The pi coin is meant to be a digital currency. You can use it just like any other currency. But it isn’t just any other currency.
There are several important differences between digital currencies and conventional currencies:
a) Digital currencies are not standardized. They vary in size and structure, so trade between them is difficult. Even digital currencies that use the same technology end up using different software, so they can vary in value even if they have the same amounts of gold or other physical assets backing them up.
b) Digital currencies aren’t linked to any government authority, so they aren’t subject to national banking regulations. That makes it easier to earn money in digital currencies without having to register with a government authority or get permission from anyone else first. It also makes it harder for governments or foreign banks to stop you from earning or spending your money in a digital currency, because no one person or group of people controls that currency.
c) There are no physical coins but only electronic representations of the coins, so there’s no way for anyone except you to confirm that you actually have the coins you’ve been given or spend them. If you lose access to your computer (for example by stealing your own hard disk), then all of your money is lost forever unless you
The world has changed since pi was invented, especially since the year 2008. Pi is a primitive currency that was designed when we didn’t have many options.
But still, it is possible to make pi more useful. One option would be to allow pi to be used as an account balance instead of just a way to keep track of favorites (amounts). Another option would be to allow people to use pi as a way of writing their own stories.
We can make pi digital money by allowing people to write cryptologic puzzles about themselves and offer people who solve them for pi dollars in return. So you can use pi as digital money if you are allowed to create a puzzle that someone else in the world can only solve if they have the password for your account. This allows use cases beyond personal finance, including but not limited to: personal identity, wills and trusts, ownership of code and intellectual property, social security numbers, voter registration data, and so on.
pi is a coin, not a currency. It is not intended to be used as money, and it is not intended to be used as a unit of account. It is a digital currency: its purpose is to represent an amount of value.
A digital currency, or any form of electronic money, can help in making the world more efficient: by reducing the cost of accounting, by helping people avoid taxes or record their debts, and by reducing the cost of keeping records of what’s happening in the economy.
The pi digit is a decimal digit that has been used in the decimal system since its inception. It was first used in the 17th century by John Napier, and since then it has been used by many other people.
It is a symbol of mathematical precision. But it is also a symbol of human imperfection: while its value can be calculated accurately, its value cannot be set to an exact figure.
In the last few years, there have been many attempts to introduce a currency based on the pi digit. Some of these have failed, but others are becoming increasingly successful. This increase in popularity is thanks to the fact that pi is not only very useful for calculating sums and for understanding how systems work, but also because pi does not have any direct physical existence.
A digital currency with the same characteristics as pi would help progress towards an era when our money would not be subject to inflation and other forms of devaluation.
For a currency to work well it needs to be convenient for people to use. It is easy to see how one might design a currency that just allows you to buy goods and services with the money you have, but it is harder to see why anyone would want to.
But perhaps the real goal of money is not buying things but giving people something they want when they need it. You can think of money like a ration book or a bus pass or a library card. There are few things in life that give so much freedom and convenience as money.
Economists have a name for this aspect of money, which they call “intertemporal transaction utility.”
What if we could create a coin where the value would always be one? What if this coin were traded through a central server, so that it would always be possible to track its entire history? We could help the economy by making it easier for people with unusual skills to find a way to earn money. People could use their artistic or mathematical abilities to make things, and Bitcoin would allow them to sell those things over the Internet.
But then we’d have to figure out what that value is. And that’s hard.
I don’t have the answer to why people are interested in this. But I do have a hypothesis: People love to speculate about the future. In the late 80s and early 90s, the Dutch tulip bubble was an international sensation; I recall that the Brits even had an entire TV series about it. When a good speculative bubble comes along, there is an explosion of enthusiasm and creativity. People who can see past the hype and develop sober assessments of what’s really going on are called seers.
I’m not sure who will be able to see past this latest bubble. But if we can’t avoid making money off it, our seers will be there ready to make money.