A PI NETWORK user has come forward with concerns regarding their mined Pi coins, shedding light on what appears to be a complex situation with limited coin availability. The user reports that despite passing KYC in June 2022, only a fraction of their mined Pi coins has made its way to their wallet, leaving them with a mere 1.3% available for use.
I passed KYC in June 2022, but I only have 1.3% of my mined Pi coins migrated to my wallet and only 0.1% of my mined Pi coins available to spend in my Pi wallet due to 90% staking and only less than 30% of my referral passed KYC. This is an extreme small amount. If we give it a… pic.twitter.com/CxjHdsugwu
— Kim H Wong (@Time_and_Trade) January 29, 2024
KYC Impact on Coin Accessibility
The user explains that a significant portion of their mined Pi coins is subject to staking, with a whopping 90% being held in this manner. Additionally, a less than satisfactory percentage of their referral network has passed KYC, further limiting the availability of their Pi coins. This raises questions about the broader impact of KYC procedures on user coin accessibility within the Pi Network.
Sparse Pi Availability
The user’s calculations, assuming a generous estimate of 1% Pi coin availability overall by the Open Mainnet, paint a stark picture of scarcity. With only 1 billion Pi potentially in circulation, when divided among the 50 million pioneers, the result is a mere 20 Pi per pioneer. This scarcity, as per the user, underscores the rarity of Pi coins within the network.
The user’s message prompts a call for fellow Pi Network members to share their own situations and thoughts on the matter. As the Pi community is known for its active engagement, this call could spark discussions around KYC processes, staking policies, and the overall distribution and availability of Pi coins.
The user’s concerns open a dialogue on the fundamental principles of Pi Network, touching on aspects of coin distribution, staking, and the impact of KYC on individual users. The community may now reflect on the intended goals of Pi Network and how the current system aligns with those goals.
As the Pi Network community delves into this matter, it will be interesting to see how users share their experiences and whether there are common themes or variations in the distribution and availability of mined Pi coins. This conversation may pave the way for constructive discussions and potential adjustments within the Pi Network ecosystem. Read Similar Story
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