Hello good morning, my name is Derek Geisler and I am the creator of this website which aims to educate and inform about the ongoing adventures of peoples with Pi Network which seems to be growing on a daily basis. I myself have over 100 “pioneers” in my network at the time of writing this article using my invite code to the network which is (derekgeisler).
When Pi first launched I downloaded the application and did what most people did, I looked up the price of a token and argued about the time it would take to mine even $100 worth of the stuff in order to “make it worth it.” I didn’t realize that I had done the same thing with Bitcoin in its early days.
Now, with Bitcoin there were other entrance barriers such as obtaining and setting up mining rigs, downloading the core client and wallet, and useability of the financial product its self; it seemed to me to be a hassle and not until it was worth a few thousand dollars and being promoted and used on some of my favorite sites as an alternative way to pay did I really start looking into it. Nowadays its the bread and butter of cryptocurrency. Almost every single token is “tethered” to the market fluctuations of the dominate currency which is the Bitcoin.
When brainstormpi launched it seemed to be a scam to many people and had amassed quite a bit of bad publicity. Those who stayed on top of its development earned around 12Pi an hour, very similar to those who mined Bitcoin in blocks of 50BTC at a time using just a laptop. Fortunately Pi has levelled the playing field making it impossible to “out mine” other users with commercial grade equipment; simply put, they force users to stick to a scalable and fair model of mining using their mobile technology, limited by KYC which prevents the use of bot nets who may be attempting to game the system, and collect larger portions of the Pi token into a much larger account at the end of its run. It makes it impossible to go out and buy 50 cellphones and to scale up the mining procedure without scaling up the user count. This is probably how they have amassed approximately 45 million users of the Pi Network application. Now that is a lot of people getting scammed if the token were worthless and honestly its more likely that maybe a few people fall for a scam, but 45 million would be a world record! At this point we can tell that the project is actually a legitimate project and that we need to do more digging to figure out why we are being left behind.
As with Bitcoin, I had friends who had entered the market at prices of $2, $100, $300, and even $3,000. They are now very well off and leaving their day jobs as Bitcoin roars in at prices of just over $25,000 a token. I really wish I had even just 1BTC at this point…and I am beginning to feel the same way about Pi Network as I watch Pi follow a similar road to success that Bitcoin has already demonstrated for us.
Now, my first experience attempting to buy Pi tokens was very frustrating, first I had to find users of the token through social media. I headed over to Reddit where I learned very quickly that exchanges of the token for fiat currencies is not allowed and that users can get banned for up to 100 years for doing so. The only way to acquire these Pi tokens is to mine it or to exchange goods and services. Now, this is economics at its finest! The only way to acquire these tokens will be to support the economy of it, in cryptocurrency this is called tokenomics.
Lets take a look at the tokenomics of the Pi token.
– 1 billion tokens total, hard cap. scarcity similar to Bitcoins 44 million
– creation of a Pi wallet requires users to have at least 1 Pi. With base mining rates of .0108, this will take the user about 4 days to mine a full Pi token. Currently there is an airdrop which is incentivizing users to join the network, however after the launch we may see lockup rewards end, decreases in mining rates, all of which could take a user up to 30 days to mine a single token.
CLAIM 1 Pi and create a wallet using my link. Pi is a new digital currency developed by Stanford PhDs, with over 35 million members worldwide. To claim your Pi, follow this link https://minepi.com/
– current mining rates are .0108 Pi/hr at a current rate of about $10-$20 a token this equates to about .25Pi a day or $1,300 a year. Thats at a going rate. With a little bit of research we can check the speculation which shows prices of up to $50-$300 on Hubio exchange where there are IOU’s and people promising to buy the token when the mainnet launches. If Pi reaches a price of $300 again, then your 90Pi for that year will be worth $27,000. This again is following the same path that Bitcoin followed.
– Pi is a blockchain fork of Stellar, has an easy to run node, a block explorer, an escrow service, an e-commerce platform, a developer portal, the Fireside Forum, and Connect Social (social media). All of these are highly favorable in the world of blockchain. I have even found a Cryptokitty style dApp on Pi Network called PiPets. All of these add equity to the equation which for ages has been assets = liabilities + owner’s equity.
– Pi is being featured on Forbes which is a major name in business. I do not think they will be advertising scams on their website.
In my next article I will write about the features on the Pi Network and how easy it is to promote. Beginning users should aim to add about 3 users during their first year which is not hard to do. Using the app it is simple to earn an extra $1,300 a year using nothing but your cell phone!
Thanks for reading,
Derek Geisler
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