As the Pi Network continues to grow, many are focused on the potential price of Pi coins. However, the real value of Pi lies in its long-term vision and potential applications within the broader blockchain ecosystem.

So today, we are exploring above and beyond the dubious speculation of Pi.

Pi Network’s Technological Potential

Beyond the current speculation, Pi Network aims to be more than just a cryptocurrency. Its developers are building a robust platform that could host decentralized applications (dApps), smart contracts, and more. These innovations could position Pi Network as a significant player in the blockchain space.

Some of the smart contract examples include:

• Play to Earn Games

• Non Fungible Tokens (NFTs)

• Decentralized Finance Protocols (DeFi)

• Central Bank Digital Currencies (CBDCs)

• Pi Tokens (Pi’s version of “ERC20 tokens” created on the Pi Blockchain)

As much as the Pi Network loves to give real-world use-cases all the importance in the world, the above 5 crypto use-cases are immense driving factors. In fact, we can even argue these are the main driving forces behind the success of Ethereum and Solana.

Tokens created on Pi Network would create more demand for Pi coins. This is because anyone wanting to get involved with any token, would ultimately have to buy Pi first, in order to be able to exchange for any of those tokens. This process drives up the price, especially when there are hundreds or thousands of projects launching and millions of people wanting to get-in on the action.

Real-World Use Cases

For Pi to thrive, it needs to offer real-world utility. The developers are working on various use cases that could integrate Pi into everyday transactions, peer-to-peer exchanges, and even global remittances. This potential for real-world adoption could drive long-term value far beyond speculative trading.

There is a wide variety of apps integrating Pi. For example:

• Local commerce (Watugot, Map of Pi)

• Escrow payments (CoinSkro)

• Webshops (PiChainMall)

• Travel Apps (PiToGo)

• Plugins (PiEcard)

• Rideshare

• Gambling

• Auctions

• Games

• and much more!

Creating real-world use-cases is a slow process, and so is building a decent mobile application. As Pi Network KYCs and migrates its userbase to mainnet, hopefully these apps become more polished.

After open mainnet, however, the competition between these apps will become greater as more non-pioneer businesses join the space to build. Also at this point, large amounts of money are at stake for developers, hence, we can foresee a quicker growth of Pi apps inside the Pi ecosystem to capture the pioneers’ attention.

Community-Driven Growth

Pi Network’s strength lies in its community. With millions of users already engaged, the network’s growth is driven by its members, who actively contribute to its development and spread awareness. This community-centric approach ensures that Pi remains accessible and inclusive.

Pi already has a greater number of people than most of top 100 cryptocurrencies, which makes its launch all the more exciting! With more holders, it can spread the message and create awareness of Pi Network better. In today’s where social media dominates, pioneers can make a louder noise, so more people will find Pi once Pi is tradable globally.

As a side-note, Pi’s community is largely made up of people who are brand new to the crypto space. This is interesting because Pi succeeded in attracting new users to the crypto space, which is a notoriously hard task for projects to achieve. This is mainly because of the tremendous amount of pitfalls in the crypto space. By all measures, the Pi Core Team is creating a safe-space for folks new to crypto.

Partnerships and Integrations

Looking ahead, Pi Network could benefit from strategic partnerships with businesses and other blockchain projects. Collaborations could lead to new integrations, expanding Pi’s utility and adoption. Such developments could elevate Pi Network from a niche project to a mainstream digital currency.

As much as we want large partnerships, let’s face it: Pi must have a market price in order for it to be taken seriously. Pi Network boasts of millions of holders who are ready to spend for goods and services, therefor, apps, websites and businesses integrating Pi will likely enjoy increased purchases because of pioneers — however, without a market price for Pi, brands don’t even bother considering Pi option as right now. It’s too risky.

Furthermore, think bottom-up, not top down. At the beginning, we will have smaller businesses integrating Pi. The bigger the company, the less likely they will integrate Pi in their business. What Pi needs is a lot of small businesses and a lot of people adding it as an alternative payment option. This would be a great start to make our way to the bigger companies.

Challenges and Opportunities

Of course, Pi Network faces challenges. Regulatory hurdles, technological scalability, and market competition are all factors that could impact its future. However, these challenges also present opportunities for growth and innovation. By addressing these issues head-on, Pi Network could solidify its place in the crypto world.

As we’ve seen, the Pi founders are used to taking the path of most resistance to tackle the giant problems. The rewards for solving the big problems in life often come obviously and up in many ways. So why cannot see these rewards yet, if Pi solved big problems?

This is because Pi Network has solved — and is solving — major problems in a tiny bubble we call “Pi Ecosystem”. This is the main testing ground before doing it on a large scale. Before open mainnet, Pi Core Team’s problem-solving methods, alongside with showcasing utilities, must reflect the reality to the world.

In other words, the Pi Network ecosystem must become undeniable proof of all the proof-of-concepts an ideas of the founders working in sync. 

The problems solved in the end (such as identity, bots, wallets, apps, universal basic income, platform, social media, web 3.0, etc.) must be demonstrated clearly with the tools and methods used, why it worked, how others can do it or how they can join the Pi ecosystem to take advantage.

In one sentence: Pi Network is fixing problems on a smaller scale properly first; then with open mainnet, fix problems for the next 100 million users.

Conclusion

While price speculation dominates discussions around Pi Network, the true value lies in its potential to revolutionize the way we interact with digital currencies. As the network evolves, it’s crucial to look beyond the short-term price and consider the long-term vision of creating a decentralized, community-driven ecosystem.

By focusing on real-world applications, technological innovation, and strategic partnerships, Pi Network could become a cornerstone of the blockchain industry, offering value far beyond mere speculation.

That’s a wrap from us today!

Thanks for reading. See you next week! — Kris 👍Like what you see? Subscribe Now! 🎥Pinner content on YouTube! Subscribe Now! 👥Join 1400+ Pioneers in AREA 314! 💡Help me get better and suggest new ideas by replying to this email.

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Misconceptions are too common in cryptoland — especially in mobile mining projects where the audience is new to crypto.

In today’s newsletter, we are dissecting common misconceptions around Pi Network, so you’ll have a better understanding in general.

THE 3 MOST COMMON MISCONCEPTIONS OF PI

Misconception #1: If The Price Of Pi Is Too Low, The Project Fails.

This statement is thrown around a lot. Actually, this statement is true to a certain extent because any cryptocurrency (or stock), if the price is too low, it could mean that people are not buying it, therefor the project is dead. This certainly doesn’t always happen.

In Pi’s case, people often refer to a certain number, for example $5 / Pi, which cannot go lower, otherwise Pi miners lose interest, abandon a project and the project dies. This scenario of course has happened with countless projects before (including mobile mining coins), which is why Pi is going doing a different route.

However, Pi is built slowly and strategically with this possibility in mind. Instead of rushing to exchanges for a quick price action, we are building the Pi ecosystem and giving use-cases for our favourite coin whilst migrating the users to mainnet.

On top of all this, thanks to lockups, most of the pioneers are locked up and committed to Pi Network for 1-3 years minimum on a blockchain level therefore they are unable to sell until years later. They are staying, regardless of price action.

2.8B out of 4.1B Pi are locked

Interestingly, any Proof of Work mining projects which seen moderate success took time. Those miners did not sell early to realize big profits because if they sold early when prices were low, there would be little or no profit to realize. Although Pi is not proof of work, we pioneers put in real work over the years and we’ll have to continue mining and helping the Pi ecosystem grow. As more people learn about Pi and invest in it, prices should go up over time. This is not a “day 1 Pi changes the world” type of scenario regardless how much people like dream about this.

Whilst high prices would be the ideal outcome for most Pi holders, there are a lot of pioneers and non-pioneers who wanting cheap Pi prices. Why? So they can buy more and increase their Pi holdings. Also, they may find capital gains via investing is a greater idea than mining — not everyone got a lot of time to deal with increasing their Pi earnings.

Whilst many people think cheap prices are the end of the story, smart money knows low prices is precisely is the time to buy. Make no mistake: people’s fear and panic selling will be absorbed by investors who know all too well how this game is played.

Finally, after 5 years of mining, the initial sell pressure is inevitable. This has to happen, no matter what. The higher the price of Pi, the higher the sell pressure as more people rush to profit. For example, not as many people would sell at $1 than $10. This is inversely true too, which are going to explain next.

Misconception #2: If The Price Of Pi Is high, We Won!

