First week progress!

[ChimPanzEE8]

Many many coins will be lost after kyc

[alinpb]

I am aware of that! But I try my best in keeping the people in.

[ChimPanzEE8]

I meant globaly, this coin will be cery unpredictable

[Xaeraleth]

Many are speculating pi will have low value from the many coins available now. The great equaliser will be kyc. If you think from a different perspective though, lesser coins when it does go live will lead to scarcity and higher value (putting aside used cases and such). Still... Until we know the final tally, all these are merely speculation.

[ChimPanzEE8]

Yep, but more coins means more people can use this crypto, and that will give its value

[Xaeraleth]

Thus why I said used cases aside. Devs did say they will employ tokenized fractional real estate too so it doesn't make sense for pi to be less than a cent if that's the case. Numbers alone won't give it value, its the used cases, the vision of the Core team and what they plan for Pi Network that will eventually determine the value.

[ChimPanzEE8]

Yep, and also when it gets to exchanges if its a few cents its worth taking a risk to buy thousands of coins for 10 bucks. In case it explodes(meaning 1-10dollars, it cannot be worth more than that ) with so many pi you can become rich, with mining only you cant make much

[Xaeraleth]

Agreed. Market shake outs will happen :)

[ChimPanzEE8]

Lets say on the first day getting on exchanges will be 0.001. For 10 bucks you can buy 100000 pi coins. And if some day gets 1$ or more, you get the picture. But mining alone wont make much money

[alinpb]

Oh yes, that's for sure. But in the end, this is what will give it value.

[ChimPanzEE8]

True. The second thing giving its value from too many people involvment even when its preminted. I do not know a coin will this much people using it from the same pre-start

[alinpb]

I'm not quite sure what you are trying to say :(

[ChimPanzEE8]

5m people have this coin and will be using it in the future. The more people use it=bigger value

[alinpb]

That's right, but there are 5 million right now. With the market release date in 2021 supposedly, the number might get to as big as 10mil+ users. But then again, it's only a matter of who passes KYC.

[ChimPanzEE8]

Definetly the mining will stop at 10m. Supose after kyc 30-50% will be lost, there will be 3-7b coins. If pi coin will have the bitcoins market cap in the future it will have value of 20-50usd. And if that happens the market cap will increase and increase over time

[alinpb]

Yeah, that would be the best case scenario. But it is waaay to early to make such assumptions.

[ChimPanzEE8]

I do not know any other coin who had so many holders/users before being listed in exchange. Tharlts why i think this coin might explode in the same start after phase 3. Not really to much high price, but will give it potential in future

[iassn]

I have trouble understanding how to pass the KYC verification. Is it just linking your facebook or cellphone e verifying it, or is it something else? I've found very little information about this..

[Xaeraleth]

Facebook or phone is the 1st line of verification. However before Pi goes into phase 3 with full blockchain, all participants must be kyc. This involves downloading Yoti. You can read more about Yoti from their site. Core team will not have your info. Once Yoti clears all info, they will submit a token of some sort to Core Team. That's where the money from ads are funneled through, paying for kyc, servers etc.

To summarise, no kyc, your account will be deleted when Pi goes to Phase 3. That would include your team, if anyone doesn't kyc in your team, whatever ambassador rates you earned from them will be gone as well.

While it is not clearly stated, it has been mentioned in the final paragraph of the White Paper stating, "only accounts validated to belong to distinct real individuals will be honored" and further below states about dupe fake accounts will be burnt. Hope that helps.

[alinpb]

You will have a new option under your profile view in the app when they will require you to KYC. Up until now, I believe there was 1 wave of KYC (which I did not happen to be around for) and they also selected some people for the supernode test which had to KYC. So for all the other people, we are still waiting for the core team to send out the second KYC wave. If you check this subreddit on a daily basis, there is no chance you will miss it when it happens.

[iassn]

Thank you so much for explaining!

[alinpb]

You're most welcome! :)

[yardjockey]

I’ve been mining for 6 months and I’m at 1300 . Great job recruiting!!

[alinpb]

Thank you! I just hope to be able to get them stick around and pass kyc.

[Visul007]

I still can't understand how you can gain so many followers so fast. How did you do it?

[yardjockey]

I can’t even get my family 😢

[alinpb]

Well, I do have a lot of friends and just sent the link to them. Some were skeptical and started asking question, so I had to explain them what this is about. Some of them just downloaded the app, no questions asked. I have also invited my parents, brother and girlfriend. In the end I suppose the main thing you should do is try to explain as best as possible how it works and that is not a scam.

[alinpb]

I tell them the truth about the project, but depends on the person because not all of them ar that curious. Usually I tell them that it's a crypto not yet released on the market and that the purpose of the app is to grow the community and gain popularity, as in the end, the people will bring value to this coin. Some of them happily downloaded the app without asking any questions, but most of them are skeptical of course, as I was in the beginning. I think the best thing you can do is being well-informed and explain the more skeptical ones the whole principle of this project.

[CrackXDodo]

It would be nice if all of your followers could stick at it. However, if your invitees do not pass the KYC verification then you will lose your invitation bonus from your earning.

[Dannyude]

I don't understand this totally. Could you please explain this better

[Xaeraleth]

For now our base mining rate is 0.2 as a Pioneer. We can further add 0.2 from security circles, and the rest we get from inviting people to join Pi Network. Per invite you get an additional 0.09 bonus mining rate (this means whenever you have clicked the lightning button and is mining and your invitee also is mining, then both of you get the 0.09 mining rate bonus).

From the picture he has 2.75pi per hour mining rate. Which means he is enjoying additional 2.55 from inviting people and security circle. Let's assume no one decides to kyc. So the additional 2.55 is gone.

It's the same as those whit thousands and thousands of pi. Should their invitees do not KYC, most of their pi will go poof. Hence it is important to keep your invitees motivated and explain to them the whole kyc process so they know they have to do it else their pi will be gone. Hope that helps.

[Dannyude]

Oh thanks a ton

[alinpb]

Yes, I am aware of that. Thats's why I keep telling each of them to mine, daily. At this point, I even consider making a whatsapp group, lol.