I've mentioned something similar in another thread, but I believe this is going to be one of those big ones that goes bust. The real question is only how they are going to do it PR wise, will it be an obvious scam or will they sell a sob story about how their idea didn't work out and that startups usually fail. People are so gullible and inexperienced with money.
Most of the investors are getting wiser. And with this pi coin, most that have got it from the airdrop were mostly sold already. They don't want to get in again and that's free money for them. If someone that have earned from the airdrop and wanting to reinvest it to the same coin, they're wasting the profit that they have made. It is unwise to reinvest but that's them, if they see that there is something good that's coming on this project, proceed. But sure, like what you've said that their money is going to get busted and will be put into waste or maybe, we're wrong.
I would not agree with this. To some extent, parts of the old investors are getting wiser after having lost money in scams. But this does not mean that there are not plenty of people left. Besides those, some get cheated by their own greed and then they start believing again only to get scammed by another kind of project. Putting also these groups aside, many new investors will get lured in by scams such as this one. This is why it is important to not spend any money on it, and raise awareness. Sadly, exchanges are acting very irresponsible these days. They could strongly limit how many people get scammed by having some due diligence on what can be listed.