This misconception comes in many shape or form. The idea is if we reach a high number like $100 / Pi, we won — if only things were this simple!

Let’s start by a potential scenario that could happen with Pi Network. Take a look at the following chart:

Chart of ICP for illustration purposes (not a scam project)

This chart type is quite common which can be seen time and time again in rugpulls and pump & dumps. It’s never great to see a large decrease in price, but when it’s a 90%+ drop, it’s a gigantic red (if not black) flag. To recover a 90% loss, the coin needs to 900% increase in valuation — an immense challenge considering the chart is now decimated, so investors are scared to throw money into the coin. It’s much harder and takes longer to recover from these type of drops. Which is why when they happen, people take the easy way out by cutting their losses to capitulate and move on.

As we know, Pi will have a large initial sell pressure at the start due to millions of people mining for years. This means whatever the price will be, most likely, the sell pressure will outweigh the buying pressure at the start, causing the price to drop until it reaches price levels where investors are happy to buy Pi.

Look at Bitcoin - high prices are relative and they are by no means the end.
There’s much more to go. Always.

We mentioned people are likelier to sell when prices are higher, so here is the inverse effect: people are likelier to buy when prices are lower. As Pi holders, we are inherently biased — we value our Pi more than those who do not have any.

However, what if you had no Pi? At what price point would you rather buy Pi? $100? $10? $1? Buy low and sell high is the proven universal formula, so naturally, a lower price is a better entry for more profits in the future.

Finally, it’s not day 1 when the whole world decides to buy Pi. Even if millions flocked in to buy Pi, eventually, Pi (or any currency) would reach a point where no more buyers are found, where sellers take control and push the price down. This is why charts are cyclical, and not linear.

Instead, Pi’s price action and succes is going to be an ongoing process which will be measured in years with different metrics. This is important to keep in mind because to see high Pi prices, people have to actually invest in it by exchanging their money for Pi. There’s no other way after Pi is listed on exchanges. That’s just how the cookie crumbles.

Misconception #3: Pi Will Never Launch.

This is your typical doom and gloom misconception, driven by frustration and disappointment over Pi still not having a price action after 5 years. On top of this, we are watching 1 ad / day when restarting our mining session (which can be turned off), making money for the core team.

Pi Network will most certainly launch once all the preparation of the network is deemed ready, not just by the numbers (10 million migrated pioneers, 15 million KYCed pioneers and 100 ready & working dApps) but by also stress tests, functions, additional utilities, quality assurance and by further implementations as well as new Pi Apps by the core team.

Whilst we are making money for the core team, let’s not pretend running this app is cheap with 20-60 million daily users. The money we make goes towards the costs of the running costs of Pi Network.

With 30-50 core team members, let’s suppose a $100,000 / average salary, as well as server, business, legal and other costs. Do some quick maths and you find running Pi Network cost are likely between approximately $5,000,000 - $10,000,000 / year. Pi is not selling and products or services, therefor relies on the community to covers the costs somehow. Watching 1 ad / day may not even cover the costs of operating the Pi Network.

More importantly, this misconception is short-sightedness at best, fuelled by not-knowingness. Pi Core Team owns 20% of the migrated supply, making them the largest Pi holder. Their bag may worth 8 - 10 digit dollar figures after open mainnet launch. Do you honestly believe they will just abandon their bag so easily? Also, at any moment they could remove the firewalls. This is no problem. The problem is if they do that too early the project likely fails.

In order for Pi to succeed, its underlying systems need to be polished and working; pioneers must have migrated and got all their Pi rewards; Pi has to have plenty of use-cases so people will buy and own Pi, not just sell; and every other tiniest details which we missed need to be sorted before open mainnet.

Pi Network is a machine capable of viral growth as its driven by social proof. If things go well, we’ll do great as the product and the community will speak for themselves. But had the core team rushed, made mistakes, launched early when clearly not ready, then the backlash from price action wouldn’t just be a big decrease in price — it would be utter annihilation of the chart, with an abrupt end to this Pi journey. Do we want that?

Pi will launch once its infrastructures are solid and polished, once we have all the rewards we mined alongside with the much needed use-cases so we enter the market with a bang.

In Conclusion

Small prices don’t mean it’s the end and high prices don’t mean it’s a victory.

We should come to terms with that Pi Network will be volatile at the start. Whatever happens, we have to navigate through this period in one piece.

If Pi is successful and the price stabilizes, it will be a promising cryptocurrency for the masses with solid tech and an immense community, meaning investors may buy a piece of Pi. Not only that, Pi’s mobile mining could be a jet fuel to propel us forward with viral growth, so Pi Network becomes a whole new trend worldwide.

But if we want all of this, then we better ensure everything in Pi Network is as bulletproof as possible, so we can withstand the influx of millions of people.

That’s a wrap from us today!

Thanks for reading. See you next week! — Kris 👍Like what you see? Subscribe Now! 🎥Pinner content on YouTube! Subscribe Now! 👥Join 1400+ Pioneers in AREA 314! 💡Help me get better and suggest new ideas by replying to this email.

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Long development time sure gives people chance to come up with wild ideas.

Today, we are debunking the top 3 myths around Pi Network.

Myth #1: Global Consensus Value “1 Pi = $314,159”

The largest and most polarizing myth which spread amongst pioneers is the Global Consensus Value movement. Most commonly referred as GCV, the idea is simple: 1 Pi = $314,159. Although there is no official price for Pi yet, folks believing in GCV advocate pioneers to buy and sell goods and services using this unified valuation.

This idea sprung up shortly afterwards Nicolas Kokkalis, one of the founders of Pi Network, said in a video that “Pi is worth what pioneers make it worth.” This makes sense in the enclosed mainnet because there is no official market price, therefor pioneers’ only choice is to assign some value to their Pi when trading.

This fantasy falls short as soon as Pi reaches open mainnet and Pi becomes a tradable currency on exchanges. Why? Because billions of Pi as well as millions of both pioneer and non-pioneers alike are going to trade Pi on the global markets simultaneously. With billions of Pi in supply, the chances for Pi to have a price of $314,159 is 0.

Exchanges listing Pi are likely the ones that will decide the starting price of Pi based on the token’s supply, and traders decide which way the chart goes via buying and selling Pi on the exchanges. From that moment on, if you want to know what the price of Pi is, you can easily check any time and you are no longer forced to barter to make up your own estimation whenever trying to trade Pi.

The whitepaper states the circulating supply of Pi Network at the start of open mainnet will be 10-20 billion Pi, so, “if” each Pi was $314159, the market capitalization of Pi Network would be over 6 quadrillion dollars, which equals to 6000 trillion dollars. This is precisely the problem. We have many coins therefor the price of Pi will be lower.

For example for Bitcoin to reach a price of $314,159, it needs to 5X in valuation, but there are only ~20 million Bitcoin in circulation — we will have 1000 times more Pi in circulation because we’ll have 20 billion circulating Pi, resulting a 1000 times longer road to realize the "GCV price”.

We’ll leave you this picture to conclude our case.

Is there enough money in the world to reach GCV price?

Myth #2: Pi Is A Stablecoin

Over the years, guessing and fantasising about price has become a common occurrence, which is standard in any coin. However, some people are under the impression that Pi is a stable coin. They claim Pi should be $100, or Pi should be $31.4 or Pi will be $X because of X Y and Z reasons.

The Pi whitepaper doesn’t mention anything about Pi being a stablecoin nor are there any underlying assets or protocols supporting certain price levels and keeping Pi’s price stable. Pi was never intended to be function this way.

Stablecoins are cryptocurrencies that are typically pegged to a stable asset, such as the US dollar or gold, to minimize price volatility. Additionally, there are underlying assets behind each stablecoin to maintain the pegged price.

For example the largest stablecoin Tether-USDT have regulatory audited reserves, which can be checked on their website. There are billions of actual dollars backing up the price of Tether — even though the exact amounts are debatable.

Consolidated financial figures of Tether from March 2024

Pi Network is not a stablecoin. In contrast, Pi is a cryptocurrency that is still in development, but its value will fluctuate based on market dynamics once it is fully launched and traded. The value of Pi will depend on factors like supply and demand, utility, and market sentiment, rather than being anchored to a stable asset.

Pi Network’s price will develop over time, but it can swing up and down, same as every other cryptocurrency that is not a stablecoin. This property inherently makes cryptocurrencies volatile. In fact, that’s precisely why traders buy, sell and speculate them because volatility is where money is made — both up and down.

