$PI Founder of Pi Coin (Chengdiao Fan and Nicolas Kokkalis) recently proposed a “counterintuitive” view at the consensus conference: cryptocurrencies are not exit strategies, but tools for sustainable growth and real-world applications.

A one-sentence summary: this view is logically sound and may even be the only way for the crypto industry to break through; but it indeed runs counter to the current mainstream trend of “speculative hype” in the cryptocurrency market.

We can analyze this view from two dimensions: “logical review” and “industry comparison”:

1. Is this view tenable? — Theoretically unassailable, but still catching up in practice

From the essence of blockchain technology, this view is very solid; it exposes the biggest emperor’s new clothes in the crypto market:

1. Without practical tokens, it’s ultimately a “Ponzi relay race.” Currently, most tokens operate on the logic: issuing tokens (pie-in-the-sky) → speculation → retail investors buying high → team cashing out (exit). When everyone is looking for the “next sucker,” tokens become purely speculative assets. Pi’s founders emphasize “tokens are tools,” aiming to shift the narrative from “speculating on code” to “writing code,” so tokens truly reflect real-world assets or services.
2. “Exit” is a result, not a goal. For an ecosystem with real practical value (such as used for cross-border payments, supply chain traceability), the demand for its tokens will naturally increase with user base and transaction volume. Participants’ returns are a natural consequence of ecosystem prosperity, not achieved through “dumping” to forcibly extract profits from the market.

Where are the limitations?

Pi itself faces skepticism of “idealism versus reality.” Although over 16 million people have migrated to the mainnet, truly high-frequency, irreplaceable “killer apps” are still incubating within the ecosystem. As industry insiders say: “Practicality” is a long-term lottery ticket, while most people just want to buy today and see a surge tomorrow. Therefore, the practical challenge of this view lies in how to endure the long and boring infrastructure phase.

2. Does this contradict mainstream crypto views? — Yes, it runs counter to “human nature’s” trend

If you look for mainstream opinions in today’s crypto space, it’s definitely: “In crypto a day is like a year in the real world,” “Better to farm than to trade,” “Consensus equals value, pumping equals justice.” From this perspective, Pi’s founders’ view is not just contrary but downright “disappointing.”

| Dimension | Mainstream crypto habits | Pi founders’ advocated direction |
|---|---|---|
| Ultimate goal | Exit for short-term financial freedom | Ecosystem circulation (Utility) for long-term sustainability |
| Token attribute | Speculative chips, tools for emotional betting | Practical certificates, tickets to buy/exchange real services |
| User behavior | “Mine, sell, and run” — profit and flee / complain if loss | Hold tokens, buy within the ecosystem, and reinvest |

Why is this “running counter” necessary?

Mainstream circles have also recognized the problem. Over the past few years, countless projects relying solely on hype (even nonsensical Meme coins) have boomed in bull markets and zeroed out in bear markets. If Web3 wants to truly break out of the bubble, it must prove “we can do more with real utility than just tokens.”

Summary

Pi’s founders’ words may sound like cliché “chicken soup,” but in fact, they are a remedy for the industry’s stubborn ailments.

In a circle filled with leverage, derivatives, and get-rich-quick myths, advocating “practicality” and “not exiting” is destined to be lonely and difficult. It’s like talking about “houses are for living in” in front of a group of speculators; logically correct, but hard to be accepted in the short term. Whether this theory can stand the test depends not on how loudly slogans are shouted, but on whether Pi can truly enable millions of people to use tokens to buy a coffee or pay for a ride.