First things first.
It is interesting to say the least. Pi Network that is. Ya and the situation. And to be honest if its not there yet its not there. It is a normal human reaction to reject or contest or have suspicions about something especially when it is a copied concept and free. Bitcoin was the pioneer project and it rightly caught peoples imagination.
Pi wants to be similar and serve the masses. In their defense a lot of time and effort have already been put in by the founders, developers and the miners to get to this stage. On top of that as a user there is no investment required. No poking at it all day long. Just invite fellow want-a-piece-of-crypto guys and keep checking it once everyday. That is it. And give it time. They have a clear cut white paper too.
The magic should start in 2021. Use my invite code: saarpaar because it is better to try it out than just wonder. That escalated quickly. Anyways. I want to join the band wagon. Especially when I didn’t think much of bitcoin in 2013 when it was $40 a pop.
The goal of Pi is to make it a currency of the people. And the supply is going to be high so becoming an overnight millionaire may not happen but it is surely going to be of some value.
The current situation of Pi Network
So far the activities of the Pi Network Core team, the updates, chat and app look completely honest and serious enough. They have recently done their third halving and have more than 14 mil+ miners. So the fan following is there. They set milestones and meet them. They have even allowed some users to transfer and even buy stuff using Pi coins mainly for testing purposes.
Right now the KYC phase is ongoing and also the work on Mainnet. Until recently there were no ads at all and there is an option to toggle it off too. It is not traded yet and has no value. The wallet is out too for testing.
Why Redditors aren’t sure yet ?
Well, nobody is. There is nothing to hype about yet. The potential is there but until it reaches mainnet, nothing can be said. There are followers but no one is drawing rockets or diamonds yet.
It doesn’t have a Dogecoin like meme status. No real catchy story. All serious and studious. And no celebrity has talked about it yet. So why would Reddit care about a bunch of Stanford graduates having a whim project ? But notice it will once the mainnet is out. The sheer population of Asian miners and their hopes might force them to. And if there is any foul play, even better.
The too much Pi in the market problem.
The max supply of Bitcoin is 21 mills with current price $60k. The max supply of Dogecoin is 128 bills with current price $0.06. The max supply of Pi Network is going to be 5 trills there are going to be 100 mil miners (that’s what the dream is) and say each has at least 500pi. I’m not a math guy but there is going to be tonnes of it.
I think the starting price is going to be around at least $0.0001 and get to $0.001 within days and then up. (using the Dodge history to calculate this and trusty guesswork). But that is a start. And there is going to be a lot of abandoned accounts, fake ones, no KYC etc. We might not reach 100mil users either because the mainnet might take precedence. That will all contribute.
How is this different to others ? What are others ?
There is a plethora of apps to try on the new crypto scene, namely:
- Reflex Cloud mining
- PHT cloud earning
- Thundercore Hub
- Swissborg Community app
Among other crypto mininig apps, I’ve tried is TimeStope. In comparision to Pi this one looks fake as plastic but it is very very similar so I’m mining it regardless. Again use invite code: saarpaar if you want to have a look. There is Bee which I haven’t tried yet but want to. Get a big friends circle and mine quickly, that’s the concept for all these apps. And ofcouse being a tad retard is a must.
What’s next ? What is happening in the crypto world?
There is mining big and small, free and expensive. No resource to intensive. Then there is investing what you are mining or trading cryptos even. We have reached a stage where we want to utilize out crypto to get some interest even if it’s just sitting somewhere. And then there are places like Rarible, Opensea and NFTs etc where you further multiply your crypto or at least earn some using your artsy side of business. People are going crazy on Bitcoin and pushing Doge hard as they can. That’s all folks. I’ll keep adding to this post.