Myth #3: Pi Network Is A Scam

This must be every pioneers’ all time favourite myth. The problem is: out of the top 3 myths, this is still up for debate. Why is that? There are many metrics to take into consideration. Most of us know the important metrics, so let’s start with the obvious one: time.

Firstly, it has been longer than half a decade since the Pi Network project officially launched, yet, Pi still doesn’t have an official price. 99.99% of pioneers has not been able to profit from this mining venture on any meaningful scale. After continuously supporting any project for 1, 2, 3 or more years, people naturally expect something in return. Although not much has been directly promised, we still haven’t reached the open mainnet phase, and instead, we are stuck in limbo in the enclosed mainnet phase, without a price.

Secondly, Our mobile mining balances show a big number, our wallets only show fraction of the mobile mining balance. This is because all the rewards haven’t been allocated yet. No matter how much you helped the network grow or be secured, you are stuck waiting for the rewards distribution just like everyone else.

Next, there are other reasons such as different coins launching and getting going so much quicker; technical difficulties for pioneers with KYC or migration; or the fact that we are watching ads every time we restart mining which makes the team some money. So lets cut to the chase: has Pi Network been a waste of time?

Many people will say that so far, Pi Network has been a waste of time for them — it doesn’t matter how you look at it, right now, the tangible benefits are little. If you stopped mining Pi today and came back in a few months, you would have not lost out on anything. This is also true for people who gave up Pi already (which are the millions of inactive accounts that are being burned in the upcoming few months).

On the other hand, Pi Network is making great progress towards open mainnet and by all accounts it seems within 4-10 months, we’ll get there. And even if not, we will still get there eventually. Pi will have a price soon, then, we can start trading, then continue building the Pi ecosystem as well as push Pi to the next level (which enclosed mainnet clearly limited).

All the ideas, systems and technologies being developed over the last 5 years are going to be put to the test soon. Combined with our massive pioneer community, we have solid infrastructures and a variety of dApps which utilise Pi. These combined are forming and holding together the Pi ecosystem. This ecosystem is nowhere near the level of Bitcoin or Ethereum yet, but it’s a solid start, so we can catch up in the future. It’s critical we have this, otherwise the price of Pi would have been much less than you even think.

Based on how many copycats surfaced following Pi Network’s popularity, we can draw a quick conclusion that if you are patient enough, you will profit with Pi in the coming months upon open mainnet. You have nothing to lose and all to gain. No point asking “how much?” because nobody knows.

Additionally, Pi Network is arguably the biggest and most developed free-to-mine cryptocurrency out there. Its value proposition and ecosystem is also large, even larger than top 100 coins coins. So although it took longer than expected, you are still holding a promising, potent asset.

Overall, we don’t think Pi Network is a scam and we looked at a wide variety of measures, but we agree that waiting this long and seeing so little tangible results is questionable. Yes, we gained some benefits, and the tech is interesting, but we still not got full functions of the cryptocurrency we were promised. Lets revisit this myth after open mainnet in the coming months to see if it’s a myth or not.

In Conclusion

Whilst there are many myths around Pi Network, the stablecoin and GCV claims can quickly be put to rest as there are no mechanisms or enough money in the world respectively to back them up.

But answering the question if Pi is a scam is debatable because no matter how hard the efforts of the Pi Core Team are, at the end of the day, pioneers have little to show for their unwavering support.

The coming months are critical for the Pi Core Team to put together all the puzzle pieces and launch the Pi open mainnet, so we may finally enter the arena of cryptocurrencies — where the true challenge only just begins.

That’s a wrap from us today!

Thanks for reading. See you next week! — Kris 👍Like what you see? Subscribe Now! 🎥Pinner content on YouTube! Subscribe Now! 👥Join 1400+ Pioneers in AREA 314! 💡Help me get better and suggest new ideas by replying to this email.

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Regardless how quiet the community is, people speak up loudly whenever it comes to the topic of price.

So today, we are diving deep into why it is impossible to guess the starting price of Pi right now, then, we showcase our remedy to help pioneers instead.

DETERMINING THE STARTING PRICE

The starting price of a cryptocurrency is determined by several factors:

1. Initial Coin Offering (ICO) or Token Sale — During an ICO or similar event, the price is often set by the project team based on perceived value, development costs, and market demand. Pi Network did not have an ICO or public token sale.

2. Market Supply and Demand — The initial supply of coins and the demand from investors or users at launch influence the starting price. High demand with limited supply can drive up the price. Pi Network’s supply is slowly earned by its users throughout the years; most of the supply remains to be mined over the years.

3. Perceived Utility and Value — The functionality, use cases, and technology behind the cryptocurrency play a significant role in determining its initial value. Pi Network has a variety of use-cases, mainly in form of decentralized applications by 3rd party developers.

4. Liquidity and Exchange Listings — The availability of the cryptocurrency on exchanges and its liquidity can impact the starting price. Easier access through major exchanges often leads to higher initial prices. Pi Network will likely be listed by top exchanges due to the sheer amounts of its users, ecosystem and reputation.

5. Market Sentiment and Hype — Public interest, media coverage, and community sentiment can create hype, driving up the starting price. Pi Network’s anticipated launch after 5+ years with 10,000,000 holders is going to be one of largest launches in cryptocurrency history and we expect a loud entry into the market.

These factors combine to set the initial market price when a cryptocurrency, including Pi, becomes publicly tradable.

On top of all this, if you want to have a chance at guessing the price correctly, you must know more information about the supply of Pi.

THE SUPPLY OF PI

Pros

• Supply is widely dispersed — Pi’s adequate distribution prevents wealth concentration, fostering a more equitable economic environment. Aside from the core team, there isn’t any major whales controlling large portions of the supply therefor a select handful of whales cannot manipulate the network or the price of Pi.

• ~70% of the migrated Pi are locked — this shows clearly that most people are committed to holding long term. We have to check up on this figure after the 2nd migration, once bonuses are distributed to pioneers.

• Pi is earned through effort — you could say Pi is an airdrop, but you’d be wrong. Pi is earned throughout the years in exchange for helping the Pi Network grow or be secured. There are a dozen of ways to earn Pi but one thing is for certain: Pi did not come quickly nor easily. Pioneers have to take into consideration all their invested efforts when thinking about the value of their Pi. The amount differs a great deal across pioneers.

Cons

• Unknown starting supply — Currently we have approximately 1.2 billion circulating supply. However, it is stated in the whitepaper our initial circulating supply at open mainnet will likely be around 20 billion. A huge discrepancy from our current standpoint.

• Rewards are not yet allocated — as soon as people receive their 2nd migration, which includes referral team, security circle and other bonuses, the perception of Pi’s value will change. As there will be more Pi coins available for people, we’ll see more spending in the ecosystem, which in turn may cause the scarcity aspect of Pi to shrink.

• How long will mining last? — E.g. in 2140, the last Bitcoin will be mined. When will the last Pi be mined? We don’t know, nor do we have any information of how long mining will continue. This is critical information it affects perception of price for everyone. If the public were told they could mine Pi for 50 years, they will think of the price differently, than if you told them “this is the final 5 years you can mine Pi”. We must have this piece of information eventually and we speculate it will be confirmed after the 2nd migration, after the grace period deadlines have ended, but before open mainnet.

OUR REMEDY FOR STARTING PRICE

Firstly, accept this fact: there is a wide-variety of unknowns, variables and uncertainties at this moment of time, making in impossible to guess the starting price. If you accept this, there’s little to worry or stress about.

Secondly, people predicting or preaching starting prices could be just as wrong as you could be by simply guessing. The problem is not that they are not smart. Rather, the fact that we are all missing critical information pieces. Take everyone’s predictions with a huge grain of salt.

Next, understand the beginning of the price action is just that: the beginning. Pi Network is an ecosystem made up of tens of millions of people, as well as systems, utilities and technologies. The underlying currency, Pi, becomes more and more valuable as the ecosystem grows and develops with the passing of time. Hence, Pi is a utility coin. Although Pi Network may transition to open mainnet in a “ready” state, this is not as polished of a product as in 1, 2 or 3 years time. The continuous work of Pi Core Team is proof they care about building more than about anything else, meaning they are here to stay and there are more great things in the pipeline.

