10 million pioneers congratulations to the pi core team what an unbelievable accomplishment especially in such a short period of time. Now what does that mean for you and for me as pioneers well in this post my friends you are in luck we are going to cover my reactions to this announcement what i think about it and whether it's good whether it's bad and also there are some amazing things that the pi team has shared inside the announcement that i am going to get into and why i think it's such a big deal so my friends stay tuned we're going to cover all of this and so much more coming right up all right guys thank you so much for joining let's just jump right in because there's so much great stuff to cover. in today's post though we're going to jump into pi crypto so if you have just now joining me or you're new to the pi system you just know this about me i've been pretty clear i have nothing to lose i don't care if someone uses pi or doesn't use pi i'm doing this because i'm interested in it and i think pi is pretty fascinating and i'm pretty excited about where pi is grown so as i've watched its journey over the past few months i've really seen that pi itself has done some great things and one of those is building a community to get to get to 10 million users i mean guys that's phenomenal so what does that mean for us what does that mean for us as pioneers and does that bode well for us well short answer yes it bodes really well for us and what i thought i would do is i'm just going to do this right here  i'm going to open the pi system the pi app itself and here's what we're going to do i'm just going to walk through some of the notes and why i think the announcement is such a big deal and let me just say this out of the gate kudos to the core team one of my biggest critiques in the past is i haven't seen the core team lead from the front i saw that begin to happen at the coinvention and i love seeing things like this come out in the app because it lets us see what their vision for pi is and we need the core team to lead from the front we need to say and hear from them what's your vision where do you want this to go because we want to be in this together and i'll say they've done a good job of that since the coinvention the other thing they've done a really good job is listening to your feedback and my feedback there's been a lot of vocal people inside the community that have sort of talked about this whole idea of 10 million users what does it mean and what do we do is the outcome for all of it and that's really what they do right here at the very beginning they kind of talk about what about what are we going to do about this decision that we have to make at 10 million users so if you're new here's the idea there is a question in all of this around do we stop mining at 10 million users and it's a good question right it's this idea of scarcity supply and demand so the idea is some of the folks some of the pioneers said you know we need to stop mining completely at 2 million because we need to preserve scarcity and it that argument to some degree does make sense right because we want to make sure that we don't have so much dilution of pi where everybody has bajillions of them and so it's not worth anything i get that right now here's the flaw in that argument  i'm glad to see the pi core team is i'm not going to say they've listened to me right but i've definitely been in the camp that i know they've heard me out they've heard others of you out and they've kind of heard this and i said this the the core problem or the logic flaw in eliminating mining completely is you don't have to eliminate mining completely to still preserve scarcity in other words let me let's think about it like this if i stop mining completely what is the incentive for new people to join into the platform basically not i mean imagine you trying to go to your friends and be like hey you should join into this cool pi thing and they're like well why should i join you're like well i don't really have a reason other than it helps me why would they do it right no no offense to you there's just no incentive and so imagine if you say well you can mine and you can actually build pi cryptocurrency and if it has value one day it's going to be worth something that's great and so can we do this in a way that we reduce the mining rate to still reward the earlier adopters people like you people like me but also continue to have an incentive for new people to join in new pioneers that is critical and so that was my big thought is we can't eliminate mining completely if we do we will completely shipwreck this ability of new user growth which will destroy demand and ruin the currency and the pi team saw the same thing you can read through their decision and they said the same thing they came to the conclusion that i came to which is 10 million is great but it's not nearly enough users we need way way way more because we need to continue to build demand and so we can still preserve scarcity the people that have been very vocal about scarcity are right but we can still accomplish that and actually accomplish it better by reducing mining but still let mining go that way we get to 20 million users 25 million users 50 million users by the way bitcoin is somewhere around 25 to 50 million users so think about that for a minute if pi is at 10 million and bitcoin is somewhere between 25 and 50 don't hear me saying that that pi is going to go to like the 20 000 range is what bitcoin is at right now i'm not saying that right now i don't do price speculation and large but i am saying that user base commands respect because guys hear me on this there are very very few cryptocurrencies out there with anywhere near 10 million users but we need to grow it 10 million is not enough we need 50 million we need 100 million you may think i'm crazy but i'm certainly not you go and look through all of this one of the things they talk about and and i don't want to go through this line by line i don't want to turn this into like a big lecture but one of the things i do talk about i'm trying to see if i can find this for you really quickly and if i can't you can just go and find it on your own but they go through some of the major like social media networks and they have a great process or thought to this and one of their thoughts is simply this yeah here it is um i don't know if you'll be able to see it on the youtube video itself but they say you know we need to go beyond being a cryptocurrency and really start thinking about ourselves as a social media platform