However, not everyone agrees with the GCV value set by the Pi Network community.
Some experts and digital currency observers believe that this GCV value is unrealistic and irrational.
They argue that the GCV value is not based on factors that influence the value of digital currencies, such as demand, supply, adoption, innovation, or regulation.
One digital currency observer, Evan Courtney, said that the GCV value is too high and does not align with market conditions.
“This GCV value lacks a strong and rational foundation. The value of a digital currency is determined by market mechanisms, the interaction between buyers and sellers. If there is not enough demand, no one will buy Pi at a price of $314,159. If there is not enough supply, no one will sell Pi at a price of $314,159. So, this GCV value is just a meaningless number,” he stated.
Evan also highlighted several challenges and obstacles faced by Pi Network to achieve this GCV value.
First, Pi Network has not launched its mainnet, the main network that will operate Pi fully and independently.
Currently, Pi Network is still in the testnet phase, a trial network used to test and improve various technical and functional aspects of Pi.
Without the mainnet, Pi does not have real value and cannot be traded on digital currency exchanges.
Second, Pi Network does not have widespread and deep adoption from the public.
Although Pi Network has a large user community, most of them do not use Pi for productive and meaningful purposes, such as transactions, investments, or donations.
Most of them mine Pi for personal profit without caring about Pi Network’s vision and mission.
Without real and significant adoption, Pi does not add value and cannot compete with other digital currencies.
Third, Pi Network lacks significant and sustainable innovations that can enhance the quality and security of Pi.
Pi Network still relies on blockchain technology commonly used by other digital currencies, without offering unique and attractive features or solutions.
Pi Network also lacks an efficient and fair consensus mechanism that can prevent manipulation or attacks from irresponsible parties.
Without continuous innovation, Pi lacks competitiveness and appeal to users and investors.
Fourth, Pi Network lacks clear and supportive regulations from governments and relevant authorities.
Pi Network operates in a legal gray area without official permits or licenses from the countries where Pi Network operates.
Pi Network also lacks cooperation or partnerships with authorized institutions or organizations, such as central banks, exchanges, or associations.
Without positive and proactive regulations, Pi lacks certainty and legal protection for users and investors.