Additionally, put your long-term investing goggles on and view cryptocurrency through those lenses. There is no shortage of cryptocurrencies which present themselves as great investment opportunities, which come with huge risks. Pi Network offers mankind a different, low-risk and easy entry into the landscape of blockchain with a brand new web 3.0 experience. This is radically new. Although there is a large group of people who are ready to invest and risk their money with speculation, there is far greater number of people (7.5 billion to be precise) who have not yet joined the cryptocurrency world. We are coming after this group!

Finally, do not underestimate people’s greed. It makes sense that currently we don’t see much hype or FOMO, but wait until the price action begins. The tables then turn as people now have the opportunity to buy Pi at rock bottom prices, and even though all of us earned “some” Pi, we will be facing the same question: Should I buy more Pi? Of course it’s easy to say no right now, but generational wealth is often made when investing at rock bottom prices. Both pioneers and non-pioneers alike are going to be facing the inevitable pressure from greed of unmissable gains that could come from buying Pi early. This is the nature of cryptocurrency, to get in early — buy low, sell high.

In Conclusion

Although we cannot guess the starting price of Pi at this point, we can deduce from the available information that Pi Network is built to last and is here to stay. Whilst many people eagerly keep guessing price action for day 1, we invite you to notice that this project is built to sustain itself for the upcoming decades.

Furthermore, chances are, the open mainnet date will be announced in advance, therefor we will all have time to prepare, so we can be present at this event as it takes place. However, to know whether you buying or selling Pi was “the right choice” — remember: only time will tell!

That’s a wrap from us today!

Thanks for reading. See you next week! — Kris 👍Like what you see? Subscribe Now! 🎥Pinner content on YouTube! Subscribe Now! 👥Join 1400+ Pioneers in AREA 314! 💡Help me get better and suggest new ideas by replying to this email.

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The digital landscape has been dominated by social media giants like Facebook, Twitter, and Instagram for over a decade. These platforms have become integral to communication, entertainment, and commerce.

However, Pi Network, a relatively new entrant, presents a unique approach that positions it competitively against these established titans.

Today, we are looking at how Pi Network differentiates itself and competes with social media giants.

PI NETWORK VS. SOCIAL MEDIA TITANS

Democratized Access & User Engagement

One of the standout features of Pi Network is its democratized access to cryptocurrency mining. Unlike traditional social media platforms that primarily focus on content sharing and advertising, Pi Network allows users to mine cryptocurrency directly from their mobile devices.

The key difference to note is Pi Network rewards its users Pi coins for their attention — helping, growing or securing Pi Network yields Pi. By owning Pi, users naturally become stakeholders of Pi Network, therefor financially benefit from its growth. For example, think what if early Facebook users got Facebook stocks for participating in the project early, but earned less Facebook stocks over time as the network grew.

The polar opposite happens on the other platforms where their growth doesn’t affect the average user. Consumers spending their attention on the platform aren’t compensated for doing so, but instead, that attention is turned into more profits for the company.

Pi Network’s approach not only empowers users by giving them a stake in the network but also fosters higher engagement as users are incentivized to participate actively. Social media giants, on the other hand, primarily monetize user data and attention, often leading to privacy concerns and user fatigue.

Different Business Model = Different Ecosystem

Pi Network emphasizes building a sustainable digital ecosystem. Its mobile mining process is designed to be energy-efficient, addressing one of the critical criticisms faced by major cryptocurrencies like Bitcoin, which require substantial energy consumption. By integrating an environmentally friendly approach, Pi Network aligns itself with the growing global emphasis on sustainability.

This approach is radically different as Pi Network allows anyone to participate in up-keeping and aiding its blockchain whilst being rewarded Pi for doing so. In contrast, most of the social media platforms focus on making money from their customers, therefor it can said that their main product is their userbase. In Pi Network, the product is Pi, which is a new cryptocurrency; and a user on the platform is a holder of this Pi currency, called Pioneer.

Pi Network’s business model is entirely different from web 2.0 social media companies because the main objective is not milking profit from users, but rather creating a digital economy for their native Pi currency, and its holders.

Economic Empowerment Through Cryptocurrency

Pi Network offers a unique form of economic empowerment by allowing users to earn Pi coins through participation. This model contrasts sharply with traditional social media platforms that monetize user-generated content and data without directly compensating users — yet people spend part-time job amounts of time on these platforms.

By giving users a tangible economic benefit, Pi Network encourages deeper loyalty and community building. This model of economic inclusion can attract users who are disillusioned with the exploitative practices of conventional social media platforms.

Additionally, this new unique supplementary crypto income likely will become an attractive choice for millions of people worldwide as it is a free, available and simple method for anyone to get started with — there’s no catch.

Consider the billions of people that are working who can simply start “playing Pi” as a side-hustle to make some extra money — which can snowball into similar gains as what Ethereum or Bitcoin pulled when their mining methods became popular amongst people. People competed to maximize their ETH or BTC earnings.

Innovation and Future Potential

Pi Network's innovative approach to integrating social interaction with cryptocurrency sets it apart from traditional social media. While platforms like Facebook and Twitter have incorporated digital payments and e-commerce features, Pi Network's core functionality revolves around creating a decentralized digital economy.

This innovative blend of social networking and cryptocurrency holds significant potential for future growth, especially as blockchain technology becomes more mainstream. Pi Network's ability to adapt and evolve with emerging technological trends positions it well against established social media companies that may struggle with legacy systems and resistance to change.

Furthermore, in contrast to other social media companies that build their all their utilities themselves, Pi Network innovates as it crowdsources talent from its holders (their audience) to create a variety of use-cases for Pi.

Whilst this is a slower approach at first, the benefit is that over a longer period of time, more diversified and unique creations can come to fruition from all over the world. Therefor, people can use their Pi to buy goods and services easily, rather than exchange Pi for traditional fiat currencies (just so they can do the same).

Conclusion

Pi Network's unique blend of democratized access, sustainability, economic empowerment and innovation presents a compelling case for its competitiveness against established social media giants.

While traditional platforms have focused on monetizing user attention and data, Pi Network empowers its users by integrating cryptocurrency into the core of its operations.

As the digital landscape continues to evolve, Pi Network's distinctive approach could redefine how we interact, share, and transact online, positioning it as a formidable competitor to the established social media titans.

That’s a wrap from us today!

Thanks for reading. See you next week! — Kris 👍Like what you see? Subscribe Now! 🎥Pinner content on YouTube! Subscribe Now! 👥Join 1400+ Pioneers in AREA 314! 💡Help me get better and suggest new ideas by replying to this email.

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Today, we are looking back and documenting our learnings from the Enclosed Mainnet phase of Pi Network. Specifically, decision making by the Pi Core Team.

1. Path of Least & Most Resistance

2. Design Choices — KYC, Hype, Ecosystem, Hackathons, dApps & PiFestivals

3. Key takeaways — The preferences of the Pi Core Team

THE RESISTANCE BROTHERS

Path Of Least Resistance

You have probably come across the term of path of least resistance in self-help and business teachings. Simply put, it is the easiest or simplest course of action.

In terms of life, it would be doing just enough to maintain the status quo — to keep things as they are, or keep going with the bare minimum of energy expended.

In terms of cryptocurrency, it’s copying the latest trendy blockchain protocol, launching a token based off the latest meme, developers rugpulling the token for personal gains, promoting fraudulent cryptocurrency projects, opting with hype over value creation, or abandoning development when things become harder.

Whereas in life, the ramifications of opting with the path of least resistance does not show immediately, in cryptocurrency, they manifest rapidly. Just one poor decision by the coin's creators can cause your investment’s value to evaporate.

The South Park classic we all remember

Path Of Most Resistance

Marching on the path of most resistance is like swimming against the flow in a river. It is hard work! So why on earth would anyone pick the path of least resistance’s lost brother instead?

Sometimes just for the sake of challenge, but sometimes it’s a hard, yet necessary path to take in order to keep the values in tact and not compromise.

There are too many projects that start with a good idea (and hopefully some sort of a minimum viable product too), just so they can launch their coin. It makes sense because development and human resources cost considerable amounts of money.

Too many times, however, the core teams are softly forced to make design choices that puts profit or speed first (because of investors and self interest), versus technology, security or value. This is because the clock is always ticking. Investors only come and stay if they see gains. They quickly shift their moneys elsewhere, if their hunger for gains isn’t satiated quick enough.

The Pi Core Team has managed to create both community and technology over the years, without a price action pressure to worry about. Therefor they are able make the most optimal for the longevity design choices for Pi Network itself.

