal data, appropriating assets; taking advantage of Pi transactions to commit financial fraud.

Hanoi Police recommend that people be cautious before investing in Pi Network; do not post or share unverified information about virtual currency on social networks to avoid causing public confusion and violating the law.

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