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Why pioneers can’t trade mined Pi on exchanges now

The Pi Network coin has been listed on a number of exchanges, and at the present, the token’s rates are so alluring that pioneers want to convert their mined Pi right away for fiat currency.

The listing of the coin is a wise move, as least to reassure the pioneers that the three years they have spent clicking the thunder button once every 24 hours were not worthless. The Pi Network is currently functioning in an enclosed mainnet, and trading platforms like CoinMarketCap and Huobi expressly advise against making deposits or withdrawals of the coin at this time.

About the listed Pi token

There is no external connectivity allowed because Pi Network is still restricted to other public blockchains. The listed Pi Coin’s price solely represents the IOU’s value; it cannot be transferred between exchanges.

To trade their mined PiCoin for fiat currency, however, is now exceedingly difficult for pioneers due to this reason. So Remaining patient while the Core Team considers launching the mainnet is preferable for those who have Pi Coin that they have been mining for three years.

These are essentially IOUs that any exchange site can issue at the expense of certain novice investors, according to a seasoned cryptocurrency investor who commented on the price of Pi on CoinMarketCap. he said:

“$PI coins are not trading. These are IOU’s. Any exchange can offer an IOU. The exchanges are pumping and dumping at the expense of a few investors who don’t realize this until they’ve been had. The price will only remain high as long as there are people willing to throw caution to the wind.”

Source: User on CoinMarketCap

What is Pi Network?

Pi Network is a novel cryptocurrency and developer platform that (1) allows mobile users to mine Pi coins without draining the device’s battery, reducing the environmental impact, and (2) fosters the world’s most accessible and ubiquitous apps platform where developers can offer users real life utilities and products in exchange for Pi coins.

With its 30+ million engaged user base (as of December 2021) that allows anyone to mine straight from their smartphones, Pi Network strives to bring real economic power back to the masses. Pi’s blockchain secures not only economic transactions via a mobile meritocracy system but also a full Web 3.0 experience where community developers can build decentralized applications (dApps) for millions of users.


Written by T.I Ukende

T.I Ukende is a professional writer and ICT consultant. He has written many evergreen articles for Benuecast blog, classicgist, ellabase and many others before birthing the newsway blog.
Newsway delivers well researched and undiluted information on business, employment opportunities, personal finance and government empowerments.

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