LUCKNOW (CoinChapter.com)— The Pi Network, a blockchain platform that claimed to be revolutionary but has only revolutionized methods to invent new excuses for its delays, is currently facing a series of challenges, including delays in mainnet launch and a lack of transparency on crucial issues.
Apart from the Pi Network team’s silence on the issue of scams plaguing users, another pressing concern is the potential misuse of its mining mechanism by bots and automated scripts, commonly referred to as “bot mining.”
Bot Mining in Pi Network: An Emerging Threat
Bot mining refers to the use of automated scripts or bots to mine Pi Coins, bypassing the intended mobile mining mechanism designed for genuine users. This tactic undermines the integrity of the Pi Network and also threatens to flood the ecosystem with Pi Coins earned through illegitimate user activity.
While the Pi Network’s official stance remains silent, unofficial sources have hinted at a potential crackdown on these bot-mined coins.
Recent unverified reports suggest that Pi Coins from bots, scripts, or inactive accounts may not get to transition to the mainnet. Instead, these coins could be made available for genuine PI coin users to mine.
If true, the move could represent a significant step towards rewarding dedicated users and maintaining the integrity of the Pi ecosystem.
However, despite the growing concerns and discussions among the community, Pi Network’s official channels have yet to confirm or deny these reports. The network’s leadership’s silence on critical issues only adds to the uncertainty, leaving many users in the dark.
As Pi Network continues to navigate these challenges, the community remains eager for transparency and decisive action to ensure that the platform can fulfill its promise of creating an inclusive and fair blockchain ecosystem.
Pi Coin IOU Price Continues Crabbing (YAWN!!)
After days of lateral movement, the PI USD pair finally showed signs of life. On Aug. 13, the PI coin IOU (disowned by the Pi Network team) price plummeted nearly 16% to a daily low near $30 before recovering. The Pi Network token’s price rallied nearly 6% to a daily high near $35.5 on Aug. 14.
As usual, no one blinked an eye when the Pi Network token’s IOU price took a nosedive. Sure, the IOU isn’t the real deal when it comes to the actual value of Pi, but you’d think the same folks who pop champagne bottles when one hopium-addicted user pays another in Pi would at least notice when the price heads south.
These are the same dreamers convinced that the Pi-USD pair will somehow defy all logic and hit $314,159 when the mainnet launches—because why not, right? Yet, when the token’s IOU price stubbornly refuses to do anything interesting, their silence is deafening.
Even trading pairs like the PI-INR pair have flatlined, refusing to provide the drama that some traders seem to crave. In reality, while the masses fantasize about Pi’s meteoric rise, its price action continues to be about as exciting as watching paint dry.
The support near $31.2 held, helping bulls stage a fightback. However, failure of the immediate support could bring the support near $28.7 into action. On the other hand, in the unlikely event of an uptrend, PI coin price might face resistance near $35.3 and $38.6 price levels.
The RSI for PI remained (surprise, surprise) neutral, with a score of 38.78 on the daily charts.
