What have in common Bitcoin & Ethereum?
Almost no one thought they will get to were they are now. Could this story repeat itself in the case of Pi Network? Don't know, but now we are closer to find out.
So, today I wake up and refreshed my Pi Network mobile mining thingy, but I noticed that they had a community update by the core team, those are somewhat common in this project, but this time was a little bit different. I have written about this project in my article titled: "The Next Mega Trend On Crypto. Mobile Crypto Mining & Use" however I was cautious about the whole thing since I just wanted to have a little bit more evidence about the overall trajectory of their project.
So, today I have what I was waiting for. Some bullish signals IMO. Let me explain:
Testnet Incoming
According to the community update, they are going to start building the test net. As I mentioned in my article, at the moment this project is just a centralized server with an app and a dream to distribute wealth. Which is also clearly stated on their white paper.
This blockchain will be built with a modified version of the stellar protocol system. So it might be a legit implementation, although we need to see how they actually land the project.
Apps To Build Utility
In the same announcement, they say that they will create a peer-to-peer economy so that Pi can start to be exchanged within individuals on the network. Which is a very good idea, in fact, I have written about something similar in my article titled: "Where To List/distribute Your Coins If Coinbase Doesn't Respond To Your DM's" in which one of the options is precisely to create a crypto-economy for your coin.
Skeptical Interludio
Alright, so all of that is well and good, but at the end of the day is just a bunch of dreams and to-do lists. I don't get excited when someone says that they will become the next Elon Musk. I get interested if I see some reason to assume that the person or entity in question has enough motivation to get through the pain of building a massive project.
Now, how do we measure motivation? Let's see, I propose to you, the I-need-to-breath scale.
In the I-need-to-breath scale, you measure motivation and therefore the likelihood of someone pulling off a massive undertaking, by knowing how close they are to a situation in which someone is underwater and really need to breathe as soon as possible.
So, if a person has a million dollars in the bank, and say that they want to create the next iPhone, it might seem at first glance that they might do it since they have the resources, but on the I-need-to-breath scale they are very low, they have so much comfort and options, that it is very unlikely that they will pull it off. Especially when experiencing problems or enduring some pains.
So, how is the Pi Network doing on the I-need-to-breath scale?? well,... very, very, very, very bullish (to me at least). Let me explain.
Massive Expenses
While some people might miss it, I started to go very bullish when one of the Core Team members mentioned casually that their operating expenses are about 30,000 USD per month.
Let that sink in. They are burning 30K USD per month to run this coin. Do you really think that they will just let it die without trying to at least break even?.
This project is about 2 years old, so that's a ton of cash already. Which means a couple of very important things.
- They are very committed to the project (imagine putting 30k in your coin instead of Bitcoin. Yep, that's a lot of commitment).
- They are fairly high on the I-need-to-breath scale. Especially if they are VC backed (Tim Draper, are you there?)
So, this is overall interesting news for Pi Network Miners. If you want to join check out my Pi Network link down below. You can only enter the project via an invitation link.
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