Now that you’ve met the 2 “brothers” of resistances, we are going to take a look at some of the decision-making the Pi Core Team has done to see what we can learn their strategy.

ECOSYSTEM DESIGN CHOICES

KYC

In Pi Network’s case, deciding to create its own KYC was a one-way street down the path of most resistance. There are existing KYC solutions on the market already, many of which would have been possible to integrate. These solutions cost money, and when you have millions of users, those $1-$2 cost / KYC checks quickly add up.

Admittedly, with the advertisements running in the app, this could have possibly been covered (but even if the whole network KYC’ed quickly, the Pi ecosystem would lack apps and utility). However, different KYC solutions cover different countries. Meaning, we would have needed a variety of KYC solutions integrated because Pi has users in every country!

Opting to build our own Pi KYC is a gigantic undertaking but it makes sense:

• It’s our own! — we built it, so it can be tailored it to meet our needs.

• It’s a use-case for Pi — 1 KYC check costs 1Pi (not a bad deal!)

• KYC doesn’t cost a penny — the cost of doing Pi KYC is 1 Pi. This is much more convenient than having to pay via bank cards for KYC.

• Earning opportunity — pioneers can earn Pi for validating KYCs.

• Businesses may use it in the future — the Pi KYC infrastructure can be customized to facilitate KYC for other businesses in the future.

• Not relying on others — additional freedom by not being attached.

• Data protection — the data is collected kept safe by the core team and information isn’t passed or sold to 3rd parties.

• Pi payment only = no fiat needed — The Pi app was always meant to be free, but putting the earned coins behind a paywall would have raised some serious red flags.

• Enables extra time to build the Pi ecosystem — By quickly solving the KYC problem, we would still have a major red flag: no utility for Pi. Building our own KYC solution means there’s time to build the Pi ecosystem, so we have more use-cases and utilities for Pi.

These reasons may not be apparent at first, but in this case, choosing the path of most resistance was right move to make for the long-term. Having our own Pi KYC infrastructure is a great asset. You can bet on it being utilized even more in the future.

Hype

Pi Network went through cycles of rapid growths over the past years. Why were these not utilized to fuel a massive hype wave to bring in millions of investors to buy Pi? After all, the only thing that will push the price of Pi up is buyers, right?

Right, but hype is not a reliable long term strategy. Hype is capable of pushing prices up quickly, but the biggest problem with hype is that it lasts a short time. Same as when a meme goes viral, people talk about it and it’s everywhere — yet, in a few days and only a fraction of people care about it.

Hawk Tuah girl going viral for 1 sentence

In terms of cryptocurrency terms: you can generative hype quickly and this will create buying pressure, so price increases. The side-effect is that hype dies off quickly and the growth can evaporate with it just as quickly. The quicker an asset’s price rises, the quicker an asset’s price can fall.

Coin developers love to take advantage of people’s greed by releasing coins that do not do anything (or are copycats of others), but package them up and sell them like they’re the best thing ever.

The Pi Core Team does things different: they are building the infrastructures of Pi Network and putting together all the pieces to support the next wave of crypto users, before a price action. They believe the product will speak for itself as they’ve had years to iterate. Time will tell.

Ecosystem

The long-term strategy of Pi is this: The Pi Core Team, alongside with hundreds of community developers, are building the Pi ecosystem to be the go-to place for pioneers. This gives pioneers countless ways to spend Pi in both the digital and physical worlds. When Pi has use-cases and it is used frequently, it becomes a useful digital money that makes sense owning — either for purchasing goods and services, or holding as an investment.

Now imagine the Pi ecosystem as a purple App Store. You can find decentralized applications to use, similar to the existing applications you use today, but those Pi dApps use Pi for payments instead of charging one of your bank cards — that’s the digital side of the Pi ecosystem, which we’ll talk about shortly.

The physical side of the story is when Pi is accepted in shops near where you live. This is arguably a more risky, challenging and time-consuming task to achieve, but we want to see real life businesses accepting Pi, so pioneers can pay easily just like with fiat money.

Pioneer Shops In South Korea

The prime example of solid progress is South Korea, where over 400 stores already accept Pi (even without a price). Currently, business owners set the exchange rate and it is usually a part payment. For example if you go out for dinner, the restaurant may accept 30% of the payment at $20 / Pi rate, and the remainder in fiat. (Note: this variable method will change after there is market price after open mainnet.)

There are shops in other countries in the world, but South Korea gives us a look into the near future after open mainnet. Not every shop will accept Pi, nor do we go to every shop that exists — instead, as pioneers, we’ll go to the pioneer shops.

Pi Apps & Hackathons

If we want Pi to be used as payment, then we need apps using Pi. This is the digital side of the story. These apps not only take time to be created, but need further time to be iterated so they become polished. Most cryptocurrencies have millions of dollars set aside as incentive for developers to build on their network. Pi Network does not.

Over the past 5 years, we have witnessed continuous efforts placed on creating, incentivizing and nurturing Pi apps. These efforts come in the following:

• Pi Brainstorm App — an application created by the Pi Core Team that allows pioneers to create Pi projects and crowdsource people to build them.

• Pi Hackathons — Hackathons are short term races for developers to build apps utilizing Pi Network with a prize pool for the winners.

• Review and Support — apps utilizing Pi Network are checked by the Core Team to be evaluated, after which they get support and advice. There’s also a Discord for Pi app developers for further direct support.

Apps utilising Pi Network — many are still work in progress

So instead of going on a cash-fuelled quest for developers to build use-cases for Pi, the team spends constant effort on searching from (mainly) within its pioneer audience by holding monthly hackathons. Incentives for Pi developers include some Pi and the winners of the hackathons receive recognition, as well as some support with maintenance costs in forms of grants. There’s no other way to put it: in comparison to incentives by other coins, Pi incentives are small.

This method is the slow, organic type — but it does bring committed developer teams who are fans of Pi Network. Most of them are reputable pioneers wanting to create something good for the community naturally — not short term opportunists.

We can commend the team for trying their best with limited resources. It’s yet another endeavour down the for them on the path of most resistance, where most other founders would have opt to just launch open mainnet and build later, or disregard the ecosystem side completely to launch the coin without any real utility or usage. There are countless coins opting for those easy choices of least resistance, but they are nowhere to be seen. Coincidence? 

PiFestivals

PiFestivals take place digitally, now monthly, with a different theme each time. The main location for these purple festivals is the Fireside Forum dApp created by the Pi Core Team. This is a different approach of sharing Pi-related content, utilizing Pi as a way to rank posts higher. The forum comes with a decentralized moderation system.

Pi Network has had a photography festival, a music festival, a Pi art festival and more. But the upcoming one is an important one: the Commerce festival. This is a follow-up event for the Pi Commerce Hackathon, where developers created dApps using Pi to facilitate trade between businesses and customers locally. Although Map of Pi and PyNook won the Hackathon in March, not many people use them.

Like we said earlier, iterating and polishing is a huge time-sink. The winners of the hackathon created Minimum Viable Products, which need further work to be attractive for users. This follow-up Commerce PiFestival will boost those dApps’ presences, and hopefully thousands of pioneers try them out, connect with local businesses and trade for goods and services. It would really be amazing seeing thousands of shops available worldwide, so pioneers can explore and experience shopping locally with Pi, just like many do in South Korea.

PiFestivals help keep the community engaged — even though majority of pioneers are now disregarding any news aside of the announcement of open mainnet. This must be as obvious to the Core Team as it is for pioneers, but they must prioritize carefully.

They focus on areas that bring the Pi ecosystem up to a high standard. This is a condition, which is needed so we reach the open mainnet phase. There are indeed many other things that could be prioritized such as decentralization or creating a price action. The Core Team knows this, and is instead going with a strategy that supports Pi long term by creating a sustainable ecosystem full of apps, systems, businesses and people.

CONCLUSION

Imagine launching a coin and not having a market price for it after 5+ years. Kinda crazy, huh?

This is precisely the case with Pi Network, and in today’s newsletter we shed some light into their decision making, reasonings and objectives. Some of our observations of their design philosophy include preferences such as:

• Utility > Hype

• Integrity > Speed

• Long term > Short term

• Organic growth > Inorganic growth

• Create our own > Use anyone else’s

By knowing the preferred values of the Pi Core Team, our view of the project becomes clearer and we see more accurately how they envision the Pi project to become.

