After years of tinkering with Pi Coin, the players' mindsets have long diverged. Long-term stagnation in KYC and mainnet mapping, delays in listing on exchanges, and the price hovering around $0.2 for years have all shattered people's confidence.

There is a group of veteran players who are wholeheartedly committed. They started mining back in 2019, investing time and network resources that are still there. For them, admitting failure is more difficult than climbing to the sky. These people treat delays as "technical polishing" or "regulatory testing," and reinforce the idea within the community that "it will definitely go live, it will definitely appreciate." They have been holding on with this self-justifying logic until now.

Many others are actually watching with anxiety. Years of waiting have worn out their patience, but they are reluctant to cut losses. Opening the app every day to tap the "lightning" button has become a conditioned reflex. They hope for concrete news but also fear that if it really goes live, it might cause a dump. This feeling of "tasting nothing but feeling sorry to abandon" is probably the most painful.

Some have completely lost hope and left. Seeing the project team repeatedly "paint big pies" without a clear timetable, and with no transparent information, some have set up rights protection groups, while others simply uninstall the app. The time and emotional investment are no longer recoverable, and their mindset has shifted from expectation to anger and self-mockery.

There is also a group aiming for "zero-cost get-rich-quick." They don't care about the project's long-term value, focusing instead on short-term price fluctuations and rumors of listing, even hyping various false expectations. Some even participate in IOU trades, just betting that once it goes live, the price will rise.

Although rational people are few, they do exist—these individuals neither blindly believe nor follow the crowd.