Core Viewpoint - Pi Network, commonly referred to as Pi Coin, is perceived by many elderly individuals as a unique opportunity for wealth accumulation, despite being criticized for its potential links to scams and frauds [5][9][25]. Group 1: Understanding Pi Coin - Pi Coin is a type of virtual currency that has not been listed on major exchanges, making its value highly unstable and dependent on market sentiment [5][6]. - It operates within a closed ecosystem and cannot be exchanged for traditional currencies like RMB or USD [5][6]. - The concept of mining Pi Coin is presented as a low-effort, no-cost activity, which attracts many elderly individuals [12][20]. Group 2: Elderly Engagement and Beliefs - Many elderly individuals are drawn into Pi Coin through social circles, often led by friends or acquaintances who promote it as an easy way to earn money [12][20]. - There is a prevalent belief among the elderly that Pi Coin represents a rare chance to achieve financial success in their later years [9][10]. - The community dynamics, including group chats and shared success stories, reinforce their belief in the value of Pi Coin, despite contradictory information [13][15][16]. Group 3: Risks and Misconceptions - Pi Coin has been labeled as a potential scam by various authorities, with warnings issued about its fraudulent nature [7][25]. - The lack of consensus on the actual value of Pi Coin leads to confusion and misinformation among its users [16][24]. - Despite official warnings, many elderly individuals remain convinced of Pi Coin's legitimacy and potential for profit, often disregarding the risks involved [25][26]. Group 4: Financial Implications - The process of mining Pi Coin, while initially free, can lead to significant financial losses as users may invest in additional resources to increase their mining capabilities [21][22]. - Many elderly participants end up spending their savings or retirement funds in pursuit of greater returns from Pi Coin [21][22]. - The community structure resembles a pyramid scheme, where early adopters benefit at the expense of new entrants, further complicating the financial landscape for participants [29][46].