The global consensus value (GCV) of Pi Network has become a topic of debate in the community, known more widely as Pioneers. Some even claim that it has been pre-programmed into the source code.
However, a prominent Pioneer has refuted these claims, criticizing GCV as the 'main issue of Pi Network.'
The Mystery Behind Pi Network's GCV Controversy
To understand better, GCV is a community-proposed valuation with a price of 314,159 USD per Pi Coin (PI). Some Pioneers (GCV community) believe this price should be applied to PI transactions, symbolizing the mathematical constant π.
This idea has gained widespread support in various regions. These regions include countries like Vietnam, Thailand, India, Philippines, Indonesia, China, and areas in Africa and the Middle East.
"Pioneers need to understand this: Whether they like it or not, we are currently implementing a dual value for Pi. The GCV community buys Pi on exchanges, then trades goods and services at GCV value. Ironically, when there's a dual value source code on GitHub, many say it's impossible. They say dual value is dangerous, but they've done it," a GCV ambassador, Dimas Nawawi, posted.
These GCV leaders have supported this valuation, arguing that it distinguishes 'pure Pi' from Pi bought on external exchanges. They point to references in the GitHub repository as evidence of GCV's integration into the network infrastructure.
"Financial institutions will execute banking contracts at GCV value. They will position 'pure Pi' in your wallet. Financial institutions will price your Pi from exchanges in different ways," Nawawi added.
However, these claims have been strongly contested. A famous Pioneer, known online as Mr. Spock, argues that the story around GCV is distorted and harmful. He also called the GCV code theory a 'scam.'
To prove his point, he created additional custom code on GitHub to demonstrate that such modifications are arbitrary and do not reflect the official network protocols.
"GCV 'ambassadors' = master manipulators in PiNetwork. Deceiving newcomers with meaningless GitHub code. Pushing a fake price of 314,159 USD for 1 PI without liquidation. Reality? The actual price is on CEX AND Onramps, both KYB approved by the official Pi Core Team, even adding a Buy button in the wallet with the real price. Additionally, Dapps moving to Mainnet only accept with real liquidation price and actual demand! Yet people still fall into the GCV trap," another Pioneer emphasized.
Moreover, Mr. Spock stressed that expecting PI to reach an extremely high value like 314,159 USD is unrealistic, especially when millions of PI are unlocked daily. He explained that many GCV pioneers hold small amounts of PI and believe they are already wealthy.
Therefore, they do not contribute to network development by buying more PI at the current price.
"Pi will not naturally reach 314,159 USD and could take more than 20 years to achieve. They don't buy Pi at 0.40 USD because they believe they're already rich, and they say that's not real Pi... Please, Pi Core Team, I'm tired of the ignorant people who have been brainwashed to believe we're rich just by mining 5 Pi, and not helping real Pi when its price drops near 0 USD," the Pioneer noted.
Meanwhile, Mr. Spock's concerns are not unfounded, as PI's price continues to decline. Data from BeInCrypto Markets reveals that Pi Coin has dropped 18.8% in the past month.
Pi Coin Price Performance. Source: BeInCrypto MarketsLast week, this altcoin recorded a new all-time low of 0.33 USD. At the time of writing, Pi Coin's trading price is 0.37 USD, down 7.33% in the past day.