and if we do that or some kind of large user base like amazon or something and so they talk about this facebook has 2.7 billion users wechat 1.17 billion users alibaba 720 million amazon 150 million active users 10 million doesn't sniff those numbers nowhere close and we're talking about a worldwide cryptocurrency so 10 million is not enough and that's why we can reduce the mining rate but still have an incentive to build demand so that we continue to have more users come into all of this and guys that is the right decision no holds bar no questions asked in my mind that is the right decision that is what i said that they would do in the coinvention video and that is exactly what's happened you heard it there first but that's why we've got to continue to build demand now they cover a bunch of other reasons as well things like you know we want to make sure that people don't just huddle and hoard their their pi so if we eliminate scarcity and no one wants to trade that's another problem they also talked about the issue of pump and dumps if there's such a small amount of pi and eventually it gets released you can see pump and dumpers just completely just just like dump tons of cryptocurrency into the markets and completely blow the numbers i've seen that happen with a lot of other cryptocurrencies so i'm not going to get into all the specifics on this video just know i think the the the white paper or the reaction that they wrote in the app they're right on the money on everything they said those are all really really good reasons and so for all of that the mining rate is going to reduce and you see the numbers that are on here i'm going to scroll way back up until i get over to those there you see those right here so the mining rate is going to go down to pi 16 is the best way i know how to say that and then you can see the other rates that are in there too and so they're reducing it they're reducing it to a fair amount i've noticed it on my mining rates i mean if i look at myself right now not to like humble brag or anything i'm at 6.04 pi i was at i think like 15 just yesterday so it's gone down significantly and hear me somebody that was making a fair amount i support that i totally do because i am willing to see my rates reduce and your rates reduce to continue to see new users come in because they want in on this too which is going to raise the value for all of us that's the only way this works and so i think you guys know that okay the other thing i wanted to talk about and this is way more important like way way way more important i've been waiting for some more news about when mainnet is coming around what the the plan and process for us to finally have wallets for us to finally have a blockchain that we can see because until that happens pi isn't truly a cryptocurrency it's more just an idea that we have in mind and i've said that before i said that in my three key things that the pi team needs to do to be successful i've said that some of the early videos the reason people think pi is a scam is because there's no cryptocurrency that they see there's no wallet there's no keys they control there's no way that they can trade and sell it feels and looks like a scam i understand that argument it's a wrong argument but i understand it and so this is really good they're talking about their plans for all of this and some big pices inside of all this one is they're pushing their roadmap in other words the direction of where they want the product to go within about a year they're talking about their goal and i'm not going to necessarily hold them to this but their goal is to produce a wallet and an ecosystem within a year that we can start trading guys that's a big big deal i love hearing that and they also talked about some other really cool things that they could do as well and they're thinking in the right direction they've thought through you know we need to start planning for a day when mining doesn't exist and what they mean by that is how do we continue to incentivize users when they don't when pi cannot be mined anymore it's going to be simply traded and so they have some ideas around staking i don't know how many of you guys know about what staking is all about kind of what ethereum is moving into if you're curious about staking let me just give me a comment down below and i'll explain what pi staking could be all about and why it could be valuable in another video but they have some ideas around that around transaction fees basically a way to build the community up not just for using pi to buy and sell goods and services but also to use it in some very unique ways that add value and give those that stake their pi the ability to earn more by staking that is an awesome idea and so i'm honestly everything in this great 10 million users is awesome reducing mining right decision good good good good stuff but what i love to see more is a at least a soft commitment from the core team to say we are going to now push to mainnet it is time to do that it is time for us to see more kyc come out it is time for us to see more really a push towards having access to our keys so we can get access to the pi itself i am very very excited to see that now it won't happen in just one lump sum just trust me on that it's going to be a slow roll out you're going to see some users probably get it before others you're going to see a roll out of the features it won't just be like you know you log into pi one day and boom it's all there it won't happen that way i'm just telling you it won't it's going to be a slow methodical thoughtful rollout that will kind of maintain and establish safety through the whole system but will also give us the things that we need in pi to simply make sure that this continues to grow to success so guys i'm super excited like there are no negatives here nothing bad at all from this very exciting data and details coming from the pi core team very very very glad to see the direction that this is going this bodes well for all of us i want to continue to see the pi team continue the core team itself continue to deliver to continue to push through the road map and i i'm very excited about the future i'd love to know what you think what are your ideas for it what would you think is critical to pi becoming a success leave me some comments down below  i would love to continue to connect with you i love you guys so thank you guys so much for reading and congratulations again to the pi core team 10 million users what a great accomplishment.

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