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Why does critic-free RL work for LLMs? This question has been in the air for a long time. To answer it, we propose the “Value-Gradient Hypothesis.” GRPO and PPO-style methods often improve reasoning without relying on a learned value model. Our paper’s central claim is that critic-free does not...

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42,486 görüntüleme • 3 ay önce •via X (Twitter)

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For too long, our country has expected care to happen for free or for pennies on the dollar. We rely on people we often fail to recognize, fight for, or listen to. That is morally wrong and economically stupid. Investing in care is a strategic move to grow our population and economy. It’s time we change how we value our care providers.
1:24

For too long, our country has expected care to happen for free or for pennies on the dollar. We rely on people we often fail to recognize, fight for, or listen to. That is morally wrong and economically stupid. Investing in care is a strategic move to grow our population and economy. It’s time we change how we value our care providers.

Katie Porter

30,144 görüntüleme • 8 ay önce

Check out our latest work, "Actor-Critic Model Predictive Control: Differentiable Optimization meets Reinforcement Learning for Agile Flight," published in the IEEE Transactions on Robotics, where we reconcile #OptimalControl and #ReinforcementLearning, achieving the same super-human performance, but with superior generalizability, as our previous model-free deep RL! Code released! PDF: Code: Full Video: Model-free #ReinforcementLearning (RL) is known for its strong task performance and flexibility in optimizing general reward formulations. On the other hand, #ModelPredictiveControl (MPC) provides robustness, constraint handling, and powerful online replanning capabilities. In this work, we extend our previous AC-MPC paper (Romero, ICRA'24) by taking a deeper look at how both approaches can be unified. We introduce and extend Actor-Critic Model Predictive Control (AC-MPC), a framework that embeds a differentiable MPC inside an Actor-Critic RL architecture. This integration allows the MPC-based actor to perform short-term predictive optimization, while the critic facilitates long-horizon learning and exploration. We conduct a comprehensive study that highlights AC-MPC’s key advantages: - Better out-of-distribution generalization, both against unknown disturbances and changes in the quadrotor dynamics - Improved sample efficiency - A novel empirical analysis uncovering a relationship between the critic’s value function and the MPC cost function, providing deeper insight into their interplay. We validate our method in simulation and the real world on a quadcopter flying at superhuman speeds of up to 21 m/s, matching state-of-the-art model-free RL performance, and retaining the predictive structure of MPC for more reliable out-of-distribution behavior. Reference: Actor-Critic Model Predictive Control: Differentiable Optimization meets Reinforcement Learning for Agile Flight IEEE Transactions on Robotics (T-RO), 2025 PDF: Full Video: Code: Kudos to Ángel Romero, Elie Aljalbout, Yunlong Song! University of Zurich UZH Science UZH Space Hub AUTOASSESS European Research Council (ERC) UZHai
1:46

Check out our latest work, "Actor-Critic Model Predictive Control: Differentiable Optimization meets Reinforcement Learning for Agile Flight," published in the IEEE Transactions on Robotics, where we reconcile #OptimalControl and #ReinforcementLearning, achieving the same super-human performance, but with superior generalizability, as our previous model-free deep RL! Code released! PDF: Code: Full Video: Model-free #ReinforcementLearning (RL) is known for its strong task performance and flexibility in optimizing general reward formulations. On the other hand, #ModelPredictiveControl (MPC) provides robustness, constraint handling, and powerful online replanning capabilities. In this work, we extend our previous AC-MPC paper (Romero, ICRA'24) by taking a deeper look at how both approaches can be unified. We introduce and extend Actor-Critic Model Predictive Control (AC-MPC), a framework that embeds a differentiable MPC inside an Actor-Critic RL architecture. This integration allows the MPC-based actor to perform short-term predictive optimization, while the critic facilitates long-horizon learning and exploration. We conduct a comprehensive study that highlights AC-MPC’s key advantages: - Better out-of-distribution generalization, both against unknown disturbances and changes in the quadrotor dynamics - Improved sample efficiency - A novel empirical analysis uncovering a relationship between the critic’s value function and the MPC cost function, providing deeper insight into their interplay. We validate our method in simulation and the real world on a quadcopter flying at superhuman speeds of up to 21 m/s, matching state-of-the-art model-free RL performance, and retaining the predictive structure of MPC for more reliable out-of-distribution behavior. Reference: Actor-Critic Model Predictive Control: Differentiable Optimization meets Reinforcement Learning for Agile Flight IEEE Transactions on Robotics (T-RO), 2025 PDF: Full Video: Code: Kudos to Ángel Romero, Elie Aljalbout, Yunlong Song! University of Zurich UZH Science UZH Space Hub AUTOASSESS European Research Council (ERC) UZHai

