fbpx
Connect with us

CryptoSpace

Pi Network: Is Pi Coin worth anything?

Published

on

pi network value

Pi Network: Is Pi Coin worth anything?

Want to mine Pi? Click here for step-by-step instructions.

We have written two articles on Pi Network so far.

Last updated: 12-September-2020

Update: When will Pi Coin list on exchanges?  Mine before the rates are slashed

At this point, some people call this project a scam and others believe it to be the next bitcoin. Our views are somewhere in the middle.  

Let us explain.

We do not think it is a scam because they are not asking for money and they are not promising the moon in the next month. When you install the app and mine the Pi Network coin it doesn’t consume your data or battery.  

The project simply aims to make crypto accessible to all. Even to those without any specialized mining rigs. That in our mind is a good goal to have in the crypto space.

It is not the next bitcoin, at least not yet, because it has to launch the mainnet and we have to see if people actually start using Pi Network coin in real life.  

Top 5 Cryptocurrencies 2020

However, here are the facts:

  • Pi Network app has been downloaded more than 1 Million times
  • Pi Network node applications have crossed over 100,000
  • The rate at which one can mine the Pi Network coins follows halvening protocol similar to bitcoin 
  • Team will implement KYC process, using a third party vendor, before people are able to transfer their Pi Network tokens 

Their roadmap includes:

  • Aim to build Trust graph on the app (similar to Yelp or Amazon reviews)
  • Introducing ‘one ad per day’ that should get it some traction from the advertisers and the app users who stand to gain rewards
  • They also have plans to introduce barter marketplace 
  • Obviously, as a blockchain solution – Pi Network will support Decentralized Applications (DApps)

The team behind Pi Network seems to be decent and knowledgeable about cryptography. They are also inviting applications for people to join the team. Dr. Nicolas Kokkalis, Head of Technology, is a “Stanford PhD and instructor of Stanford’s first decentralized applications class; combining distributed systems and human computer interaction to bring cryptocurrency to everyday people.”

Sure Weight Loss

How much is Pi worth?

Based on the traction the project has gained in terms of user base, their decent (and achievable) road map and a team that can pull this off, we would say, Pi will be worth something in the future.

As the mainnet has not yet launched and since the Pi coins cannot be on any exchanges yet, to put a dollar value we have to look at how much the Pi IOUs are trading at the moment. I Owe You (IOU) are unofficial agreements agreeing to honor a contract in the future.  

As of this writing, the Pi IOUs are trading at 36 cents with a trading volume of $1,576,377.  

Pi Coin price

Trading of these IOUs started in November 2019 at around 5 cents each with a volume of $182,000; the price of these IOUs and trading volume have since picked up and have reached $1.5 million dollars.

Our efforts to confirm the trading volume were futile. So please be careful in interpreting the above information.

Top 5 Cryptocurrencies 2020

Is it worth mining Pi?

As the Pi Network app doesn’t consume user data or drain battery, we see no downside in participating in the ecosystem. We are assuming that both iOS and Android would have done their due diligence to ensure that the app is safe and stable.

And if you have 10 friends join using your referral – that will increase your mining power to above 1 Pi per hour, that’s, 24 Pi per day.   

If the Pi coin holds its IOU prices after the mainnet launch and once it starts trading on the exchange, each day you ‘activate’ Pi Mining on your app with 10 friends in your network will fetch you around $8.6 per day.

As we mentioned earlier, Pi Network uses a halvening system, as such, as soon as the user base grows to 10 Million the rewards rate will be slashed making the Pi coin more dear.

When can I withdraw my Pi?

Users have to wait for the mainnet launch and go through a Know Your Customer (KYC) verification process to be able to move their Pi coins.

We can expect to see a dump as soon as the coins are released, assuming they will be listed on some exchange. However, if the project builds its utility and continues to gain traction among the mobile users, we might see a sturdy increase in price and trading volume.

Will my Pi coin grow in value by 2025?

Whether Pi coin will be worth anything in 2021 or beyond, even 2025, will depend on how the project pans out.

