The $314,159 Controversy

by Be Informed

Disclaimer: Due to privacy and security reasons, the source author of this article cannot be disclosed. is only a medium to convey the author’s thoughts and opinions.

One of the most resonant issues of the Pi Network today is consensus value. Many people are confused about what value is actually to be followed because according to the whitepaper, in non-verbatim “people are to be followed by the value of Pi”. So, the values ​​that people want to follow come out when it comes to the main net. Started at $ 1 up to $ 10 and became $ 100. In the Philippines, marketplaces and other groups/merchants have previously agreed on a $ 100 value.

After the hackathon, many marketplaces emerged and followed their respective values. There was $ 100, $ 200 and at that time and the most resounding of all was the $ 314. That at that time was resonant and of the highest and controversial value.

But as time went on, it suddenly upgraded and increased its value along with the impending mainnet and migration of the Pi’s to the wallet of every pioneer and while that was happening, word suddenly broke that the consensus value to be followed was $ 314,159. It is currently being promoted by some groups in China and a few in Africa and Vietnam. However, there are groups or individuals who somewhat oppose the $ 314,159 value but many liked this value.

They object because this price is too unrealistic and too high given the number of people mining Pi which is approximately 35 million people. These are the scenario that they have seen if $314,159 is pursued in the open mainnet.

If for example there are 20 million who have KYC and been approved and it has an average of 500 Pi per person. 500 multiplied by 20 million is around 10 billion Pi in the possession of the people. 10 billion multiplied by $314,159 it would cost the PCT $3,141,590,000,000,000 for all 20 million Pioneers who wants to sell their Pi, P.S (I don’t even know how much this money is, is this quartillion? Please comment the correct value because I’m not sure) and the worst scenario here is if that’s the next value what all pioneers will sell everything because the value is high? Can the PCT pay or exchange this value into fiat? This scenario according to some people talks about Pi’s value during the open mainnet and we cannot deny that we are still dependent on fiat these days.

Let’s talk about the enclosed mainnet. For example, if everyone in the world followed the $ 314,159 value in exchange for goods and services (given the fact that in the enclosed mainnet fiat cannot yet exchange our accumulated Pi). How can product sellers scale their wares? How can they replenish their goods when they run out? That in reality fiat trade is still running.

In terms of selling services that won’t involve things or paid resources such as consultation services, graphic and multimedia editing (although it still uses paid resources like electricity etc.), the value cannot be felt because they don’t have any replenishments of a certain product to give services. Delivery services doesn’t count because it still uses paid resources such as gasoline and there’s no gasoline station yet that accepts Pi as payment. For businessmen, it’s not that easy regardless if people want to push the acceptance of Pi as payment because it’s it cannot be achieved immediately globally, it takes time. Money needs to be circulated in the business.

Who doesn’t want Pi’s value to be high? We all want that to happen but realistically, the achievement of $ 314,159 value is or should be gradual. That will really start at the bottom, because that’s the trend in cryptocurrency. The value of cryptocurrency increases when it is used in any transaction, not just in trading. Pi is not a trading coin, it’s not a pump and dump type of coin. Therefore, so that it does not become a pump and dump and can be used all the time to increase its value, there is a possibility that its value is not really high when it comes to the open mainnet because when its value increases immediately, for sure the largest percentage of Pi holders is will sell all or else they will sell 70-90% of their accumulated Pi and selling is one that has the greatest impact on lowering the price of a coin.

It is difficult to circulate due to the high price. For example, a pioneer has 500 Pi and its value is $ 314,159 per Pi, so, he has $ 157,079,500 in hand. If he sells it all, it is possible that he will not or will have difficulty buying again due to the high price. Most of them will wait until the price goes down to buy again, and when it goes up again, sales again. He will be a pump and dump and that should not be the case.

So even if we all want the value of Pi to be really high when it comes to the main net, whether enclosed or open main net. There are still many to consider since Pi is for everyday people and a utility token/coin. Regardless if what value it may reach in enclosed and open main net, we should be thankful because we’ve acquired it freely and easily without using much resources. All thanks to the brilliant minds of the founder. Also, please stop spreading hate, let’s make peace and unite for Pi.

Should you have any comments, suggestions or any better idea, do not hesitate to share it in the comment section.

Source: Anonymous

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