A user of the Pi Network, Christopherjing, who claims to be the first pioneer to introduce the cryptocurrency to China, has continued to challenge the so-called Global Consensus Value (GCV) of the Pi Network. According to Christopherjing, the GCV will never be realized since prices are not fixed democratically, but only based on demand and supply.
The Pi Network is a decentralized cryptocurrency that aims to allow anyone with a smartphone to participate in the network and mine coins without the need for expensive hardware or specialized knowledge. The GCV is a proposed price of the Pi Coin by the Pi Network Community.
As often stated confidently and repeatedly, I’m no stop positive and bullish on the US economy and stock market.
I’m mining on Pi too, but realistically and honestly, never hype and untruthful.
That’s why I have been making good money on multiple dimensions, period. pic.twitter.com/AZhEunauW2
— 金博士频道 GOLDENCHANNEL π (@christopherjing) May 10, 2023
However, Christopherjing argues that the GCV is not practical because it assumes that all users have an equal say in determining the value of the token. In reality, he says, the value of any cryptocurrency is determined by the market forces of supply and demand.
Another user Abdullah Umar also argued in same direction that democracy can’t determine the price of a product. He said:
“Democracy cannot determine the value of a currency,” Abdullah Umar said in a statement. “The value of any cryptocurrency is determined by the market forces of supply and demand. The GCV is a nice idea, but it is not practical.”
Christopherjing’s comments have sparked a debate within the Pi Network community, with some users supporting his view and others arguing that the GCV is a crucial feature of the cryptocurrency.
“The GCV is an important part of the Pi Network community’s vision for a decentralized and fair currency,” said one user who wished to remain anonymous. “It may not be perfect, but it’s a step in the right direction towards creating a more equitable financial system.”
Despite the debate, the Pi Network continues to grow in popularity, with over 20 million users worldwide. The network’s creators have stated that they are committed to creating a currency that is accessible and equitable for everyone, regardless of their background or financial status.
As the Pi Network continues to evolve and attract new users, it remains to be seen how the debate over the GCV will be resolved. Nevertheless, Christopherjing’s comments have highlighted the ongoing challenges of creating a truly decentralized currency that is fair and accessible to all.