Bybit CEO: Pi Network Poses Greater Risks than Meme Coins

In a recent discussion, Bybit's CEO, Ben Zhou, made headlines by labeling Pi Network as "more dangerous than meme coins." This stark claim has triggered a significant reaction from the Pi Network community, resulting in a notable decline in the Bybit app's rating on the Google Play Store, which now sits at 2.7 stars.

Understanding Zhou's Criticism of Pi Network

Zhou elaborated on his perspective, pointing out that Pi Network currently lacks a fully functional product. Despite some previous listings on exchanges like OKX and MEXC, Pi Network's PI coin remains absent from major trading platforms. This has raised serious concerns regarding the project’s transparency and its actual value, as its worth appears to rely heavily on community sentiment rather than solid fundamentals.

After several years of development, the absence of a fully operational blockchain for the Pi Network remains a critical issue. Zhou contends that depending solely on community trust and the fear of missing out (FOMO), without a tangible product, is hazardous. The project faces considerable risks if it fails to meet essential milestones, such as launching its mainnet or achieving widespread usage. Moreover, Pi Network has continuously postponed key processes like its mainnet launch and Know Your Customer (KYC) verification, with an open network now expected to launch on February 20, 2025.

Recently, the KYC deadline was extended to March 14, but numerous Pioneers have highlighted ongoing technical challenges. Many are pleading for additional time to address these issues.

Community Backlash Against Zhou's Statements

Zhou’s comments have understandably unsettled some members of the Pi Network community, leading to a backlash. Critics argue that his assessment is overly harsh, considering Pi Network is still in its developmental phase and holds significant potential for the future.

“Bybit CEO Ben Zhou’s remarks indicate a superficial understanding of the crypto ecosystem,” remarked a user on social media.

In response to these remarks, the Pi community retaliated by downgrading the Bybit app’s rating further. Zhou has expressed hope that the leadership team at Pi Network will proactively clarify their project's potential rather than engaging in personal disputes with exchange platforms.

This situation isn't unprecedented, as the Pi community has previously reacted strongly to unfavorable comments from exchanges. Following Binance’s proposal for listing Pi, only to later retract, community members called for one-star ratings on the Binance app. In turn, Binance launched a feature that allows users to vote on token listings, demonstrating the powerful influence of community sentiment.

Currently, the PI coin struggles to maintain its value, trading at approximately $1.43, and remains under pressure as bearish indicators prevail.

As the situation with Pi Network continues to evolve, it remains to be seen how the community and market will respond. The ongoing debate highlights the importance of transparency and credibility in the ever-evolving landscape of cryptocurrency.