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PI network and crypto in general

Sorry if this is the wrong topic, I'm just asking about PI network that I have been mining for 7 months or so, the only thing is it's currently not worth anything and I just want to understand if I'm just being cheated out of my time and how I can predict value increases and how crypto works in general, my plan should it become of any value is to hold onto it for many years because I've seen what rushing can do, is PI actually worthwhile and how the spot if another currency isn't looking like an honest scheme? 

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11 minutes ago, Stargaze obama said:

how I can predict value increases

You can't, unless you have enough money and influence to cause its value to increase.

11 minutes ago, Stargaze obama said:

is PI actually worthwhile

Literally no way of predicting.

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3 hours ago, Stargaze obama said:

is PI actually worthwhile

No.

 

It costs electricity to mine and if you aren't netting profit today then it isn't worthwhile regardless of what the coin's value might be in the future. You are better off spending the same money spent on electricity and simply buying the coin on an exchange. 

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3 hours ago, Stargaze obama said:

the only thing is it's currently not worth anything

That doesn't mean anything.

3 hours ago, Stargaze obama said:

how I can predict value increases

You can't. The best you can do is watch the news around the project to look for signs of interesting developments. If there is a big chage or upgrade for example that will add value, then the value might go up. <my speculation> I wasn't aware of the project, but it seems to be roughly based on Stellar according to their white paper and at the moment it is useless in the sense that you can't even withdraw it. For now it'll remain worhtless because it doesn't do anything and at first glance I don't see anything special about it that'll outperform existing projects. </ my speculation> it's impossible to predict the future, so you can't say when or even if it'll ever increase in value.

3 hours ago, Stargaze obama said:

my plan should it become of any value is to hold onto it for many years because I've seen what rushing can do

You've got it backwards. You don't start holding when it's worth a lot, you hold in the hopes it will eventually be worth a lot.

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8 hours ago, harryk said:

No.

 

It costs electricity to mine and if you aren't netting profit today then it isn't worthwhile regardless of what the coin's value might be in the future. You are better off spending the same money spent on electricity and simply buying the coin on an exchange. 

Well it's being mined from my phone which is how many do so, and since I need to use my phone anyway and I haven't noticed any battery draining issues it seems perfectly fine to at least give it a go?

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8 hours ago, tikker said:

That doesn't mean anything.

You can't. The best you can do is watch the news around the project to look for signs of interesting developments. If there is a big chage or upgrade for example that will add value, then the value might go up. <my speculation> I wasn't aware of the project, but it seems to be roughly based on Stellar according to their white paper and at the moment it is useless in the sense that you can't even withdraw it. For now it'll remain worhtless because it doesn't do anything and at first glance I don't see anything special about it that'll outperform existing projects. </ my speculation> it's impossible to predict the future, so you can't say when or even if it'll ever increase in value.

You've got it backwards. You don't start holding when it's worth a lot, you hold in the hopes it will eventually be worth a lot.

That's what I meant? When it peaks I'll get rid of half of them or so? It could be a while looking at how long other currencies took to get going would this be any quicker since crypto is widely accepted and used? Not much news about the project, they release articles though their app but it's just for online events and such that I've stopped joining now, occasionally there's an essay about upcoming features and developments such as pi wallet to test transactions or something like that but as far as actually having a value I've only seen a few estimate it's value for the next 5 years and others being sceptical because they haven't released source code

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11 hours ago, Stargaze obama said:

others being sceptical because they haven't released source code

Yeah this tends to be looked down upon.

11 hours ago, Stargaze obama said:

That's what I meant? When it peaks I'll get rid of half of them or so?

It's up to you how/when/if you take your profits. There's no general strategy for this. It's better to just set a goal of taking X% once you reach Y net worth and stick to that.

11 hours ago, Stargaze obama said:

It could be a while looking at how long other currencies took to get going would this be any quicker since crypto is widely accepted and used?

Crypto is not widely accepted and used at all yet. It also doesn't matter how well other cryptos perform. If people don't see value in using it it won't get value. I also couldn't find clear information about how many coins will be in circulation, which will have a hand in determining max worth, except that the first 100 M who join get coins minted, so at the very least there will be 100 M in circulation.

 

Furthermore I think they aim to be a payment currency if I understand it correctly? In that case it has some strong competition already so it'll need to develop some attractive features. Mining on your phone is not really one of those as ideally we move away from mining.

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56 minutes ago, tikker said:

Yeah this tends to be looked down upon.

It's up to you how/when/if you take your profits. There's no general strategy for this. It's better to just set a goal of taking X% once you reach Y net worth and stick to that.

Crypto is not widely accepted and used at all yet. It also doesn't matter how well other cryptos perform. If people don't see value in using it it won't get value. I also couldn't find clear information about how many coins will be in circulation, which will have a hand in determining max worth, except that the first 100 M who join get coins minted, so at the very least there will be 100 M in circulation.

 

Furthermore I think they aim to be a payment currency if I understand it correctly? In that case it has some strong competition already so it'll need to develop some attractive features. Mining on your phone is not really one of those as ideally we move away from mining.

One of the pull factors for PI is anybody can mine it, since it doesn't need resources to mine, just an internet connection, and anybody with internet and a phone/tablet/laptop etc can mine it

 

 

Would it be worth buying some PI when it becomes tradable and then hoping it increases in value? I've seen some estimate it to be worth a few pence when first tradable?

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7 minutes ago, Stargaze obama said:

One of the pull factors for PI is anybody can mine it, since it doesn't need resources to mine, just an internet connection, and anybody with internet and a phone/tablet/laptop etc can mine it

That's still needing resources, namely you need a phone. I don't see that bringing you more revenue than the electricity cost of running your phone. Plus, again, being able to mine it is not a selling point for any crypto's usefullness.

 

7 minutes ago, Stargaze obama said:

Would it be worth buying some PI when it becomes tradable and then hoping it increases in value? I've seen some estimate it to be worth a few pence when first tradable?

Nobody knows what it will be worth. It'll start at some price and then drop significantly I guess, like I've seen multiple coins do. What it does from there is anyone's guess. I can go up, stay the same, go down or disappear never to be seen again.

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