What Can 13,000 Pi Coins Get Me After Six Years of Mining?

 If a cryptocurrency is worth only what people are willing to pay for it, one person is eventually going to leave holding the bag. Since yesterday, my university group chat has been abuzz with speculation after the news that Pi Network’s cryptocurrency might soon list on an exchange. Friends argue over saving, buying a house, purchasing a car

One has earned 13,000 coins and has “logged in every day” for the past six years to mine Pi. A post they shared on the platform stated that this person is paying VND86,000 (US$3.38) for one Pi. “We’re about to be billionaires,” they joked.

Meanwhile, two others were discussing which car to buy for under VND1 billion — a Mercedes or a BMW and dismissed the alleged VND86,000-per-Pi valuatI run a quick calculation: at this price, my friend’s 13,000 Pi coins would be worth nearly VND1. 2 billion. That is VND550,000 a day, equal to a monthly salary of VND16 million, the entire money of an office worker who does not spend a single penny over six years.

Did they get round to selling their Pi? “Waiting for the price to go up,” they responded. I looked at the Facebook account of the alleged buyer — empty; probably a false account.

In the past, the U.S. dollar was gold backed, where central banks had to maintain gold reserves for every dollar that was printed. That gold standard was eventually discarded; inflation arose from economic growth and/speculation, and the use of fiat money became the standard. Money has never been simple.

For people who have mined Pi for six years, it does seem like riches raining from the heavens. But the core question remains: What makes Pi valuable?

If everyone keeps buying from each other and selling to each other, someones buying and selling to people will eventually be left holding the bag. ion.