Pi Network: Pi, a cryptocurrency for and by everyday people

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Barkuti
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Pi Network: Pi, a cryptocurrency for and by everyday people

Pi White Paper

Long story short, whether you like it or not cryptocurrencies are here to stay. So, if you would like to dip into, how about a cryptocurrency for the common people?

I joined in to the Pi network a few months ago. Not much really to say, the Pi white paper explains everything quite well. Spent a good while as I was going to write a summary of it, but honestly, it's good as it is and I'm not exactly an expert in economics. We can discuss the ins and outs of the stuff, though, sharing some light about.

However, here are the key FAQ points:

 

Disclaimer: Pi is NOT free money.

Pi is NOT free money. It is a long-term project whose success depends on the collective contributions of its members.

 

What is Pi?

Pi is a new cryptocurrency for and by everyday people that you can “mine” (or earn) from your phone.

Cryptocurrencies are new form of digital money that are maintained and secured by a community, instead of by governments or banks. Today, you can mine (or earn) Pi by helping to secure the currency and by growing Pi’s trusted network. While most cryptocurrencies (like Bitcoin) have been very hard for everyday people to use and access, Pi puts the power of cryptocurrency into the palm of your hand.

How does this app work? How do I earn more Pi?

This app allows you to earn Pi by making simple contributions to Pi’s community. The more you contribute, the more Pi you earn.
To start earning Pi, check in every 24 hours and hit the lightning button to start mining. Once you are mining, you can boost your hourly rate by inviting trusted friends and family to join the community. After 3 days of mining, you can boost your earnings more by building your security circle, which contributes to the overall security of the network. Keep in mind, earlier members of the network mine at a higher rate than those that come after them.

 

Do I need to leave the app open to mine? Does the app drain my battery or data?

You do not need to leave the app open to mine. Pi does not affect your phone’s performance, drain your battery, or use your network data. Once you hit the lightning button, you can even close the app and you will continue to mine Pi.
So how can you mine a cryptocurrency without draining your battery or data? Instead of burning energy as proof of work cryptocurrencies like Bitcoin do, Pi secures its ledger when members vouch for each other as trustworthy. This forms a network of interlocking “security circles” that determines who can execute transactions. This novel approach allows crypto mining on your phone by leveraging your existing social connections, with no financial cost, no battery drain and a light footprint on the planet. Read the technical section in our White paper for more accurate and detailed explanation.

What is the value of Pi?

Today Pi is worth approximately 0 dollars / euro etc. similar to Bitcoin in 2008. Pi’s value will be backed by the time, attention, goods, and services offered by other members of the network.
By pooling our attention, goods, and services around a common currency, Pi’s members seek to capture more of the value that typically goes to banks, technology giants (e.g., Facebook, Amazon), and other intermediaries.Today, we are laying the infrastructure for this digital currency and marketplace by distributing the currency, building the community, and developing the technology to ensure its security.

When will Pi be worth something? When can I turn Pi into “real” money?

Pi’s holders will be able to turn Pi into “real” money when they either purchase goods and services on Pi’s marketplace or exchange Pi for fiat currency.
Cryptocurrency holders have two options for turning their holdings into “real” money (or to “cash out”): 1) Directly purchasing goods and services with their crypto or 2) exchanging their crypto for fiat currency (e.g., dollars, euro, etc.) on cryptocurrency exchanges.
1) Directly purchasing goods and services with your Pi. Pi Network is building a peer-to-peer marketplace where our members will be able to directly spend Pi to buy goods and services. We aim to start experimenting with in-app transfers of Pi as soon as Q4 2019.
2) Exchanging Pi for fiat currency on cryptocurrency exchanges. Pi’s Core Team does not control when cryptocurrency exchanges (like Binance, Coinbase, Kraken etc.) decide to list Pi. However, Pi will be able to be traded in Phase 3 of the project (i.e., Mainnet). At that point, exchanges can choose to list Pi. In the meanwhile, Pi’s core team is focused on implementing our technical roadmap (see our white paper) to reach phase 3.

 

Comment: Of course, you have to understand that the value of a “money system”, besides its fundamental trustworthiness, is based on the goods or services you can purchase with it. Neither Pi, Bitcoin, US dollar$, €uros or whatever have any “intrinsic” value by themselves, or can you eat €uros? Can you drink dollar$? Well, you get it LoL. The real value of any money is in the goods and services that people/beings offer and trade with it.