If the people participate actively on the Pi Network app, advertisers see value in placing ads on Pi Network app, and people use the Pi coin (not just hoard) to exchange value over the app, then Pi coin can be worth something.  

If Pi Network app succeeds to attract 100 million downloads – it will put it in the ranks of biggest crypto based projects on the market. With a smartphone user base of that size Pi Network can hope to join the ranks of top 100 coins or better.  And that will be a good milestone for Pi Network.

Remember, this is an experiment, similar to bitcoin

Bitcoin was a massive social experiment with nothing behind it to prove its validity. It passed in flying colors. 

Treat Pi Network as an experiment because it is. Will it be successful?  Well we have to wait for the project to launch and prove itself.  At least, Pi Network has the 10+ years lessons taught by Bitcoin and the team that seems to understand the technology.

New here? Watch this Pi Network Introduction 

Update: 11-August-2020

When will Pi Coin list on exchanges?  Mine before the rates are slashed

As it turns out, even BitBoy refers to our article for information. You can see that in the below video CryptoTapas article is being referenced when talking about Pi Network.

In this video, BitBoy hints that the team is working on the exchange listing and that we could soon see Pi Coin on an exchange. However, this information has not been confirmed by the team or on any official channels.

In another news, Pi Network’s earning rate is going to be slashed to half or completely shutdown once the network reaches 10 Million pioneers.  Pioneers is the word used to refer the individuals who start mining the Pi coin on the Pi App.

Those thinking to get into Pi Coin might want to start mining while the rates are still good.

Update: 12-September-2020

Pi Network presses – app now runs blockchain

Not everyone can access this blockchain feature, just yet.
The core team will roll out the launch for technical reasons. What these reasons are precisely are not listed, however, we speculate it has to do with security.

“We’ll initially enable the blockchain container to only Node candidates running (i) Windows 10 Home or Pro that are upgraded to the latest version from Microsoft (version 2004) with WSL 2 and using Docker Desktop, (ii) any macOS version with Docker Desktop. In future versions, we will enable this functionality for more operating systems, and we will try to make the blockchain work on Docker Toolbox. The goal is to enable all Node candidates to be able to turn on the blockchain container to follow the testnet blockchain as it evolves,” the update reads.

This version of Pi Network marks a major milestone on the roadmap which takes the project to the second stage: Revision Stage.
 
Based on the data gathered from rolling out the blockchain to selected candidates, Pi team can run stress tests using a broad scenario set. These tests will give the core team enough data to add capabilities to Nodes and Supernodes on the network to build a more resilient blockchain solution.
 
According to the update, core team has run 8 iterations to fix as many bugs as possible to reduce the frustration at the Pioneers level.

Want to mine Pi? Click here for step-by-step instructions.

best Crypto Tax Software

Thank you for reading and sharing this article. Stay safe and healthy!

IMPORTANT DISCLAIMER

We have used referral codes where available.

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

Top 5 Cryptocurrencies 2020

Sure Weight Loss

CryptoSpace

Crypto Roundup: All Your YouTube Influencers in One Place

Published

on

Crypto Roundup

Visit our Crypto Roundup section daily for a dose of all your favorite Crypto YouTube influencers in one place.    

Worried about missing updates from your favorite YouTube crypto influencers?  

Welcome to the Crypto Roundup.  

On this page, we will post a quick summary of the videos from some of the most popular YouTube crypto influencers.

Ivan on Tech  Altcoin Daily

Crypto Zombie Box Mining

Ellio Trades Lark Davis

Data Dash Bitboy Crypto

MMCrypto Chico Crypto

Altcoin Daily

Video title: Bitcoin Will Be OVER $20,000 By Christmas 2020! BIGGEST WEALTH SHIFT OF OUR LIFETIME! Cryptocurrency

Date: 19-Nov-20

  • World’s biggest wealth shift of our lifetime is happening right now and no mainstream media is talking about it, except CNBC.

  • Preston Pysh predicted on August 26th that: “Bitcoin should be reaching its all time high by Christmas.”

