I thought I was done writing about Pi Network. However, after stumbling upon two posts earlier this afternoon, I could not help but take down notes. Besides, I have already spent time reading the article and watching the video. I consider it a waste if I do not write something about it.
These are the two sources I am referring to:
Even on Reddit, the Pi community is highly polarized between the GCV believers and the quick cash guys. The GCV, by the way, stands for Global Consensus Value, and those who promote it think that Pi should be priced at $314,159.00. Though I respect Pi, for it is the first blockchain network that I have been introduced to; however, I could not understand both the logic and the mathematics of those who insist on such a price. Though GDP and market cap are two distinct metrics, I could not avoid relating the insisted GCV price to the world's GDP. As of 2023, the world's total GDP was $106.2 trillion. If we grant the price wish of GCV believers, even with the current supply of Pi of 10.4 billion, the total market cap of Pi Network will be $3.2 quadrillion; that's 30.76x of the world's total GDP. And that is not even the maximum supply of Pi. If this is not delusional, I don't know how to describe such fanaticism. Just come to think of it, is it even realistic and possible that the financial metric of a single crypto company like Pi Network could be 30.76 times bigger than the total economic metric of the world?
Now, I am not sure if the YouTube video is AI-generated or not. The main argument is that insider trading and pump-and-dump schemes are rampant in crypto exchanges. The video creator accused the big exchanges of manipulating the price of Pi, and that is why it struggles to reach its CGV value. The solution then is for Pi Network to launch its exchange where the crypto manipulators cannot do their own thing. For the speaker, the introduction of this Pi Network crypto exchange is the next big thing. He then concluded with a motivation addressed to pioneers to make their decision based on "facts" and not on "rumors."
Interesting take. I could not avoid thinking about the feeling of the five KYBed crypto exchanges after watching such a video. Why were they KYBed in the first place and then accused afterward as Pi manipulators?
As for the confinement of trading Pi in just five exchanges, the speaker described it as "a measured approach."
Now, turning our attention to the Facebook post, the lady calls Pi a non-conformist and a stablecoin. Reading these, I shook my head. Even Bitcoin cannot be described as a stablecoin, though it reached an all-time high (ATH) above $106k. How much more is a token with a community that aspires for $314,159.00? Can they still maintain that "target price" and at the same time claim Pi as a stablecoin?
As for the non-conformist stance of Pi, how can they explain the KYC and the KYB process? Isn't the goal of the network the integration into the real economy, and that is why they see these identification procedures as a must?
Back to the GCV goal. The lady challenged her followers to take advantage of the current low price of Pi on crypto exchanges. The goal is to regain control over Pi's price. And this can only be achieved if the supply of Pi on exchanges is exhausted by the pioneers. That is why we read campaigns from South Korean pioneers to buy on crypto exchanges and return them to their Pi wallets. I am not sure if the transactions below share such a similar goal:
At first, I thought it was just a random Pioneer wallet with huge reserve cash that bought $16,000.00+ worth of Pi. Upon scrutiny of the chain transactions, I realized that the above is connected to one of the wallets of the Pi Foundation. The pioneers don't like the market manipulation of crypto exchanges. But in my eyes, they are doing exactly the thing that they don't like.
