Pi Network's Open Mainnet Launch
Yesterday, exactly at 4 PM Philippine time, the long-awaited launch of Pi Network to the open mainnet was finally realized. Though many pioneers, particularly those who strongly believe in the mind-blowing Global Consensus Value (GCV) of the token, were disappointed to see Pi after reaching $3.40, it started to fall below $1.00. For them, the price they see in crypto exchanges is unacceptable.
The GCV Debate: Perceived Value vs. Market Reality
Reading comments on Reddit posts and replies on Facebook discussions, you will see that GCV believers were being bashed, but it appears to me that nothing can sway their perceived value of the token. One argued that Pi was not designed for trading on exchanges but for use in real transactions within its ecosystem, where the GCV can be maintained. He dismissed exchange prices, whether high or low, as irrelevant to their valuation model. He criticized those who focus on cashing out as having a "poverty mentality." I suspect that he didn't like the outcome of the open mainnet launch. He concluded that those who focus on liquidity-based exchange prices were confused and didn't understand the utility-based valuation of the token.
Pi’s Market Performance and Exchange Listings
Though I respect the above opinion, to my mind, it appears that GCV believers don't understand mathematics. If we follow their GCV value, Pi will not only become a $4 billion blockchain network with the current market price of the token at $0.65, but it will have a trillion market capitalization higher than Bitcoin. That to many crypto analysts is insanity.
Those who believe in the higher valuation of Pi cannot understand why pioneers were selling their tokens at $2.00 each. As for me, the fact that Pi reached $1.00 and above on its launch day is already remarkable.
It is still fresh in my mind that many considered the network a scam from 2019 until late last year. In July 2021, I pinned this article where the author seems to imply that Pi is a scam. I told myself that a year would come when the above writer would change his mind.
Challenges in Trading Pi
Yesterday, another article was published reporting that Pi even surpassed Uniswap when it comes to the size of the airdrop. However, the challenge remains whether Pi can sustain its successful launch or will follow in the footsteps of many Tap-2-Earn tokens that a few months ago became viral but whose prices crashed after several days.
Also yesterday, I was waiting for an announcement or instruction on what to do and how to send my Pi tokens to crypto exchanges like OKX, Bitget, and Gate.io. Among many crypto exchanges, only these three underwent the KYB process. This to me is unprecedented. As far as I know, crypto projects are the ones paying fees to be listed on exchanges. However, in Pi's case, it is the network that sets the benchmark for whether an exchange will be allowed to trade Pi or not. While writing this post, I checked the KYB tab on minepi.com and I observed that the fourth crypto exchange was added—it was Pionex. I think the Americans now have access to the exchange where they can trade Pi. Many countries in the world still cannot register on OKX, Bitget, and Gate.io. They include the United States, Mainland China, Singapore, Hong Kong, and others. As for me, I prefer MEXC, for I am used to this exchange, and I have been trading crypto using this platform for several months now. Unfortunately, MEXC is still not KYB'd until now, so deposits of Pi aren't allowed.
My First Pi Trade Experience
And so I failed to sell the 50% unlocked Pi that I have. Not only because I want to observe first the market sentiment before taking any decision, but I am also worried that without proper guidance, I might lose the Pi I mined for the last four years. And so I browsed Pi-related content here and there and inquired what to do. After receiving three similar responses, I decided this afternoon to sell 300 pi, and so I moved the 372.61 unlocked pi to my balance. From there, I sent them to Bitget and swapped them for 222.50 USDT.
How I Spent My Pi Earnings
What did I do with the 200 plus USD that I got from selling 300 Pi?
First, I bought pizza and Starbucks coffee for our staff.
And then I bought 285 HIVE and sent them to my Hive wallet. I now have enough HIVE to buy WAIV, BEE, and POB and can add liquidity to both the CENT: BEE and CENT: SWAP.ETH liquidity pools.
The remaining 2,500.00 PHP, I sent to my wife and my two sons for them to celebrate our Pi Day!
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.