It sucks to wait, but at least the wait is worth it considering the Pi Network isn’t standing on paper legs like many others. Pi Network doesn’t rely on other businesses, coins or partnerships to see success. We are doing our very own thing, only. Period.

With each day passing, the systems and infrastructures are becoming stronger to support our millions of users. This is great because they will indeed need to be strong enough as Pi Network is coming after the next 1 billion users.

That’s a wrap from us today!

Thanks for reading. See you next week! — Kris 👍Like what you see? Subscribe Now! 🎥Pinner content on YouTube! Subscribe Now! 👥Join 1400+ Pioneers in AREA 314! 💡Help me get better and suggest new ideas by replying to this email.

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Indeed, this is the million dollar question. We all love to guess, predict and dream about the answer. But do we know what affects a price of a coin? Hence, in today’s newsletter, we are investigating:

1. The Law of Supply and Demand

2. What Influences Cryptocurrency Prices

3. Pi Network’s Utility, Supply and Demand

THE LAW OF SUPPLY AND DEMAND

The law of supply and demand merges two core economic concepts that explain how price fluctuations impact the supply and demand of a resource, commodity, currency or product. As prices rise, supply increases and demand decreases. Conversely, as prices fall, supply decreases and demand increases.

Supply and demand levels at different prices can be depicted as curves on a graph. The point where these curves intersect signifies the equilibrium or market-clearing price, where supply meets demand. This intersection reflects the process of price discovery in the market.

Put simply, the price of a given cryptocurrency is determined by how much interest there is in the market to buy (demand) as well as how much is available to buy (supply).

Law of Demand

As the price of a cryptocurrency decreases, the demand from buyers generally increases, and vice versa. This is because investors and traders are more likely to buy more of a cryptocurrency when its price is lower, anticipating future gains, and less likely when the price is high.

Law of Supply

As the price of a cryptocurrency increases, more holders may be willing to sell, and vice versa. This is because higher prices can incentivize miners and holders to sell their cryptocurrency to realize profits, while lower prices may discourage selling.

Market Equilibrium

This is the market price where the quantity of cryptocurrency supplied equals the quantity demanded. At this point, buying and selling pressure are balanced.

Shifts That May Effect Market Equilibrium

• Changes in demand — e.g. due to news, regulations, or market sentiment

• Changes in supply — e.g. mining rewards, halving events, lockup expirations

For instance, a sudden increase in demand without a corresponding increase in supply can drive prices up. On the flipside, a large amount of additional supply added without sufficient demand is likely to push the price down of that cryptocurrency.

WHAT INFLUENCES CRYPTO PRICES?

No one can accurately predict the price of cryptocurrency with complete certainty — anyone claiming they can is misleading you. However, you can make more informed guesses about which cryptocurrencies might increase in value over a specific period by considering several factors, such as:

1. Market sentiment — Cryptocurrency is typically a speculative asset, valued at what people are willing to pay. During a bull run with positive market sentiment, prices generally rise across the market. Conversely, in a bear run with negative sentiment, prices typically fall.

2. Technical analysis — Technical analysis examines past market data to understand historical supply and demand for a cryptocurrency. While past prices can't predict future performance, this analysis helps investors see how a cryptocurrency has performed in turbulent conditions and may reveal patterns indicating an upcoming bull or bear run.

3. Utility — Although most cryptocurrencies are speculative assets, some coins or token do have real utility. E.g. Bitcoin is a store of value, a hedge against inflation and a way to get exposure to the cryptocurrency economy; whilst BNB and ETH are used for gas fees on their popular blockchains with a many decentralized applications running on top of them.

4. Competition — Similar to physical products and services, the demand for cryptocurrencies is influenced by competition. For example, for many years, Ethereum was the go-to place for trading tokens such as memes, but due to excessive transaction fees, people opted to use Binance Smart Chain instead. Nowadays, such activity mostly takes place on Solana because transactions fees are only a few cents, a fraction of BSCs.

5. Tokenomics — Tokenomics, a blend of "token" and "economics," describes the economic characteristics of a given token. It encompasses the fundamentals that can make a cryptocurrency valuable or attractive to investors, such as yields, burns, consensus mechanisms, token supply, and token allocations. This information is typically detailed in a token's whitepaper.

6. Governance — Crypto governance refers to how a project or cryptocurrency is managed. Typically, governance is decentralized, allowing token holders to vote on future developments. However, sometimes developers retain control by holding a majority of the tokens, despite distributing some to early investors.

7. Liquidity — Liquidity measures how easily a token can be converted into fiat currency or another token at market price. For example, Bitcoin has high liquidity, making it easy to sell or trade globally. In contrast, newer tokens with limited exchange listings or small trading pools often have low liquidity, leading to significant price drops if sold.

PI NETWORK’S UTILITY, SUPPLY AND DEMAND

Pi’s Utility

The utility of Pi is supported by the time, attention, goods, and services provided by other network members in exchange for Pi. By uniting our attention, goods, and services around a common currency, Pi's members are collaboratively building the network. By utilizing blockchain technology, it can help pioneers reduce costs and avoid slippage typically absorbed by banks, tech giants (e.g. eBay, Amazon), and other intermediaries. An additional use case is for advertisers buying Pi in order to pay for advertising on the Pi platform because there are millions of people checking in the app daily and use the Pi ecosystem apps.

In stark contrast to most cryptocurrencies where they are mainly bought for speculations for monetary gains, Pi Network focuses on its currency to be used for everyday transactions and for commerce. Pi aims to be the preferred payment method for its members, and by doing so, it creates brand recognition both in the physical and digital world. Pi is represented in every country and there are millions waiting for open mainnet, so there can be an official price, so Pi can be used truly as a means of payment for any kinds of goods and services.

Additionally, Pi Network’s free mining mechanism enables the Pi currency to be dispersed on a large scale to people worldwide. Such mechanism is crucial for growth and adoption, and anyone with a phone gains full access to the Pi ecosystem to trade goods and services in exchange for Pi. Furthermore, people can create their digital Pi wallets, which grows with minimal effort, thanks to Pi Network’s unique mining mechanism and other ways of earning for securing or growing the Pi blockchain. Instead having the only option to buy Pi, people have many ways earning it by helping the Pi ecosystem instead.

Pi’s Supply

• Max Supply: 100,000,000,000 Pi — the maximum amount of Pi that can ever exist

• Migrated Total: 3,852,604,024 Pi — supply that currently exists (3.85B / 100B)

• Locked Supply: 2,627,137,393 Pi — supply that is locked up and are not in circulation

• Circulating Supply: 680,302,902 Pi — supply that is actively available for trade and are being used by the public

• Claimable Supply: 545,163,728 Pi — supply that consists of lockups that have now expired and can be claimed. (technically speaking, claimable balances are only a few clicks away from being fully in circulating supply instead, so the real circulating supply may be this and the above figure, which is 1,225,466,630 Pi in total)

80 Billion Pi is divided into 4 allocations for the community and 20 Billion Pi is reserved for the Pi Core Team

Current Issues With Pi’s Supply (From An Investor’s POV)

1. Circulating vs Max supply — Would you buy a currency, if you knew its supply will be 30 times more than it currently is? This is a problem Pi faces right now. The team needs to give out all the rewards for its users, so we have accurate figures. In the whitepaper, the circulating supply is estimated to be around 20,000,000,000 Pi at the start of open mainnet. This is far from 680,302,902 (or 1,225,466,630) Pi we have in circulation today.

2. Time to Max Supply is unknown (yet) — Will we reach max supply in 5 years? 25 years? Or more? We don’t know. The team has yet to clarify before open mainnet. Stakeholders of Pi and investors both must know a projected time when mining the total supply is estimated to finish. E.g. we know the last Bitcoin will be mined in 2140. When will the last Pi mined?

3. Count those extras in — On top of mining rewards, supply such as liquidity pool reserve will enter into circulation. Additionally, we can expect the 10 billion Pi of Foundation reserve, as well as expired lockups, to be drip-fed slowly into circulation over time. How long will this take? We don’t know.

Questions such as these make estimating the starting even more price impossible. Until the air is cleared from so much uncertainty about supply, starting price of Pi is anyone’s guess (but with billions of expected circulating supply, prices at the low ranges are more likely).

We need clarity on these concerns before open mainnet. Not having adequate information about this topic will raise major red flags for investors, driving them to invest elsewhere.

