It eventually descended into a verbal brawl between experts, moderators, and other pioneers who believed the PiCoin would be accepted in the cryptocurrency market if everyone could agree on a single value for it. This was the stance or justification of the proponents of the so-called Global Consensus Value (GCV), and if an asset’s value had been determined democratically, they would have prevailed because they had the most followers.

Economic experts however, argued that Supply and Demand is a big factor that determines the value of anything that can be traded, including all cryptocurrencies in the market. For example, if more investors are trying to buy PiCoin while pioneers are willing to sell them, the price will go up and vice versa. And since the supply of many cryptocurrencies is limited, the increased popularity will keep driving up prices.

Who’s winning the debate between GCV supporters and anti-GCV supporters?

The GCV still trends higher than any suggested value for PiCoin despite the experts’ more lucid explanations because GCV supporters won’t give up what they treasure most. A Twitter survey indicates that GCV supporters are not yet prepared to give up the fight.

How did it all started?

The Global Consensus Value (GCV) may not have come to the attention of the Pi Network Core Team, but it trended enough on social media to get their attention. Despite this, they seem to be ignoring the trend and refusing to engage with the community on a pointless debate.

It is possible that only one person began the GCV, and that person utilized nothing more complicated than the mathematical constant for π, which is (3.141592653589793238), to arrive at such a massive value. The constant is converted to its first six digits, which are 314,159 once the decimal point is removed.