Some of My Thoughts on the Pi Network and Why I Think You Should Join It
Some of you sure heard something already about this crazy “new bitcoin” or “bitcoin of the future” thing. I also find such claims a little exaggerated, given the immense price tag of a bitcoin, but I do believe in Pi and think it will soon have a decent and reasonable value of a few dollars, at least. Of course, as always,price predictions are nothing more than speculation. I mention this because there are quite a lot of rumors on the web about this project and how shady it seems to some.
To shed a little bit of light on the project, I will mention that the three persons who created the network exist and are indeed Stanford graduates, you may find yourself a little relieved after reading this here: https://www.stanforddaily.com/2019/09/16/stanford-grads-develop-cryptocurrency-for-smartphone-users-to-increase-its-accessibility/
It is “mineable” through an app on your android device or iPhone that actually doesn’t mine per se, which is why is doesn’t drain the battery or even consume resources. The app only needs to be checked once every 24 hours by a real person, and the coins are allocated to you, rather than mined. Pi already exists in a way, it only has to be distributed to users. This alone differentiates it from bitcoin and most other cryptocurrencies.
This distribution may seem a little like a pyramid scheme, but that’s only because they want quick adoption and because the network needs to be trust-based in order to remain a currency of the people, and not one that consumes immense amounts of electricity like bitcoin mining requires (which, as we can see, also leads to a monopoly, only the miners with numerous and powerful ASICs manage to keep on mining, and that’s been happening for a long time already).
“Mining” Pi means contributing to the network through your mere presence, for now. It is in phase 2 (TestNet) and phase 3, MainNet(official release on the market, if you want) will begin sometime at the end of this year, if not earlier. When phase 3 begins, only those who were miners already in phases 1 or 2 will be able to keep on mining, until the user base gets to 100 million (active) users, after which all the coins have been released and shared through the network.
More info about the project can be found on its website: https://minepi.com/
“How Pi works” and “Learn More” are a good start :)
By the way, you need an invitation code to enter the network (trust-based, remember?), so if you’d be kind enough to choose using my code, remember that you will get 1 free Pi and a 0.02Pi/h BONUS mining rate. The code is “dmphy”, thank you in advance!
I am also surprised it caught such a huge momentum, but regardless of the why’s behind its huge and growing popularity (10+ million users already), I hope you can agree that it would probably be a waste to miss such a boat, even if it only reaches a value of $5 or $10, with the mining rate of now (which is small, a few halvings have already took place since its launch and we are at 0.1 already: https://www.google.com/url?sa=i&url=https%3A%2F%2Fwww.pinterest.cl%2Fpin%2F796363146594013598%2F%3Famp_client_id%3DCLIENT_ID(_)%26mweb_unauth_id%3D%7B%7Bdefault.session%7D%7D%26simplified%3Dtrue&psig=AOvVaw2c8t9Xqr0-O9mrPLitMFKH&ust=1610699876537000&source=images&cd=vfe&ved=0CAIQjRxqFwoTCLi2guWCm-4CFQAAAAAdAAAAABAD)
If you, for some reason, are still wary of this all, I wish to annouce that the wallet will be out by the end of this month! So, check back in a few weeks, if so you wish. I will come back with updates every now and then.
Have a nice, productive day!