6 Reasons For Pi Network’s Price To Grow

1. User Base Growth — Pi Network has amassed a significant and rapidly growing user base. As more users join and use the network, the demand for Pi could increase. A large, active community often boosts the perceived value of a cryptocurrency.

2. Utility and Ecosystem Development — The development of a robust ecosystem where Pi can be used for transactions, purchases, and services will boost its utility. Partnerships with businesses and integration with various applications can increase demand for Pi, potentially driving up its value.

3. Mainnet Launch and Decentralization — Transitioning from the enclosed to fully open mainnet and achieving full decentralization can significantly enhance Pi's credibility and utility. This step would mean Pi Network operates independently of the founding team's servers, increasing trust and potentially driving up demand and value. Additionally, a community governance could also be implemented.

4. Scarcity Through Mining Rate Drops — Pi Network’s mining rate drops every month, which means there is less Pi to be earned for every active pioneer. This controlled supply can lead to scarcity, making each Pi more valuable as demand increases or remains steady.

5. Market Speculation and Investor Interest — As Pi becomes more well-known and listed on major cryptocurrency exchanges, investor interest and speculative trading can drive up its value. Early adopters and new investors looking to capitalize on its growth potential can create upward pressure on the price.

6. Strategic Partnerships and Collaborations — Forming strategic partnerships with established companies, financial institutions, or other blockchain projects can enhance Pi Network's credibility and utility. These partnerships can lead to increased usage and acceptance of Pi, thereby driving up its value.

Final Thoughts

Pi Network is special. But it is not above the Law of Supply and Demand. There are thousands of coins listed on CoinMarketCap where key metrics about them can be easily seen. On a beautiful day in the coming months, when open mainnet finally happens, we also going to have all our fully-up-to-date token metrics listed. That is the time when we are going to find out the price of Pi as it will be listed by some cryptocurrency exchanges shortly afterwards. Accurate figures are critical for any exchange listings.

Until then, even with assessing supply and demand cases individually, we can conclude by saying this: there is still too much we don’t know with too many variables to estimate.

What To Expect Next

In contrast to many pioneers, as of now, we expect to see a volatile starting price action. Pioneers are likely to sell portions of their balances because most of them have been mining for year. This is only natural. Note, that most of Pi Network’s participants are locked and committed to 1-3 years with portions of their Pi, so they are staying.

After the initial sell-off, we expect a recovery shortly as early investors get involved at rock bottom prices. After people realize that the systems work as intended and are happy with the initial prices, we expect shortly afterwards Pi to go through a viral growth period. Mining Pi will be a no brainer for most people. Instead of promises, we can rely on facts and figures instead and it’s a risk-free way to get involved. People may be able to supplement or even replace their jobs by being a pioneer and aiding the network.

The technology and community are there, allowing Pi to compete with the best. We need a price for Pi, so we can genuinely be in the competition, but if we took all the top 100 coins and Pi to see which people can get involved with the easiest, we’d quickly find out who the winner is.

However, we all need to accept this: Pi Network is playing the long game. It is better to re-adjust our expectations and strategies right now, and view this game we are all participating in with long-term lens so we see accurately. The road to mass adoption is anything but short. So keep this in mind and keep playing!

That’s a wrap from us today!

Thanks for reading. See you next week! — Kris 👍Like what you see? Subscribe Now! 🎥Pinner content on YouTube! Subscribe Now! 👥Join 1400+ Pioneers in AREA 314! 💡Help me get better and suggest new ideas by replying to this email.

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In today’s newsletter we are going to:

1. Summarize Pi2Day 2024

2. Find out if The Pi Core Team let us down

3. Give our thoughts on Pi2Day 2024 and what we’d like to see next

PI2DAY SUMMARY

Right On Track!

In December 2023, the Pi Core Team set out 3 conditions, which must be met in order reach open mainnet.

• Finish all open mainnet preparation - This goal is aimed at the Pi Core Team, whom must prepare technological, legal and other back-end work. They say they are on track with preparation work behind the scenes.

• Meet network KYC, migration, and utility creation goals 

  1) KYC’d Pioneers: target - 15 million - currently 12 million - up 4 million from December 2023
  2) Migrated Pioneers - target: 10 million - currently 5.8 million - up 1.9 from December 2023
  3) Fully “ready”, working Pi Apps - target: 100 - currently 70 - up 30 from December 2023

• No unfavourable external environment - Certain factors such as wars or politics can affect cryptocurrency and markets negatively. Thankfully, there’s no such thing happening right now let’s hope it stays this way. (not just for Pi Network’s sake)

New Features, Upgrades and Announcements!

• NEW: On-Chain Lockups - This new feature allows us to lock up portions of our available Pi for extra mining rewards. Until now, we could only lock up before a migration has happened. Now users can create lockups at any time and earn more Pi for HODLing.

• NEW: KYC Appeal - For all those that had their KYC rejected for some reason, this is a Godsend!

• NEW: Social Profiles - After 5 years as a social network, we finally have social profiles, ladies and gentlemen! Apps built on Pi can integrate such profiles in their apps shortly. Keep an eye on this feature as it may be very important later down the line. Go to Pi Browser to check it out - feel free to add me @kozii

• NEW: 6 Month Grace Period Starting 1st July - This grace period was originally mentioned in the 2nd part of the whitepaper, which is basically the time period pioneers have to complete KYC. We’ll discuss this later in this newsletter.

• SOON: 2nd And Future Migrations - The next balance transfer is on its way, and this transfer includes bonuses from referrals and security circle. No date has been given, but all signs show that it will happen before open mainnet. More on this later.

• SOON: Nodes - In a nutshell, the preparation has began to move over 200,000 nodes (that’s a lot!) from testnet to mainnet. We expect this to be a gradual rollout to complete before open mainnet.

• SOON: Pi Commerce X PiFest - The successful PiFest held in 2023 is coming back with a twist: pioneers will be able to use Pi commerce apps to list and find stores accepting Pi!

• Fireside Forum - Improved algorithm and continuous development efforts focused on the decentralized content moderation.

• KYC and migrations - In short, the team continues polishing these 2 critical infrastructures. With the recent upgrades such as the new liveness checks, mainnet checklist optimization and migration infrastructure upgrade, things are looking decent!

• (Developers) Pi Ad Network - Community Pi App Developers can start using the platform and get paid for advertisements shown to pioneers.

• (Developers) Geolocation - This feature is added for IOS developers to use within their apps for a more seamless experience and more use cases. Android version coming later.

• (Developers) Pi App Incubator Program - These are cohorts created by the Pi Core Team to improve and mentor existing community Pi Apps, alongside a monthly monetary grant. This program helps community Pi Apps turn into “ready” states. We can expect more cohorts in the future to elevate even more apps to such states.

DID NICOLAS AND TEAM DISSAPPOINT?

Close, But No Cigar

We knew open mainnet wouldn’t happen on 28th June because the team has been too quiet and critical preparations such as mainnet node system, 2nd balance migration or even a major marketing campaign were nowhere to be seen! On top of that, KYC, migration, and utility numbers are much lower than the targets which were set out in December 2023.

We understand some people are disappointed regardless because open mainnet still hasn’t happened. Afterall, it’s been a fair few years already!

We feel your pain! But let’s explore this from a higher perspective: all the preparations and build up are in the best interest of the project. Cryptocurrency projects where supply is airdropped (given for free, essentially) to millions of users are known to collapse very quickly after listing on exchanges because there’s no sufficient demand for those coins and people opt to sell instead for whatever they can, therefor obliterating the price. Out of all Pi stakeholders, the leaders know this best. They want the project to succeed more than anyone.

This is why we are going heading a different direction instead by creating a sustainable ecosystem. The team is laying down the necessary infrastructures and polishing the systems, whilst the community Pi App developers work on their dApps to boost the Pi Ecosystem with creating demand and utilities for the Pi currency we all love. This may not look like it, but it is the optimal way to maximize our chances of succeeding considering the way Pi is earned.

They Said What?!

Screenshot from the Pi2Day blogpost

The language used in the recent blogpost is assertive.

Even they think the network “needs to go to open mainnet in 2024”!

This is evidence of the core team’s heavy intention to push hard and make open mainnet happen this year. They did also boldly say that “this is the last Pi2Day without open mainnet”. So it is not just us pioneers that think it's time to transition!

