Delayed Mainnet Launch: Pi Network launched in 2019, but hasn't yet transitioned to a fully functional "mainnet" stage. This raises concerns about the project's progress and ability to deliver on its promises. Established cryptocurrencies typically launch on exchanges soon after development.

Lack of Transparency: The Pi Network team hasn't released a detailed white paper or technical documents explaining how the project functions. This lack of transparency makes it difficult to assess the legitimacy and security of Pi Coin.

Focus on User Acquisition: The Pi Network rewards users for inviting new members, which can be a sign of a pyramid scheme. A legitimate project's focus should be on building a strong core technology, not solely on recruitment.

Monetization Through Ads: Critics argue that Pi Network profits heavily from in-app advertising while users "mine" Pi. This raises questions about whether the project prioritizes user rewards or ad revenue.

Uncertain Value of Pi Coin: Since Pi Coin isn't traded on exchanges, it's impossible to determine its actual value. This lack of a market price makes Pi a risky proposition for potential investors.

It's important to note that Pi Network also has its defenders who argue that the project is innovative and still under development. They point to the large user base as a positive sign. However, the arguments above raise significant red flags that you should consider before investing any time or effort in Pi Coin.