Pi has been trending for the last few days together with Chainlink, XRP, XYZVerse, and Solana Steal (Source).
For the last four years, the network has been considered dead by many outside of the Pi ecosystem. The scam stigma persisted.
To illustrate such a negative perception, my referral team with 50+ members shrank to 3. This experience isn't unique. Many pioneers have similar cases.
The Open Mainnet Launch: A Game-Changer
All of a sudden, the negative sentiment changed into optimism. The long-awaited promise of an open mainnet launch was finally fulfilled last February 20. On that day, the market price of Pi made an all-time high of $2.10 and an all-time low of $0.6152. Crypto writers focused more on the 65% crash than the surge and took for granted the fact that Pi accomplished something that defies expectation. I could not believe that Pi would touch $1.00 on its opening day. I underestimated the project, and that is why, after learning how to transfer Pi from my Pi wallet to Bitget, I immediately sold 300 at $0.80 each and used the 222.50 USDT that I earned as my additional capital to increase my HIVE power (HP) and our family's stakes in selected tribes.
Controversy Surrounding Pi’s Trading
Despite the remarkable performance of Pi, many are not happy, especially the GCV movement.
The image below demonstrates such contention. After comparing the interpretation and analysis to what's happening now in crypto exchanges, I won't be surprised if the GCV believers will soon file a case against the core team.
If the above interpretation is correct, not only the core team is liable for the violation of the terms of the network. I think crypto exchanges as well as traders who profit from price fluctuation are all guilty of it.
Nevertheless, I don't think the core team is such a fool to put themselves in that legal vulnerability. I suspect that the original text stated in the white paper should be interpreted in its proper context. Not only that, as far as I know, the whitepaper is no legal document and is subject to change even without the consent of the pioneers. Besides, I suspect that the provisions above are relevant only during the enclosed mainnet. It is unthinkable to apply the same provisions once the token is openly traded on the crypto exchanges.
Pi’s Market and Liquidity Concerns
Two additional interesting observations about Pi are related to its migration status and the amount of Pi in KYB'ed exchanges. I am thankful to one Redditor for directing me to ExplorePi where I got the tables below:
Seeing that the available Pi on Pionex is just 1,308.48, I am wondering whether such a quantity is sufficient to provide liquidity for buyers and sellers. Today, the number increased to 14,266.204. I don't think that is enough.
Exploring New Opportunities: Pi Pool
The new thing I learned about Pi last night is about the existence of the Pi Pool. Though I sold 300 Pi on February 20 at $0.80 each, I have no regrets about placing the capital to a more productive use. Learning about the pool, I bought 30 Pi at $1.36 each plus the remaining 70 Pi in my wallet and added them to the Pi Pool.
Hive as a Long-Term Strategy
One Redditor, after selling 20 Pi at $1.5, had a second thought, thinking that he had made a mistake. I told him that he did better than me, for I sold my Pi lower than he did. Another Redditor thought that I panicked. I replied that selling at $1.00 was part of my original plan. He was puzzled by my response, asking for the reason why I came up with such a plan. I took that question as an opportunity to introduce what we're doing here on Hive:
Pi gave me a $222.50 capital to increase my HIVE power (HP). HP is basic to increase my curation power in the Hive blockchain network. I also bought pizza and Starbucks for my officemates. I added money for the medicine of my mother-in-law. The big portion, I used to add liquidity to two pools and increase my stakes in 4 layer 2 tokens to increase the voting power of my family's accounts in selective tribes.
Unexpected Rewards: Reddit Engagement & POSH Earnings
For the past few days, I have been sharing Pi-related content and sharing it on Reddit. I never expected that sharing articles on Reddit would be rewarded with 11.533 HIVE. This is my first time to receive such a reward.
And so that's the story of the recent developments surrounding Pi Network’s open mainnet launch on February 20 that defied skepticism, sparked price volatility, legal debates, and renewed community interest. As for me, I take all of these as an opportunity to strengthen my stakes in Hive and explore new opportunities in crypto.
If you are curious about Pi Network, you can download the app by following this link. You also need to have a Bitget account where you can transfer your Pi from your Pi wallet to a crypto exchange and exchange it for your currency.