In this video the speaker examines whether the Pi Network truly performs mining, explaining that the tokens earned through the mobile app are not real, on‑chain coins but "dummy" or unreleased tokens because the app is distributed via the Google Play Store, which disallows actual mining for legal reasons. He argues that these tokens will later be converted to real cryptocurrency once Pi launches its mainnet, and that the app functions primarily as a wallet. The discussion then shifts to Pi’s growth strategy: a highly user‑friendly interface that has attracted over 18 million users, leveraging network effects and a focus on mass adoption rather than technical sophistication. The speaker critiques traditional notions of decentralization, contrasting the outcome‑focused view (wide distribution and user base) with the route‑focused view (technical architecture, mining hardware). He highlights alternative governance models such as BrightID, which verifies unique human participants for on‑chain voting. The video compares Pi to BitcoinMYK, a project that uses a social‑media‑like reward system, distributes tokens via an airdrop/UBI model, and already trades on established blockchains (Bitcoin Cash, Waves, Hive Engine). The speaker emphasizes that both projects rely on digital scarcity rather than physical mining, framing mining as a manufactured scarcity mechanism. He concludes that the ultimate goal is decentralization through broad token distribution, regardless of the technical path, and encourages viewers to try BitcoinMYK if they like Pi.
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Welcome back to the channel. I hope you're having a great day. So today we want to talk about the Pi Network. Are you really mining? And how does that work exactly? So we know what's going on right now with the Pi Network is that they haven't launched their mainnet. I Yet the, in other words, the cryptocurrencies that we're actually receiving aren't the real cryptocurrency, right? So this isn't, you know, your actual, the actual mining that's going on. And there are a few signs to why we know that's the case. One in particular is that it's available here in the Google app, the Google App Store. And in the Google App Store, um, my understanding is there are no applications or there is no mining that can be conducted on devices, and that's for legal reasons, um, for downloading anything that could be harmful to devices. And so that means right off, um, right off the bat, if you've downloaded Pi Network from the Google App Store, then that's not going to actually be any mining conducted on it. Now, the good news is, although you aren't technically mining, the cryptocurrency that you're gaining, or the, if you want to call them dummy tokens, the unrealized tokens, but what seems to be out there in the ether is that those are going to be converted to actual cryptocurrency on the Pi Network, right? Now, of course, Pi does have a blockchain. And that's what will be running. Now where I'm a little bit confused, then will these applications work with it or will you have to download? You know, obviously you're gonna have to download to run nodes, right, to actually mine. But now a wallet, this will, I would imagine, just, you know, act as a wallet. And the other part of that is that as long as it's acting like a wallet, Um, you know, that's fine to, to be presented in a Google Play Store because you're probably gonna want, uh, things in the Google Play Store because people generally look for it there and they have easier access to download something like that, or just allowing wallets and so on and so forth. Um, but that— this brings up a broader question. It's very quite interesting, right, that the Pi Network What they seem to be doing, right, is, uh, just trying to make a very user-friendly, a user-friendly interface that's going to bring in a lot of people. Their, their entire model is, is more, um, uh, is, is, is more focused on, uh, large numbers. I believe they've surpassed 18 million users now, which is impressive, which is phenomenal. Um, but they've surpassed 18 million now, and because of this, uh, on these— this very easy unborn technique, that's why they're dominating so many cryptocurrencies when it comes to user base, right? And what a lot of cryptocurrencies don't understand, many of the top 10 don't seem to understand, is that it isn't so much about the technical classifications, it's about can you relate to the mainstream and he with the most wallets is going to win because you're going to have the biggest network, right? Uh, which is going to, um, in many aspects make you decentralized. And the bigger conversation I want to have here about this, because this actually comes up a lot in many of these cryptocurrency projects, are you, or is it decentralized? Do they actually have a blockchain? Well, All these people are using the Pi Network or doing so, and they are on the mainnet. They are on the actual blockchain, right? So they've gotten all these users without that being a, you know, a thing, right? Without that being important, because that's just how people think about these things. And when something is relational to them and user-friendly, that's