In the last few weeks, there has been controversies roaming multiple social media platforms, with regards to the $314,159 official price speculations for Pi Network.
Specifically, majority of participants on the Pi are cheerful hoping and believing that the price speculations on a camouflage of ‘consensus’ turns out a reality, whilst neglecting potentially logical factors that depicts otherwise, possibly because they are yet to understand basics of how the blockchain technology, and the crypto industry works.
In a lengthy discussion on the Pi College forum, a vibrant pioneer identified as Alexander Pym, stated that, the value of Pi ought to be in alignment with services and goods made available. The Pi College is a team of selfless, enthusiastic, and committed pi miners dedicated towards unleashing proper education about Pi Project.
In his words, “Let me make this clear. I am not against any consensus but let’s have this in mind. There are principles that can’t be ignored or there will be consequences. In this case, economic principles. And we should understand that Pi’s value should be in proportion to the estimated goods and services available…”
“My advise is, if you are tauting any value make sure you personally have something to offer to back it up. And remember, the higher the consensus, the more commodities required to back it up,” he added.
With regards to the controversies surrounding the Pi’s official worth predictions making trends online, Admin Nedu who is also a leader on Pi College community, hinting the emphasis made on the official whitepaper of pi – value of pi will be determined by the activities (utilities ushering and services rendering for pi) which the pioneers perform.
“This support for $314k for 1pi shows how many people don’t even understand how cryptocurrency works and they do not understand Tokenomics. This are the things that will drive Pi value. Take it or leave as far as Pi is concern and planned to go open mainnet.
Highly Important Facts to Note:
- Number of holders of Pi: pi has shown a good significant number of holders which is far higher than any crypto.
Utility to Utilize Pi: Since is not an ICO’ed coin. Currently the utility for pi has not even hit 1%, though we are waiting for the SDK for the utility Apps deployment. Kindly note that, on Binance there are two ways in listing a coin, DYR* which are Initial Coin Offering (ICO) and utility offering, this is the part Pi is coming, and currently it has not hit 1%.
Fast Transaction Refection: Pi been supported by the SCP makes it fast to get transaction recorded to it destination in 3sec, thereby supporting transactions fast not keeping buyers waiting after payment. Unlike Bitcoin, it can take 30min to arrive sometime with over 3 comfirmation.
Uniformly and fairly distributed: BTC blockchain shows that bulk of BTC in circulation are only in fewer wallets…that mean the price can be controlled my BTC whales. But Pi is fairly distributed, due to its mining mechanism, this makes everyone that mines pi to get a pieces of Pi. And the agreement will support it value.
Low important Facts To Note:
- Circulating Supply: I Nedu, laugh when I here some people say even if Pi is 500billion in circulation it won’t affect the price. Circulating supply has a strong effect on a coin value either been ICO’ed or Utilities ushered coin. But the CT are wise, they have mitigated that effect. Note that, Pioneers having enough mined Pi and has locked up. It’s part of making Pi scarce.
Exchanges: whether pioneer likes it or not. For gaining trust confidence from investors, Pi will be listed in exchanges. That is Some supply will be on Custodian and non Custodian. SEC in United States of America, can sue the CT for money laundering, theft and the rest if CoreTeam don’t in the long run allow pi to be in the exchange, ask what happened to XRP. One of the characteristics of money is the ability to be exchanged with another money, no currency can solely stand on it own. Pi must enter the stock market and contend with it’s fellows.
I’m not a pr0phet of d00m: I need money too, but of a truth to you guys, gentlemen and ladies. Please just remove your mind from $314,519 CV for Pi now. It’s is not healthy. Create Utilities for Pi. And see Pi go a smooth direction.”
Amidst the uprising controversy on the worth or official value for Pi, a miner on tweeter with the handle @EzeFreemanU revealed that KYC’ed pioneers who may have been ignorantly selling their goods in exchange for pi at that unofficial et unregulated price may live to regret it. In his words, “Whoever is selling Pi at $314k is an enemy to the project. And who is receiving it on that value should get ready for the biggest dump on his hand. We should save this project. Greed has set in no regulated value. How on earth will stamp value just like that.”
In conclusion, many pi holders should be aware that, crypto is not done on emotional bruhaha. This is a financial market, learning should be the focus. The pioneers who understands this better, can never offer any services (sell their goods) at that unrealistic rate. The project is still in for a long way – with over 35 million active users as reported by the @PiCoreTeam on the Pi App, yet less than 2million users have successfully passed their identity verification process and migrated their Pi coins to the Pi browser – which is a non-custodial wallet. Take a deep breath first, learn more about the basics on crypto, so as to understand that, the pi network crypto project is trying out something new, which entails that, there will be numerous uncertainties.
For the interest of pi miners across the globe, kindly Join the Telegram Group of Pi College – a group of selfless et enthusiastic pioneers dedicated towards delivering logical and verifiable education about the #PiNetwork crypto project. Good luck, and stay informed great minds.