  • If you are looking to buy a dip, there may not be one.
  • Ricardo Salinas Pliego, a mexican billionaire, has just revealed that 10% of his liquid assets are into bitcoin.

Lark Davis

Video Title: STOCKS HIT NEW HIGHS! WILL COVID VACCINES LEAD TO MEGA PUMP IN 2021? [Are You Ready?]

Date: 19-Nov-2020

  • Stock markets and bitcoin pumps higher on the news of the second successful covid vaccine.
  • There could be more chances for the new stimulus. Means more inflation, more debt and simultaneously pumps stocks, gold and bitcoin.

Crypto Zombie

Video Title: BITCOIN $18.5k TOP!!?! DON’T BE FOOLED!! HODL FOMO BEGINS!!! $TRILLIONS FLOOD!!

Date: 18-Nov-2020

  • Overall sentiment of Bitcoin has changed drastically from ICO craze in 2017 to a time where people are FOMOing to own more bitcoin.

Ivan on tech 

Video Title: BIG WARNING TO ALL HODLERS!!!!!!!!! DO NOT GET REKT!!! BITCOIN $18,500 REJECTED – NOW WHAT?

Date: 18-Nov-2020

  • Ivan expects bitcoin to shoot past $20K resistance before end of this year, giving it 85% probability

Chico Crypto

Video Title: World’s Most Powerful Turn BULLISH on BITCOIN

Date: 19-Nov-2020

  • All those who hold big bags of Bitcoin will come out of the shadows to talk up the Bitcoin rally, a $20K bitcoin could be on the cards before the end of this year
  • Ethereum mining could act as a big catalyst for Ethereum’s price
  • Big companies like google could play a bigger role in mass adoption of crypto

Let the FOMO begin…

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

Continue Reading

CryptoSpace

Lessons from the Veteran HODLERS to the Newbies!

Published

on

Lessons in Crypto

For all those who entered the crypto market after the 2017 bull run – here are few lessons from the HODLERS from the last bull run(s).

This is our attempt at making all you newbies aware of the mistakes veteran cryptoers did.

Let’s get started…

Don’t FOMO in to all the hype

FomoIt’s hard not to FOMO in crypto.  The trick is to make sure you don’t lose your shirt in crazy bets.  Always limit your bets to what you are comfortable losing.

The common ways you can become victim of FOMO are:

  • Following your favorite YouTuber without actually doing your own research on the project.
  • Investing into projects at the top.
  • Believing in promises of 100x or 1000x without any substance behind those claims.

HODLing far too long

Remember why you are into crypto – to make the money.

Never fall in love with your crypto, and HODL the tokens even when they are 10x and more.

Have a strategy to take your capital out before you become a HODLer.  

If you believe the project really has what it takes to go beyond 100x and more, just sell in instalments so as to not miss the ride.

One of the best ways to HODL is to take your capital in full and profit in tranches.

This rekt story will give you a right perspective of what it looks like, it’s one of many:

Don’t put all your eggs in one basket

Never go all in on one project. No matter how strong the project may look, even the projects with strong fundamentals don’t do well sometimes. 

And, you will be kicking yourself watching other projects go up and your portfolio just doesn’t seem to make a move.

And don’t over do it and have a portfolio with over 100 projects either. It is very difficult not to have invested in more than 15 projects but anything less than 20 is a good way to go, in our opinion. 

Put aside the share of Profits for Taxes.

One way you can get a good night’s sleep is by paying taxes. 

Always keep a habit of putting aside a % of your profits in USDT or other stable coins, as a reserve to take advantage of market volatility and also to meet your tax obligations. 

Exchanges are more evil during bull run

Foreign ExchangesDon’t trust exchanges. Yes we already know that, but they play more games during bullrun, some intentional and some technical. 

Many exchanges tend to go under maintenance when the prices shoot up too high too soon (Coinbase?), and you can’t sell. 

And the shady exchanges scam out before you know.

Regulators seem interested when the market cap of these projects goes through the roof, which then adds FUD around the project crashing the prices.  

