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GCV $314,159: PiChainMall not mandating merchants to adjust prices in conformity with the consensus value

Amidst the growing calls for support by the global community of pioneers to have a single Pi valuated to $314,159, the PiChainMall not really in support of the idea, as almost all the items listed on its platform do not tag prices that seems to be in conformity with the GCV. But could it be that the proposed Concensus value is too huge?

Our survey of the Pi Network’s digital mall shows that most of the items or commodities listed on the platform do not have prices that seems to conform with the global consensus value. For instance, some Pioneers will marveled at the cost of the items in the following screenshots.

1. Men’s footwear (cost 59π) listed by @skbmh82

2. Prickly heat Powder (cost 105π) listed on the PiChainMall by @18596686337

3. ZEECOP F5 Flashlight (cost 30π) and it’s listed on the mall by @zq15882548231

4. An earless clay bottle (cost 1314.15926) listed on the platform by @bakjunmin225

Our evaluation of these prices clearly shows that they do not seem to conform with the yearnings of the global community of pioneers. Merchants are allowed to fix their prices based on the value of their items.

Pricing: (Should Pi be valued that much?)

A pricing system considers segments which includes but not limited to, capacity to pay, economic situations, competitor activities, trade margins and input costs, among others. It focused on the purchasing behavior of customers and against competitors. There are many factors that go into setting prices.

The 5 most common pricing strategies are:

  • Cost-plus pricing: Calculate your costs and add a mark-up.
  • Price skimming: Set a high price and lower it as the market evolves.
  • Competitive pricing: Set a price based on what the competition charges.
  • Value-based pricing: Base your product or service’s price on what the customer believes it’s worth.
  • Penetration pricing: Set a low price to enter a competitive market and raise it later.

Well, development team of the PiChainMall are fully aware of these facts so they are scheming around to see what the Core Team may resolve at.[irp]

Despite having the huge number of active users the next thing to look out for is the demand for the PiCoin when the Mainnet is launched. The agitated value of one Pi may not be permitted. There’s no demand for PiCoin now because anyone who needs it may just mine it from the free App. Secondly, the number of Pi in supply is too huge to create a scarcity now even within it’s ecosystem unless some are burnt in order to control inflation.

In order to penetrate the crypto market easily, PiCoin may be devalued to be raised again when those pioneers in haste might have sold theirs.

How did pioneers arrived at the $314,159 value for Pi?

Let’s look at the mathematical symbol (π). If you divide the circumference of a circle by the diameter irrespective of the size of the circle, the value is a constant figure of  3.141592653589793238. The point of concern here is, Why did pioneers figured the value in hundreds of thousands and not just in the unit to which Pi is mathematically made a constant?

The value could possibly be fixed in the following order though as deemed fit by the Core Team:

  • 1π = $ 3.14
  • 1π = $ 314
  • 1π = $ 3,141
  • 1π = $314,159

Not withstanding, this will paramountly depend on the demand for PiCoin.

 

Written by T.I Ukende

T.I Ukende is a professional writer and ICT consultant. He has written many evergreen articles for Benuecast blog, classicgist, ellabase and many others before birthing the newsway blog.
Newsway delivers well researched and undiluted information on business, employment opportunities, personal finance and government empowerments.

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