In the latest interview, Dr. Nicolas Kokkalis, Founder and Core Team Head of the Pi Network have answered the question on what is the worth of Pi by saying – “Pi is worth what the Pioneers make it worth.”
Based on this, it is understandable that some Pioneers (as what Pi Network app users are commonly called), would like to think they all have the right in setting the worth of Pi. To set how much they want to be the value of the Pi token they are holding in their respective wallet.
But if we look more closely on this statement, it does not say that Pi will be worth what Pioneers will say it is worth. What he is saying is that the Pioneers must “make” Pi to be worth something, to really have that worth in the market.
The word “make” implies that the Pioneers will have to do something to have Pi be worth at a certain value. Meaning an activity has to be done using Pi to make it to be that valuable.
So when doing something for Pi valuation, it has to be both ways. Be it selling products, and on the other side, buying products using Pi as payment. That during the course of doing these activities, the Pi value will be acceptable to both parties – the buyer and the seller. It is only through this way, that the Pi Network ecosystem will be built sustainably, to thrive for long in the real physical and virtual world.
In this environment, no one should be able to dictate or imposed to a Pioneer how much they should value their Pi. Meaning, individual Pioneer has the freedom to set what should be the value of the Pi he or she is holding.
If the value is not acceptable, a buyer can simply not dispose Pi to pay a product or service offered in the marketplace. So that online vendors has to see to it that the price of their product and service will be based on certain Pi valuation that is acceptable to the potential buyer. Making sure that at such corresponding Pi value, profit has to be realized resulting from a particular trading transaction. Because if not, then the economic system is short-live and not sustainable.
If a Pioneer will use his Pi to buy a product at an equivalent value of say, $1 dollar, that is the worth of the Pi he/she prefers. Other Pioneers should have the decency and an open mind to respect that.
Or if a Pioneer desires to offer his service accepting Pi as payment at an equivalent rate of $100 for 1 Pi token, that is his decision. Then if another Pioneer who is interested will be willing to spend his Pi token to avail that offered service, then they have that mutual agreement on that particular Pi valuation. Why should other people questions their personal judgement as to how much they should value their Pi?
How about those Pioneers who are in the vulnerable sector on some dire needs? They all have the right to use their Pi tokens to buy groceries to feed their families using their Pi if they can, if somebody is willing to sell them what they badly need.
Fortunate or Unfortunate
Fortunately, or unfortunately, for some the pronouncement of Dr. Kokkalis did sink in to the mind of some Pioneers in a much different context based on their personal preferences and biases. Others believe now that they have more freedom to pick how much amount they want to value their Pi. Then impose and excitedly influence those figures to other Pioneers.
In the past months, we have seen and noticed the growing toxicity of some social media groups and chat channels of which some Pi app users are being criticized, bashed with stunning impunity by other Pioneers who do not accept and adapt their preferred Pi token consensus values.
There are Pioneers that when they see social media posts of products sellers who also are Pioneers, so much lower than the $314,159 Pi valuation they want, readily make some critical, demoralizing comments, close to the extent of online bullying.
Who will venture into selling various products and services in the online marketplace if some groups questions the way it is being priced in Pi? It’s not the simple questioning, but the unreasonable bashing and bullying of these online p2p traders by hard line proponents of the very much high valuation. So very high that they think the price of Pi will surpass Bitcoin many times over.
What this people do not realize is that there is no shortcut for any cryptocurrency to gain substantial value. A value of any cryptocurrency has to be created over time, with much effort, activity and transactions in its ecosystem.
This just can not be done overnight. Which the proponents think they are capable to have it happen, because they are saying it will.
Knowingly or unknowingly, these Pioneers may have think that with a very much high consensus value of Pi right at the start, will totally be good for its ecosystem. When in reality, it might just do the opposite. That it can have some possible damaging impact to the growth of the Pi Network.
Another area that has been overlooked, or may have been avoided to think over by those espousing for a very high Pi consensus value is the issue of affordability and transaction fee.
Perhaps they don’t realized that when the value of Pi will be very much high, this will make Pi not readily accessible to the late joiners to the Pi Network ecosystem. The Pi token price will be very much high that only a few wealthy people will be interested to acquire it.
This is not aligned to the aim of Pi Network to be an inclusive cryptocurrency that can offer opportunities to every person interested. So that if the number of token holders will not increase, then the ecosystem will not expand. Limiting or supressing its future growth.
These proponents have forgotten one of the main goal of Pi is for it to be accessible by ordinary people. How can it be accessible if and when it will become the highly priced cryptocurrency in the market? Which honestly, I don’t believe will happen even in the next 5 years.
Instead of pushing hard their preferred high consensus value by just talking or posting in social media, how about setting the example? That they themselves are willing to accept Pi as payment based on that particular high consensus value they are sponsoring. By actually selling a wide variety of goods and services accepting Pi as payment at the highest consensus value they are proposing. Maybe if they do these, they can realize what they have done to those sellers they are bashing.
And I am sure so many Pioneers will be willing to use their Pi to purchase more products – from basic consumer goods and some luxury items – at a Pi valuation of $314,159.
Another possible drawbacks of a high Pi token value is the correspondingly high transaction fee in the Pi blockchain, if ever it will happen. Being on a single-token system, a high transaction fee will make Pi Network blockchain less competitive considering that other blockchain and DLT (distributed ledger technology) ecosystem have a very low transaction fee. Some even cost so much less than a fraction of a cent for every transaction. A number is even almost free.
While others operate on a dual token system wherein they have a primary token for commercial transaction, and another token for gas fee. Just like what is being adapted at VeChain Thor blockchain. Such that an increase in value of the primary token will not always have direct corresponding effect on the increase in transaction cost.
Conducive Environment
Is this kind of environment now, conducive to the growth of the Pi Network ecosystem community? Of course it’s not.
This occurence of extremist advocacy for a very high Pi consensus value is so pervasive, that even social media groups administrators and moderators decided to close and suspend activity recently, as more people are being affected by it.
This type of personality of some Pioneers is really disturbing, although they do not generally represent the overall sentiment of the Pi Network users. But it does make the impression that there are some bunch of global consensus value hardcore fanatics in the Pi community who does everything to push for their agenda. Even to the extent of hurting other Pioneers.
If the Pi Network community will not be able to create a socially friendly atmosphere, then all our dreams will be doomed. I am not sure if Pi Core Team can do something about this. What I am sure is that, if this continues, this will have adverse consequential effect to the growth momentum of Pi Network ecosystem.
For new Pioneers who are still learning and exploring Pi Network, some social media groups having personalities like these is just not the right place for them to be. They may just outright leave and abandon Pi considering the socially unhealthy environment.
Please don’t get me wrong. I want Pi to have the highest value that it can possibly reach.
But I am sure it can not attain its highest possible worth just because a number of Pioneers with Pi tokens in their wallet says so.
It will happen because there are Pioneers who are willing to do something to make Pi valuable. Gaining its value not only because somebody said so, and posting it in social media platforms.
And that in the near future, many people within, and outside in the Pi Network ecosystem will be interested to acquire more Pi at a particular high value, to accumulate some of it for whatever purpose and reasons.
