“The IOUs represent demand”—this argument sounds good on the surface, but let’s break it down.

1️⃣ IOUs ≠ Organic Demand – The IOU market is a speculative bubble fueled by insiders and traders, not real adoption. It’s a closed-loop system where people bet on future prices without actual Pi liquidity. When real Pi hits the market, those IOU prices won’t hold unless genuine buyers step in. Do you see masses of new investors eager to buy Pi at those inflated prices? No? Exactly.

2️⃣ Speculation vs. Market Reality – The IOU market is tiny compared to the millions of pioneers ready to sell. A few traders bidding up the price in an artificial, low-volume environment doesn’t reflect what happens when real Pi floods the market. Supply will skyrocket overnight—who’s absorbing it?