Another comment: Mmm, as much as this cryptowhatever offers in benefits, I like coins and cash. You can stick these into piggybanks, and don't force you to carry an electronic device to operate. As a kid, I could buy goodies with a few small coins…

 

Oh! Well, if you would like to join up here's my invitation link: https://minepi.com/SalvaBarkuti and use my username (SalvaBarkuti) as your invitation code. 

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Edited by: Barkuti on 06/06/2021 - 15:27
E30M3
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very interesting approach. might be keen to join.

id30209
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I also joined network few months ago. Let's see how it will go.

I like Desktop Node though

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kennybobby
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Does anybody remember the “Airplane Rides” of the 90’s. There was a pilot and a co-pilot who sold $250. tickets for the ride to 6 passengers. When the plane was full, everybody took a “ride” in which the pilot graduates with his collection and the copilot moves to the left hand seat, and all the passengers get to move up a seat closer to the front, and the front seat “passenger” gets promoted up to co-pilot. Then you find new passengers and sell more $250. tickets to fill the plane and repeat the “ride”; eventually you will rise up to be the pilot and make the big bucks too…

Quote:
Keep in mind, earlier members of the network mine at a higher rate than those that come after them.

Like airplane rides it seems that Pi has some features of a good pyramid scheme..?

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Cool, in to check it out.

toddcshoe
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Sounds like Madoff nonsense. If I have to bother people in order to make money then, I am also asking them to bother people to make themselves more money, etc etc ect…….. Only a few people making money off of that. The few at the top.

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kennybobby wrote:
Does anybody remember the “Airplane Rides” of the 90’s. There was a pilot and a co-pilot who sold $250. tickets for the ride to 6 passengers. When the plane was full, everybody took a “ride” in which the pilot graduates with his collection and the copilot moves to the left hand seat, and all the passengers get to move up a seat closer to the front, and the front seat “passenger” gets promoted up to co-pilot. Then you find new passengers and sell more $250. tickets to fill the plane and repeat the “ride”; eventually you will rise up to be the pilot and make the big bucks too…
Quote:
Keep in mind, earlier members of the network mine at a higher rate than those that come after them.

Like airplane rides it seems that Pi has some features of a good pyramid scheme..?

Haha yeah kinda like 2 steps forward 1 step back. Party

BurningPlayd0h
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If this system is so much cheaper (in hardware and power, therefore also money) to operate, why aren’t more of the many crypto/blockchain zealots using it or calling for wider adoption?

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Barkuti
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LoL with the airplane rides thing. Big Smile

toddcshoe wrote:
Sounds like Madoff nonsense. If I have to bother people in order to make money then, I am also asking them to bother people to make themselves more money, etc etc ect........ Only a few people making money off of that. The few at the top.

LoL again. But well, while I am not an expert in this stuff what I can say for sure is that the mining thing is just to find some sort of rewarding for people to adopt the thing. To be honest if I were in charge of this stuff, once the time for this to go live and start having any value arrives I'd be willing to even out mining assets if necessary.

Keep also in mind this is no Bitcoin. Bitcoin has a strictly limited supply of currency, 21 million maximum, which is mined slowly and with a huge waste of power (which grows everyday). The “small” amount of currency of course means the exchange price per unit grows over time… if people keeps investing in it, of course. As a user I did a couple transactions with Bitcoin a few years ago, when it was like $300/coin, and I ended up a bit outraged with the fees but of course I was a total n00b who didn't pay attention properly. But in Pi there's no such limit and things work quite differently.

This is about spreading out the thing, the currency system. For you to be rich you have to believe in such a thing. If you attract wealth you'll be rich anyway, whether it is in Pi, dollars, jugs of milk or whatever, as it is your consciousness and energy which will drive you to take the right decisions to make you wealthy. If you cannot see this right then it is not for you; no judgments involved.

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toddcshoe
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Well, good luck with that I guess.

"Everywhere I go, there I am"

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I’m after different type of “pi” these days. Big Smile Love

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We already had BitConnect Network Big Smile

For those who forgot about it: https://www.youtube.com/watch?v=lCcwn6bGUtU

… BitConnect got Disconect

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Get to work instead of dreaming getting rich.

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