Pi Network’s Vietnam Problem? 🇻🇳😬

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Pi Network, bless its little digital heart, finds itself in a bit of a pickle. Turns out, nearly half of its total nodes are huddled together in Vietnam, like a gaggle of geese trying to escape a rainstorm. This, coupled with the country’s increasingly squinty-eyed view of crypto, has raised a few eyebrows (and possibly a dragon or two) about the project’s decentralization and stability in the long run.

And if that wasn’t enough, the core team’s grip on most of the Pi Coin (PI) supply is tighter than a goblin’s fist around a gold nugget. Which, naturally, adds to the general air of “Hmm, something’s not quite right here.” 🤔

Is Pi Network’s Future At Risk? Or Just Slightly Uncomfortable?

According to the learned scribes at Piscan, Vietnam is home to 154 of the network’s 319 nodes worldwide, which is a rather substantial 48.2% of the total. At the time of writing, 33 of the 76 connected nodes were also enjoying the Vietnamese sunshine. Seems like they’re quite fond of Pho and digital validation.🍜

Now, it’s worth mentioning that Pi Network only has two validator nodes, and both of them are firmly in the clutches of the core team. This, in itself, is a centralization issue of such magnitude that it could probably be seen from space. Many are, understandably, questioning the network’s integrity. “Integrity?” they cry, “What’s that?” 🤷

Still, the geographical concentration of the Pi Network’s watcher nodes in Vietnam raises additional concerns about fairness and decentralization. Imagine one country having a disproportionate say in the digital goings-on. It’s a bit like having the Patrician of Ankh-Morpork running the entire world. Probably efficient, but definitely raises questions. 🤔

Then there’s the small matter of Vietnam’s legal framework, which views virtual currencies like Pi Coin with the sort of suspicion usually reserved for trolls and door-to-door salesmen. According to Vietnamese law, these coins are not part of legal non-cash payment instruments. And, to add insult to injury, the authorities might fine anyone caught using Pi Coin for payments. Ouch. 🤕

“Any individual or organization using cryptocurrency, including Pi Coin, for payment transactions will be subject to penalties under Article 26, Clause 6 of Decree 88/2019/ND-CP, as amended by Clause 15, Point d of Article 1 of Decree 143/2021/ND-CP (with fines ranging from 50,000,000 VND to 100,000,000 VND) or could face criminal prosecution under Article 206,” the authorities wrote in a March post. Which sounds like a jolly good time for absolutely no one. 👮

The country’s cautious approach is further demonstrated by its legal warnings about Pi Network’s potential risks. In 2023, Vietnam’s authorities even launched an investigation into Pi Network, citing concerns about its business model. It’s all starting to sound a bit like a particularly convoluted Discworld plot, isn’t it? 📖

But wait, there’s more! The Ministry of Finance in Vietnam has proposed new regulations aimed at tightening cryptocurrency oversight by restricting custody to licensed institutions only. This proposal stresses the need for stricter control over cryptocurrency activities in Vietnam to ensure greater transparency, security, and compliance with local laws. Because nothing says “decentralized” like “strictly controlled by licensed institutions.” 🏦

Although still under consideration, this policy could impact local miners’ operations, potentially destabilizing the Pi Network’s infrastructure. It’s like pulling a thread on a very large, very digital, and potentially explosive tapestry. 💣

And if all of that wasn’t enough, there’s the Pi Network’s token distribution. PiScan data revealed that Pi Foundation wallets hold over 60.7 billion Pi of the total 100 billion supply. That’s a lot of Pi. Like, “enough to make a really big pie” a lot of Pi. 🥧

This centralization undermines the trust and distributed ethos that cryptocurrencies are supposed to embody. It’s a bit like finding out the Tooth Fairy keeps all the teeth. 🦷

“So long as the team holds some coins, it will never be decentralized,” a user wrote on Reddit. Which is a sentiment that probably resonates with anyone who’s ever tried to split a pizza with a room full of goblins. 🍕

Furthermore, BeInCrypto reported recently that a Pioneer alleged that the team was engaging in insider selling, further eroding trust. Therefore, for a project that markets itself as a decentralized, user-driven ecosystem, addressing these structural vulnerabilities will be critical to maintaining credibility and ensuring long-term stability. Or, at the very least, avoiding a visit from the Ankh-Morpork City Watch. 👮

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2025-05-22 14:11