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CONSENT OR MARKET: What will determine the price of Pi?
In the world, there are more than 10,000 cryptocurrencies, and their initial price depends on the market or the strength of supply and demand. However, the initial price of Pi does not depend on supply and demand. Instead, it relies on the consensus or agreement of the Pi network community.
Here's why: all cryptocurrencies except Pi launched their coins before building their community. In the case of Pi, a large community was built before the Pi coin was launched.
If you mint billions of coins but don't have a community to buy or use them, your coins will have no value. So, you have to create hype through advertising to attract people to buy your coins. An important part of your strategy is to offer your coin at a very low price. This is called an Initial Coin Offering or ICO.
All cryptocurrencies started with ICOs with nearly zero or very low value. As demand grows, so do their prices because the supply of these coins is intentionally limited. So, the truth is that for all these cryptocurrencies, the market dictates the initial price.
But when it comes to Pi, the case is different due to the size and demographic data of its pre-built community. There are currently more than 45 million members of the Pi network, and it is expected to double soon. This community already includes a large number of people, such as manufacturers, suppliers, sellers, resellers, logistics owners, service providers, professionals, qualified freelancers, and buyers or consumers.
Everyone sees the Pi coin as a source of wealth. Everyone wants to use Pi coins to buy the things they dream of. They are very willing to offer their services and products to each other in exchange for Pi coins. In fact, there are already large companies advertising their products and accepting Pi as payment.
A seller who wants his Pi coins to increase in value because he knows their value will soon rise will gladly accept Pi coins as payment for his products or services. Of course, he also wants a higher initial value for Pi coin because he is also a buyer or consumer himself.
The buyer also wants a higher initial price for Pi so he can buy the things he wants and start a business, not be empty-handed with Pi. This means that essentially everyone on the Pi network is a seller/service provider and a buyer/consumer. Everyone is very interested in Pi. Everyone already wants to transact with each other using Pi.
So, the only thing left for them is to agree on the initial price of Pi. They can choose $100, $314, $1000, or $314.159. Nothing can stop them if they reach a consensus. Therefore, Pi does not need an ICO.
However, the ideal initial price of Pi should also be considered. Because if it's too low, it won't kickstart the economy of its global ecosystem, and the project will fail. If it's too high, it will become a barrier to entry for new participants. In my opinion, the ideal price of Pi at launch is $100-300 USD. Here, the market is still a factor in the ideal initial price, but it is of secondary importance.
When Pi is traded or used in transactions, the forces of supply and demand come into play. An open market will now affect its next price movements. But it is guaranteed to increase due to its network effects. At launch, the Pi network will create a significant impact if its initial price is high, as outsiders will finally see the wealth that members of the Pi network will enjoy from the Pi coins they have patiently mined.

CONSENT OR MARKET: What will determine the price of Pi? In the world, there are more than 10,000 cryptocurrencies, and their initial price depends on the market or the strength of supply and demand. However, the initial price of Pi does not depend on supply and demand. Instead, it relies on the consensus or agreement of the Pi network community. Here's why: all cryptocurrencies except Pi launched their coins before building their community. In the case of Pi, a large community was built before the Pi coin was launched. If you mint billions of coins but don't have a community to buy or use them, your coins will have no value. So, you have to create hype through advertising to attract people to buy your coins. An important part of your strategy is to offer your coin at a very low price. This is called an Initial Coin Offering or ICO. All cryptocurrencies started with ICOs with nearly zero or very low value. As demand grows, so do their prices because the supply of these coins is intentionally limited. So, the truth is that for all these cryptocurrencies, the market dictates the initial price. But when it comes to Pi, the case is different due to the size and demographic data of its pre-built community. There are currently more than 45 million members of the Pi network, and it is expected to double soon. This community already includes a large number of people, such as manufacturers, suppliers, sellers, resellers, logistics owners, service providers, professionals, qualified freelancers, and buyers or consumers. Everyone sees the Pi coin as a source of wealth. Everyone wants to use Pi coins to buy the things they dream of. They are very willing to offer their services and products to each other in exchange for Pi coins. In fact, there are already large companies advertising their products and accepting Pi as payment. A seller who wants his Pi coins to increase in value because he knows their value will soon rise will gladly accept Pi coins as payment for his products or services. Of course, he also wants a higher initial value for Pi coin because he is also a buyer or consumer himself. The buyer also wants a higher initial price for Pi so he can buy the things he wants and start a business, not be empty-handed with Pi. This means that essentially everyone on the Pi network is a seller/service provider and a buyer/consumer. Everyone is very interested in Pi. Everyone already wants to transact with each other using Pi. So, the only thing left for them is to agree on the initial price of Pi. They can choose $100, $314, $1000, or $314.159. Nothing can stop them if they reach a consensus. Therefore, Pi does not need an ICO. However, the ideal initial price of Pi should also be considered. Because if it's too low, it won't kickstart the economy of its global ecosystem, and the project will fail. If it's too high, it will become a barrier to entry for new participants. In my opinion, the ideal price of Pi at launch is $100-300 USD. Here, the market is still a factor in the ideal initial price, but it is of secondary importance. When Pi is traded or used in transactions, the forces of supply and demand come into play. An open market will now affect its next price movements. But it is guaranteed to increase due to its network effects. At launch, the Pi network will create a significant impact if its initial price is high, as outsiders will finally see the wealth that members of the Pi network will enjoy from the Pi coins they have patiently mined.
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