going to resonate with them more so than how advanced technology is, right? The network effect is going to resonate more in relation to can we use this thing and do we want to use it? You know, there are many of these cryptocurrency philosophies about what decentralization is because at the end of the day, it's such a very broad idea. Even if you look at something like Bitcoin where you have miners who are in this minoritized area themselves, which is a kind of a centralized area, you know, meaning that there are only so many big data centers that are really in control of Bitcoin mining. And right, the miners in a great sense aren't decentralized, right? So the, the broader conversation then becomes, in the truest idea of decentralization, what are the important aspects of what mining is, right? Or let me rephrase that. What is most important, the journey or the outcome, right? And so when you're in a cryptocurrency project, if the idea is decentralization, are you more interested in just the concept and ideology of decentralization or what is actually decentralized? Because I, I seem it to be an interesting question to ask many in cryptocurrency because I don't really feel that they look at this through a broad lens as to what the outcome actually is. For example, many ideas of what they consider to be things decentralized on a blockchain don't always play out as decentralized. Right? You know, in other words, um, in some cases, many of the networks in cryptocurrency that have been based on the idea of decentralization have in actuality ended up quite centralized, right? And we know that from the, the way the user base works. We know that through the, the decentralization of the development teams, the decentralization of the wealth, the decentralization of the mining operations, right? And that's why when we hear numbers like 87% of the Bitcoin network is owned by only 1%, then you look at this thing and you say, okay, well, how many wallets does Bitcoin have? Okay, Bitcoin maybe has a million, 100 million wallets, maybe, right? Pi Network has only been around a few years. It already has 18 million users in this network, right? So it is covering a lot of ground in a short period of time. That could suggest that maybe Pi Network could end up with a couple of hundred million users or a half a billion users, right? What is more important, the outcome or the technical app, the technical, uh, route that many of these cryptocurrency projects are taking? And, uh, I, I don't think that it's necessarily an either-or situation or that it has to play out like that, but I do think we may have to expand some of the route we take to decentralization. What generally happens in cryptocurrency, if we're moving in a direction that is a bit foreign to many of the other projects we've seen, people automatically rule those projects out. And the Pi Network has shown that it doesn't work with them and that it works quite, um, well how they're doing this. And they're probably more likely going to end up one of the biggest wallets in cryptocurrency, if not the biggest wallet in cryptocurrency. So, um, those are very interesting questions and important questions. Outcome over the route that's taken to get to this type of decentralization and cryptocurrency. At the end of the day, does it even really matter how it gets there as long as it's decentralized? I think that's a very interesting, important question as well. Um, and, um, I think the reason it is important because, uh, there does exist the ability through miners for Bitcoin to roll back the chain. And if Bitcoin— that ever happens in Bitcoin, the miners who would make that decision wouldn't be representative of the rest of the Bitcoin network, right? So many of these models, these governance models, these, um, situations that exist in cryptocurrency, uh, they are in these variations of what is actually decentralized, what is actually mining. Some models work on, uh, there is a model now and I can't think of the name of it, but it uses a verification system, I believe it's called BrightID, to determine that the participants in the network are actual people. And then it goes from that to, um, uh, when decisions are to be made as part of governance model, once the BrightID system has identified that these are actual people, these are unique people specific, you know, not only is it able to then use the blockchain blockchain to do things like voting, which has been a big topic, and so on and so forth. But it can now determine that these certain group of people exist and they're legitimate people, and there's no question about that. Uh, the blockchain has provided that information, but then once it knows who these people are, it's— the system is— they're able to use that data, go to these people, and have them make decisions for the blockchain. And then you know who these people represent, who they are, whether they represent you in some capacity or not. But that type of decentralization moves on from the blockchain to now just a group of people who are representatives for some group of people to make the decisions. So there are so many roads to decentralization. Um, you know, I think one of the biggest