1BTC Project - Pi Network Movement

By 2MFTProductions | 1BTC | 8 Aug 2023

If you have been reading this blog you will know that I have been a Pi-oneer for what seems like an eternity. You will also know that I am very negative on this project. Slow doesn't begin to describe the glacial yet still distracted progress the developer team has made.

From a second app to an endless stream of hackthons, the pi network seems to be a searching desperatly for any problem to solve as to justify not moving towards their MainNet date.

Fortunatly, there has been some movement. Or perhaps the illustion of movement. On August 1, 2023 the Pi Network developer team put out this tweet (x?).

The mining rate for pi token continues to drop. This is encouraging because it decreases the amount of tokens in circulation and presumably the liquiditiy after MainNet. I anticipate the developers will do a huge Burn prior to going live to further restrict liquidity. These are the mechanism to program in scarcity. One of the key features for a currency to be worth anything. If a currency is easy to obtain, the it is worth less and it can buy less.

This mining rate drop off will decrease liquidity and disensentivize new users. To dangle to carrot for pre-mainnet user, they will boost your post main-net mining rate if you agree to lock up your tokens for a period of time. If you opt for the most restrictive lockup period you will be able to mine at a rate that is over 500% higher than market.

They are offering this because they know the second these tokens are tradeable whales will liquidate their positions and move on. They are forcing existing users to lockup atleast 25% of their pi token holdings for at least 2 weeks after MainNet. Users tokens will go live slowly in chunks to hopefully mitigate the rug pull.

Make the imaginary currency as scarce as you want. Until it is free trading and open, none of this matters.

Which brings me to my next point. After many months, I have been moved onto the final list item for the MainNet checklist.

This is a good sign to be sure. Maybe this is a glimmer of hope for what I think is a doomed project. Or maybe they are just being Lucy and holding the football yet again for Charlie Brown to attempt and inevitably miss the kick.

Time will tell, but I am still not holding my breath.

Keep Building.

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