Criticism of GCV in Pi Network:

1. Unrealistic Value:

Setting 1 Pi at $314.159 is considered unrealistic compared to major cryptocurrencies. For example, Bitcoin's market capitalization is around $1 trillion. If GCV is applied to Pi's total supply, its market cap would exceed the combined value of all cryptocurrencies, which is impractical. (indodax.com)

2. Lack of Official Support:

The Pi Network core team has not officially endorsed GCV, leading to uncertainty among Pioneers about its relevance after the mainnet launch. (saungmaman.com)

3. Negative Impact on Reputation:

Claims of unrealistic GCV can affect how outsiders perceive Pi Network. It may reduce public and investor confidence in the project. (indodax.com)

4. High Transaction Costs:

If GCV is implemented, creating a valid blockchain wallet requires at least 1 Pi. At $314.159 per Pi, this results in excessively high costs, potentially hindering adoption and participation. (beritabulukumba.com)

5. Questionable Mining Structure:

Critics argue that Pi Network’s mining mechanism resembles a Ponzi scheme. They believe the lock-up period benefits insiders by inflating token prices, allowing early investors to exit with profits. (id.beincrypto.com)

While the Pi Network community remains enthusiastic about the project, it is crucial to consider these criticisms objectively. A realistic and data-driven approach will help ensure the sustainability and credibility of Pi Network in the future.