Depression dreams and nightmares

Armed with little more than a smartphone and a dream, inexperienced cryptocurrency investors in Vietnam are hoping to hit it big with Pi – a cryptocurrency that can be mined from a phone. As the crypto-craze in Vietnam continues being fueled by skyrocketing bitcoin prices and overnight millionaires, investors in the country are looking for low-barrier avenues to make their own fortunes on digital currency. Enter Pi, a relatively new digital token that can be mined through the Pi Network app, advertised as “breakthrough tech [that] allows you to mine [Pi] on your phone without draining your battery.” Unlike conventional cryptocurrency mining, which involves the use of significant computer power to verify the legitimacy of transactions in order to earn tokens as a reward, obtaining Pi only requires 'miners' to log into the application and tap a button every few hours. With such a low barrier to entry, Pi mining has pulled in scores of Vietnamese crypto-newbies in recent weeks. "We’ve missed the boat on bitcoin, so many of us have switched to mining Pi," said Duc Danh, a Facebook user in Ho Chi Minh City. "There’s nothing to lose. "After a few years, if the project succeeds, each Pi could be worth dozens of U.S. dollars." Also in on the Pi hype is Vinh from Phu Nhuan District, a Pi miner who has recruited 70 other 'miners' and aggregated over 1,000 Pi coins for doing so as part of a Pi Network program akin to a multi-level marketing scheme. “Pi mining costs nothing but bits of phone storage," Vinh argued. "What if the price shoots up to a few hundred U.S. dollars in the future? "No one expected bitcoin to soar to $50,000.” New members on the Pi Network receive one free Pi coin and start with a mining speed of 0.1 Pi per hour. This velocity will increase with more accepted referrals, thus incentivizing users to gather as many new recruits under their umbrella as possible. On Facebook, Pi Network groups have amassed hundreds of thousands of …