The Clock Is Ticking

Pi Network is implementing a 6-month KYC (Know Your Customer) grace period and a rolling 6-month window starting July 1, 2024, as part of its preparation for the Open Network. This period requires Pioneers to submit their initial KYC application within the first 3 months and achieve full KYC status and migration within six months.

The grace period aims to balance adequate time for Pioneers to complete KYC and migration while creating urgency to accelerate progress towards the Open Network. It helps verify and migrate Referral and Security Circle bonuses and prevents unverified Pi from migrating to the Mainnet, thereby reducing uncertainty and freeing up Pi for KYC'ed Pioneers which can be mined in the future.

In the most recent blogpost, the Pi Core team explains the grace period in more details, but in a nutshell, the clock is ticking. Pioneers must apply for KYC and start ticking off their mainnet checklists.

The emphasis is clearly on making sure pioneers pass KYC sooner, rather than later. Contrary to previous beliefs which previously argued that pioneers will have the grace period from after open mainnet, this is proof to say otherwise. So it is best to try bring the inactive pioneers back now to complete KYC or else they are going to miss out.

All in all, the grace period feature implementation clearly shows that the days of enclosed mainnet are marked. We expect more inactive members to come back as we get closer and closer to open mainnet.

Note: we can also foresee that this news will not reach everyone and many will inactive pioneers will not return, making their Pi go to waste including the referral bonus associated to their inviter.

Slow And Steady Wins The Race

The KYC and Pi App numbers are both growing in a great fashion. One of the biggest surprise is to see 70 apps instead of 40 from just 6 months ago - not too shabby! KYC numbers are looking lovely as well!

On the flipside, the migration numbers paint us a different picture. The growth has been slower than expected. Here’s a chart that tracks migrations.

More people need to migrate every day

There were 2 periods with no migration in 2023, which seem to have been rectified. We’ve been averaging around 12,000 migrations per day since PiDay, 14th March 2024 but we need an average of 23,500 migration per day to reach the target of 10,000,000 by end of the year. It’s more than double! Can it be done?

With the KYC and migration infrastructure upgrades, we think it is possible. The grace period will also cause Fear Of Missing Out (FOMO) and bring many people back. The psychological pull from not wanting to miss out will gradually get stronger and stronger the closer we are to open mainnet, but it is safe to say that this metric is going to be a challenge. Expect the effect of this get stronger as we inch nearer open mainnet, especially if and when there is a date confirmed!

Looking Behind Lockups And Supply

Whilst many other cryptocurrency projects offer staking, in Pi Network, lockups are the tool which incentives holders to HODL. The on-chain lockup is a great new feature to give mining rewards and to combat the inevitable sell pressure from our millions of miners. The original lockup system has been effective.

Out of the 3.8 billion Pi that has already migrated to mainnet, 2.6 billion Pi (68% of total) is still locked up. This means there there are fewer coins to trade with on the exchanges, which means people sell less coins to drive the force down.

The “Pioneer Hold” amount is our current circulating supply. The “Unlock” amount are Pi that can be claimed by pioneers because their lockup has expired, and with 1 click of a button, balances from here turn into circulating supply. We could even consider our circulating supply to be 1,225,466,630 Pi as of now because there is nothing stopping the “Unlock” amounts to be spent.

Although these numbers are great - out of every 3 Pi, 2 Pi are locked up - we cannot rely on this mechanism only. In 2022 when the first mainnet balance transfer were announced, it came with no bonuses included, so many pioneers locked up for 3 years knowing that they are only locking up a balance which is a smaller amount in comparison to their total mining balance due to no bonuses. On top of that, we are now much closer to open mainnet, so people may prefer available balance instead of more mining rate.

This is why we need even more ways to balance our starting circulating supply, so we get through the inevitable initial volatility once trading begins on a large scale upon reaching the open mainnet stage. People have been mining 1, 2, 3, 4 and even 5 years, so we can certainly expect sell pressure, regardless how much we don’t want to.

Currently, this feature is most useful for pioneers that bartered goods and services for Pi and for those that have expired lockups. In the feature, it plays a critical role around open mainnet as pioneers will have more available balance and may wish to lock up more after there is a price for Pi, or after Pi is traded on exchanges.

FINAL VERDICT

Nicolas and his team did not disappoint - they never promised open mainnet. Expecting open mainnet was wishful thinking. The KYC, migration and app numbers don’t lie - they are way lower than the targets set out in December 2023.

We are glad to see the team striving to reach open mainnet this year by preparing the critical infrastructures, such as nodes, KYC and migration queue in order to prepare for a smooth transition. We even see that they want to transition to open mainnet (on their terms, of course).

We’d Love To See This Before Open Mainnet

We would love to see more marketing campaigns in the coming months as we are likely in the final few months of the enclosed mainnet phase. We have to reignite the spirit of the community for open mainnet, which is going to be one of the largest launches in the cryptocurrency scene in history! For maximum effect, a coordinated marketing campaign is needed so pioneers push this full force. People need to know about this!

The team is notorious for being conservative and letting the community and results speak for themselves, but the open mainnet is a special one-and-only time where all the marketing cannons available at our disposal must be fired for full effect, so more people learn about Pi and potentially buy it when Pi can be traded! Hype, hype, hype!

We trust there is going to be a big launch with a large preparation in advance as the last thing we want is to carry over the silent suffering of waiting. We expect signs to come as we inch even closer (we’ll keep you posted!) but we want to turn the tables and create excitement, anticipation and hype for the most accessible cryptocurrency in the world - Pi!

KOZII X RAYSUNITED: SPECIAL EDITION

That’s a wrap from us today!

Thanks for reading. See you next week! — Kris 👍Like what you see? Subscribe Now! 🎥Pinner content on YouTube! Subscribe Now! 👥Join 1400+ Pioneers in AREA 314! 💡Help me get better and suggest new ideas by replying to this email.

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If you found this newsletter helpful,
consider sharing it with your fellow pioneers. ♥

Do you want to learn more about Pi and save yourself the the trouble of scrolling through endless social media?

Then, you have just found The Pioneer Pages at the perfect moment.

What Is It?

The Pioneer Pages is a brand new weekly newsletter that is 80% focused on Pi Network and 20% on topics surrounding it.

We are drowning in misinformation. Low-quality clickbait articles are everywhere. It is clear that a quality, curated and professional publication around Pi does not exist.

We are here to change this.

Why?

We know that the Pi Network’s future success depends on the strength of its community.

The Pi Core Team showcased over the past 5 years their competence and trustworthiness to carry out technological implementations. They are results driven, progressive and long-term builders.

They have a strategized a plan that they are executing every day to reach their goals.

This is great, but what about the Pioneer community? The fact is that even though there are 60 million engaged Pioneers within the app itself, the majority are novice or brand new cryptocurrency users.

This educational and inspirational newsletter is going to equip our army of pioneers with the information they need to succeed. We will bring them insights, deep dives and connect the dots.

Pi Network will be much clearer to them as a whole.

The War Is Brewing

Let's be clear: we are going to war against thousands of cryptocurrencies and their armies of holders. If our soldiers aren’t prepared, then our chances of winning are slim, even with our great technology and numbers.

You may not notice, but the vast majority of the community is waiting for the core team, the price, the open mainnet, or something else.

Waiting around for a miracle is only the right strategy if we want to doom ourselves to disaster. The more people choose this path, the closer we are to failure.

The open mainnet is coming closer with each passing day, but are we prepared?

Let’s educate and inspire our pioneer brothers and sisters in any way we can to maximise our odds of winning.

_{What Type Of Pi Contents Can I Expect?}

• News Reporting and Breakdowns

• Analysing The Recent Activities

• Deep Dives

• Opinions

• Pi dApp Reviews

• Myth-Busting

• Interviews with Key Opinion Leaders, Developers, Experts

• And much more!

_{What Other Topics Can I Expect?}

• Health

• Lifestyle

• Philosophy

• Psychology

• Politics & News

• Economics & Finance

• Technology & Cryptocurrency

What’s Next?

We’re creating our next newsletter piece which you will find in your inbox on Sunday, so be on the lookout! (Subscribe now to get our free newsletter!)

That’s a wrap from us today!

Thanks for reading. See you next week! — Kris 👍Like what you see? Subscribe Now! 🎥Pinner content on YouTube! Subscribe Now! 👥Join 1400+ Pioneers in AREA 314! 💡Help me get better and suggest new ideas by replying to this email.

PS: Sharing is caring.
If you found this newsletter helpful,
consider sharing it with your fellow pioneers. ♥