#PI All those hyping $Pi have overlooked the fundamental issues. After years of "mobile mining," there is still no token that is widely traded, highly liquid, has a clear price discovery mechanism, transparent tokenomics, and support from mainstream exchanges. The longer this situation persists, the more it resembles a large-scale user mining experiment rather than a genuine crypto asset that meets market needs. Until there is verifiable circulating supply, audited code, real on-chain activity, and an open market where people can freely buy and sell, a rational attitude towards $Pi should be cautious rather than blindly trusting screenshots and invitations.