Exchange may freeze funds pending investigations when such issues arise.

Take for example OKEx. Users are unable to withdraw their assets from the exchange for almost a month now, not certain if they ever will, and all that started with the legal dispute.

Never fall for Arbitrage gains

Arbitrage is when you buy in one exchange at a lower rate and sell on the other for a higher rate to take some profits. 

Some shady exchanges show a lot higher prices than the other genuine exchanges and when you deposit your assets to sell at those prices there won’t be actual volume to execute the trade. You may be stuck with either a high fee for withdrawal or other funky rules to take your own money out. 

Remember, there is no free Giveaway

Free CryptoScammers rise with the rising market.  

When the crypto market buzzes with all time highs – scammers cash in big time on newbies.

The most lucrative scam in crypto is ‘Free Giveaway’. Whether it be through YouYube ads or discussion groups and wherever they can get your attention.  Read this article on various sophisticated scams that are being deployed.

We hope these lessons help you through your trades and crypto life.  Stay safe and always DYOR.

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

 

Continue Reading

CryptoSpace

Crypto Roundup: All Your YouTube Influencers in One Place

Published

on

crypto news

Visit our Crypto Roundup section daily for a dose of all your favorite Crypto YouTube influencers in one place.    

Worried about missing updates from your favorite YouTube crypto influencers?  

Welcome to the Crypto Roundup.  

On this page, we will post a quick summary of the videos from some of the most popular YouTube crypto influencers.

Ivan on Tech  Altcoin Daily

Crypto Zombie Box Mining

Ellio Trades Lark Davis

Data Dash Bitboy Crypto

MMCrypto Chico Crypto

Altcoin Daily

Video title: The United States Just Brought Bitcoin into the National Conversation!! | Cryptocurrency in 2021

Date: 16-Nov-20

  • Former National Treasurer and the new US Senator Elected, Cynthia Lummis, said Bitcoin fits the bill as a good store of value as it is finite and limited, unlike the inflationary fiat currency.

  • Grayscale adds over 7000 more bitcoin in just the last 24 hours.
  • Just over 16% ETH staked for ETH 2.0 launch on Dec 2 2020.
  • Bitcoin Cash hard fork takes place tomorrow.

Crypto Zombie

Video Title: WARNING!!! BITCOIN 2017 BEAR FRACTAL RETURNS!!! BTC WORST CASE SCENARIO…

Date: 14-Nov-2020

  • Institutional money starts flowing into bitcoin.

  • Paypal goes live with its crypto trading platform for eligible customers. They have also raised the buying limits from the initially set $10,000 to $20,000 per week.
  • DIA, an DeFI Oracle provider, integrates with Polkadot.

Ivan on tech 

Video Title: BITCOIN WILL DO SOMETHING INSANE THIS WEEK!!!! -30% DUMP AHEAD vs $20,000 PARTY – Programmer

Date: 16-Nov-2020

  • Bitcoin could make a big move this week, either hit 20K or we may see a 20% to 30% drop
  • Chainlink partners with Etherisc to deliver agricultural insurance in Kenya.

Ellio Trades

Video Title: UNLOCKING $100 TRILLION? This low cap gem seeks to bridge CeFi and DeFi

Date: 15-Nov-2020

  • DeFI could be similar to the ICO craze in 2017
  • Low cap gem: AllianceBlock
  • AllianceBlock is bridging the gap between DeFi and CeFi
  • AllianceBlock Partnership with Orion Protocol and Chainlink.

Chico Crypto

Video Title: WARNING! An “EVIL” Entity Wants Control of BITCOIN…

Date: 15-Nov-2020

https://www.youtube.com/watch?v=45Ac-5y2ofg

  • 90% of Bitcoin’s mining pools are controlled by China based mining pools
  • As the value of bitcoin goes up – there is a threat of push to ‘control’ the network from China
  • Binance is looking to push through the 50% mining share and Chico believes this could be dangerous

Visit our Crypto Roundup section daily for a dose of all your favorite Crypto YouTube influencers in one place. 

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

Continue Reading

Trending