The story of Pi coin can perhaps be summarized with one name: 'Jia Yueting-style business logic'. Like LeEco's 'ecological transformation', Pi coin leveraged a vague vision, unresolved plans, and endless expectations for the future to drive an unprecedented user frenzy.
The success of Pi coin is backed by a carefully designed economics of expectation, and its model is strikingly similar to the capital game logic of Jia Yueting during his time: stimulating confidence with hope, maintaining enthusiasm with ambiguity, and creating value through scale. Today, we will comprehensively analyze the 'economics of expectation' in this business experiment of Pi coin.
Step 1: Vision is king, draw the biggest pie
Jia Yueting's 'ecological transformation' attracted capital and users through endlessly expanding commercial stories, while Pi coin attracted a large number of believers by promoting the vision of decentralization and fair cryptocurrency.
Pi coin paints a grand future picture for users:
• It claims it will become the key for ordinary people to enter the crypto world, making the idea of 'mining without mining machines' deeply rooted in people's hearts.
• It advocates that 'consensus determines value' and encourages users to believe that as long as there are enough people, Pi coin can become a currency revolution.
• Its vision does not have a clear business model, but that is precisely the charm—users can fill in their imaginations on this 'blank paper', believing it can be anything.
This pie, although drawn vaguely, is big enough. And just like the LeEco ecosystem, the larger and seemingly omnipotent vision can inspire more trust.
Step 2: Hope-driven, persistence is victory
Delayed gratification is the psychological trick that Pi coin excels at utilizing, a pattern also frequently seen in Jia Yueting's business logic.
Pi coin always keeps users on edge:
• The mainnet has been repeatedly postponed, but 'technical perfection' and 'user consensus' have been used as reasons to shift the focus of questioning;
• Each update is just a small step forward, yet it is enough to fill people with hope for the final result.
• The official emphasizes that 'persistence is the greatest wealth of early miners', suggesting that the earlier one participates and the longer one persists, the greater the future rewards may be.
This logic is identical to Jia Yueting's classic quote to investors: 'Dreams are still important; what if they come true?' As long as users are willing to 'dream', they will continue to invest time and energy.
Step 3: Scale up and create a sense of mystery
If LeEco attracted a large number of 'believers' through cross-industry cooperation and crazy financing, then the success of Pi coin relies on a fission-style scale effect.
Pi coin makes every user a 'promoter', increasing the number of 'miners' by bringing in more people, with each new addition injecting new confidence and imaginative space into the entire ecosystem. At the same time, its opacity also maintains a sense of mystery in the entire system:
• Pi coin never clearly states how much it is worth, nor does it say whether it can go public after launching the mainnet, but it always emphasizes the establishment of ecological consensus.
• It does not clearly disclose how user data is utilized, but this ambiguity instead makes people feel it 'has deeper meanings'.
This strategy is very similar to Jia Yueting's LeEco ecosystem—packaging vague prospects to create a sense of mystery, making people willing to 'take a gamble'.
Step 4: Consensus is value, psychological capital leverage
Pi coin has not made substantial breakthroughs in technology or ecological applications, but it has interpreted the phrase 'consensus is value' to the extreme.
Jia Yueting operated with capital leverage, while Pi coin utilized psychological leverage: as long as enough people join, consensus will become a 'pseudo-asset' that supports the virtual value of Pi coin. This psychological mechanism is reflected in:
• The more people there are, the less willing users are to exit, fearing they might miss the 'explosion point';
• The stronger the consensus, the harder it is for outside doubts about Pi coin to shake.
This mechanism is like a seemingly solid foundation; as long as it does not collapse, it can continue to attract more people to join.
Will Jia Yueting's ending be Pi coin's future?
Jia Yueting's story proves that while vision and hope can support a temporary bubble, they ultimately cannot cover the hollowness of business logic. Will Pi coin follow in LeEco's footsteps and become an absurd drama's footnote? Or can it find a real path to landing, turning fantasy into reality?
At present, Pi coin is still a project built on 'economics of expectation': it has no business closed loop and no clear profit model. Once people's expectations run out or a more attractive project emerges, its value may collapse instantly.
Postscript: The game between expectations and reality
Jia Yueting-style business logic tells us that an economy driven by expectation is extremely fragile; it is built on trust but cannot withstand the ravages of time. Although Pi coin has won the present with 'expectation, hope, and opacity', to truly move towards the future, it must present real value, not just a 'game of faith'.
Users of Pi coin need to ask themselves a question:
'Am I insisting on a possible future, or a self-hypnotic illusion?'