errors in cryptocurrency has been, oh, if it's not Bitcoin or Ethereum, it's not decentralized or to that capacity. But though, as, as you know, as we've pointed out in the video, even those chains are, uh, somewhat subject to centralization to a great degree, broken down into various categories, right? What's the story with Bitcoin MYK? So Bitcoin MYK is more reminiscent of that model that we just described, and how Bitcoin MYK works is it works a great deal based on The idea that groups are formed on this network and the people who create these groups represent the participants in the group. Now, this is a little bit different from the Pi Network. How you earn your cryptocurrency on the interface, right, it's just like how you would receive likes on Twitter and Facebook, right? You can upvote people You can vote on people when they earn the cryptocurrency. It's a very merit-based system. It's not one of those systems where if you got the most money, you control it, or if you got the less money, you don't control it, right? It is just an attention value system based on what you do. And I also think that's kind of what Pi Network feels like. It feels very attention value based because anybody who shows up and downloads the application They began to earn this cryptocurrency not just from that, but through referral systems, referring there. Same thing with BitcoinMYK, it's just that the interface is more social media-like based, and that is to make it comfortable for new people coming in. So you're able to earn the cryptocurrencies while referring people, you earn it participating on the network, you earn it posting, you— for pretty much everything you do on the network where you're lending over that attention value, you earn it, right? But the overall goal in the end is for it to work more similar to broad reach, like what's happening with the Pi Network. And whereas in both you aren't actually mining anything, there is this type of airdrop situation. We call it universal basic income on our side because that seems to be a popular idea right now, or basic income, or freedom dividends. These seem to be at this particular time, uh, hot topics and ideas. And so we use that vernacular in that way, whereas other people use terms like mining, airdrops, whatever you want to call it. It is a distribution system that is further decentralizing the network by getting the cryptocurrency widely distributed in many people's hands. And that distribution lends over to decentralization, right? That is what you want in a network, um, a well-distributed network. It is healthier and it is more decentralized as the cryptocurrency itself makes up the network. The coal is the network, right? So all that is very important. Uh, now unlike Pi Network that are at this point in time pretty much just giving you a dummy cryptocurrency, the Bitcoin MYK, uh, cryptocurrency, it does now trade on existing blockchains, right? Blockchains like Bitcoin Cash, like the Waves blockchain. It trades on the Hive Engine, which is a part of the Hive and Steam ecosystem, right? So in other words, when you earn the BitcoinMYK token, then it goes on these much more secure networks, big ones like Bitcoin Cash, like Waves, that haven't been hacked, that are very safe as far as we know blockchain security-wise. And so because of that, now you're able to distribute the cryptocurrency under those protocols, right? So that's all very interesting. And I think that, again, these open up much broader questions as to not so much as to are you mining, but more so what is the goal of mining, right? Remember, all this is digital. There is no actual mining camp someplace. You know, there is no areas to actually physically extract from the earth. So the whole concept of mining is a self-created, manufactured digital representation of scarcity, right? To, you know, for lack of a better word. And so at the end of the day, it's all the mining is kind of fake, right? It's creating these virtual currencies that you can create as many as you want, or you can destroy as many as you want, right? So the overall goal is decentralizing these networks and securing the network, right? And those are the very important things to how that works. The outcome of that becoming the, the idea in the end, I think for many people, are going to be the most important aspect of that. Of course, there are some purists in some of this blockchain technology that'll say things like, oh, it's not a real blockchain, there aren't real cryptocurrencies. But that doesn't mean that it's any less decentralized than many of the cryptocurrencies that they believe are. But I'm going to leave it there. Um, if you want to try out Bitcoin MYK, uh, it's very similar to Pi Network. If you like the Pi Network, you're probably going to love the Bitcoin MYK network. The cryptocurrency is now available. It is trading now. There is no waiting period. If you earn it, you're able to, uh, basically cash it out and trade it for other cryptocurrencies on several exchanges. But that's all I want to say in this video. Uh, if you like content like this, don't forget to like, subscribe, and until next time, as always, take care of yourselves and each other.
