HYPE, HYPE, HYPE!
This has been the building block or foundation of the Pi Network, a six-year-old crypto project whose popularity has spread like wildfire from Africa to the Middle East to Southeast Asia, ever since its mainnet launch this year.
The project has already amassed over 60 million registered followers since its inception, and Pi fans, or, as they call themselves, “Pioneers” are eagerly waiting to convert their mined Pi balances into $tokens.
Launched in 2019 by two Stanford PhD students, Nicolas Kokkalis and Chengdiao Fan, the idea behind Pi Network was simple: build a blockchain where people could mine cryptocurrencies from their cellphones, requiring no power usage or heavy infrastructure.
However, since day one, the Pi network has been building its ecosystem on market buzz, promises, and hopes of getting high returns, thereby creating a cult-like status for the project whose followers do not shy away from overestimating the Pi token’s potential and future surge.
Take, for example, the concept of a “Global Consensus Value” (GCV) community among Pi fans. It is a self-acclaimed group of Pi fans who sincerely believe that the Pi cryptocurrency’s value will one day reach the astronomical figure of $314,159. The ludicrous idea behind Pi token’s supposed “true value” actually comes from Pi’s mathematical value — 3.14159.
It’s just a decimal point being moved four places to the right; what’s the big deal about it, right?
Currently, Pi is trading at $0.67, a marginal 6.67% hike in past 24 hours, due to crypto industry pump.
Also Read: Is Pi Coin’s $314,159 GCV Value a Real Possibility or Just Hype?
Hype and buzz are not appropriate elements of a strong crypto foundation. A crypto project should offer real-life utility, solve problems, and provide great value to its investors-—qualities where Pi Network falls short.
Despite all the shortcomings, Pi has successfully built a cult-like fanbase that supports the project blindly. These Pi fans, also known as “Pioneers,” have started a global movement of Pi advocates and are rallying behind the dream of a sky-high “Global Consensus Value” (GCV) for the Pi coin.
In this online campaign, Pi enthusiasts are appointing Pi ambassadors in each country, attempting to build a global movement for their ambitious GCV price dream. Because of these cringeworthy activities, many industry leaders and crypto analysts mock the Pi Network and compare it to a Ponzi scheme.
Birth of the Pi GCV Movement
Social media users and members of messaging platforms have organized collective campaigns to spread their predictions about Pi’s future market value. The core element of this campaign involves selecting “Pi Ambassadors” who serve as local representatives to organize events and share information about GCV across dozens of nations.
The ambassadors of Pi serve as online representatives, leading their respective countries toward the goal of establishing Pi as a valuable asset in the coming years.
The movement’s energy is palpable. Pi Ambassadors in Nigeria, India, Vietnam, and other countries present sample posts on their websites advocating for a strong, unified GCV. Various groups have set official GCV targets that seasoned crypto analysts would view as unrealistic for untested new tokens. Through the GCV campaign, Pi users have found a central unifying cause that gives them both purpose and optimism.
The Dream vs. Reality Check
The intense support for the GCV initiative faces strong opposition from crypto experts in the broader industry. The GCV campaign is criticized because its supporters base their strategy on wishful thinking instead of solid fundamental principles. The cryptocurrency value of Pi Network differs from Bitcoin and Ethereum because its coin lacks exchange listings and demonstrated utility outside its native ecosystem.
The essential problem with skepticism centers on the fact that cryptocurrency value depends on its practical use across transactions and decentralized applications and as a store of value rather than on the number of ambassadors or collective holder desires. The mere act of selecting local representatives who set a price target does not establish genuine market demand or liquidity.
Critics compare Pi Network to multi-level marketing (MLM) and Ponzi schemes because of its primary strategy, which depends on ambassador appointments and social media referrals.
The method of appointing ambassadors and running online campaigns helps create community spirit while attracting attention, yet it fails to replace actual network adoption. Token value derives from market forces rather than holder consensus because buyers and sellers determine prices through their supply, demand, and utility-driven transactions.
Final Thoughts
The GCV movement demonstrates the two sides of the crypto industry. On one side, it showcases how community power can elevate a crypto project; on the flip side, it also demonstrates that community support alone is not enough to build a strong foundation for a crypto project.
Now is the time for the Pi Network team to understand that if they want to become a long-distance contender, then they must work on real utility and value beyond slogans, ambassadors, and viral dreams.
Also Read: Why is 2nd migration of Pi Network getting delayed? Understand here
I didn’t finish. I stopped where you said a crypto project should offer real-life utility, solve problems, and provide great value to its investors-—qualities where Pi Network falls short (Emphasis on “qualities where pi network falls short”.