Davide Scaramuzza

27,279 görüntüleme • 7 ay önce

I stood on the steps of the Supreme Court Monday . Donald Trump has done real things for MAHA. I believe that. But when the Department of Justice shows up to defend Bayer and Monsanto against the American people, against the health of our children, I have to say: you got this one wrong. Liability protection for corporations that poison people is not a conservative value. It is not a Republican value. It is not a Democratic value. It is not an American value. It is the opposite of a free market. It is the government putting its thumb on the scale for corporations that are losing in court because their products are causing cancer. Every child in this country deserves to be healthy. That is not a political statement. That is the only statement that matters. So in the words of the President himself: we are going to fight, fight.
0:43

I stood on the steps of the Supreme Court Monday . Donald Trump has done real things for MAHA. I believe that. But when the Department of Justice shows up to defend Bayer and Monsanto against the American people, against the health of our children, I have to say: you got this one wrong. Liability protection for corporations that poison people is not a conservative value. It is not a Republican value. It is not a Democratic value. It is not an American value. It is the opposite of a free market. It is the government putting its thumb on the scale for corporations that are losing in court because their products are causing cancer. Every child in this country deserves to be healthy. That is not a political statement. That is the only statement that matters. So in the words of the President himself: we are going to fight, fight.

Del Bigtree

147,514 görüntüleme • 4 ay önce

“AI is changing the value prop of software.” We spoke with Metronome CEO Scott Woody about why AI requires a new business model. “In the cloud era…the value of the software scales as your org scales.” “In AI, the software is now doing work on your behalf…so the core value of the software is not who in my org has access to the data, it's what can this software do for me? When the value shifts from access to output, the business model has to follow.
1:36

“AI is changing the value prop of software.” We spoke with Metronome CEO Scott Woody about why AI requires a new business model. “In the cloud era…the value of the software scales as your org scales.” “In AI, the software is now doing work on your behalf…so the core value of the software is not who in my org has access to the data, it's what can this software do for me? When the value shifts from access to output, the business model has to follow.

a16z

23,455 görüntüleme • 1 yıl önce

Nassim Taleb on Bitcoin, in his own words: "a business that will never make any money - and its only value is what you can sell it for to someone else." a Ponzi has no absorbing barrier. this does. "the minute it reaches a plateau, it's dead." gold doesn't die. you leave it in the dirt, it's still gold. "the only thing that is infallible is a deity." so if it can't fail - that's theology, not finance. ~13-min talk, free ↓
13:34

Nassim Taleb on Bitcoin, in his own words: "a business that will never make any money - and its only value is what you can sell it for to someone else." a Ponzi has no absorbing barrier. this does. "the minute it reaches a plateau, it's dead." gold doesn't die. you leave it in the dirt, it's still gold. "the only thing that is infallible is a deity." so if it can't fail - that's theology, not finance. ~13-min talk, free ↓

0xDipper

186,555 görüntüleme • 2 ay önce

Q. jaemin-san, is there anything that you personally value or hold dear? 🐰: it is definitely myself. yes, the thing i value most is not forgetting to be myself. i believe that continuing something for a long time has an unchanging value. just like Lee 101, i want to continue to value my own unique style as time goes by. #JAEMINxLeeJeans #JAEMIN_LeeAPACAmbassador
0:40

Q. jaemin-san, is there anything that you personally value or hold dear? 🐰: it is definitely myself. yes, the thing i value most is not forgetting to be myself. i believe that continuing something for a long time has an unchanging value. just like Lee 101, i want to continue to value my own unique style as time goes by. #JAEMINxLeeJeans #JAEMIN_LeeAPACAmbassador

★★ archive

23,778 görüntüleme • 6 ay önce

Whoever signs Marcos Senesi this summer is getting a world class centre-back for free. the most progressive CB in the Premier League,aggressive in duels, calm on the ball. Football does not give you this very often that too for free.
4:05

Whoever signs Marcos Senesi this summer is getting a world class centre-back for free. the most progressive CB in the Premier League,aggressive in duels, calm on the ball. Football does not give you this very often that too for free.

The Stat Guy

44,576 görüntüleme • 4 ay önce

Free speech is a core value of our civilization. We need to stop Bill C-9. This bill is designed to limit your speech by labeling you as an Islamophobe or racist without any specific definition. We don’t lack laws in Canada. If the authorities do not enforce the existing laws against jihadists, and if the RCMP and CSIS receive advice from Muslim Brotherhood-linked groups, it does not mean that a new law will stop the hate rallies and the glorification of terrorism in our streets. If Bill C-9 passes, I can say: welcome to the Islamic Republic of Canada.
2:07

Free speech is a core value of our civilization. We need to stop Bill C-9. This bill is designed to limit your speech by labeling you as an Islamophobe or racist without any specific definition. We don’t lack laws in Canada. If the authorities do not enforce the existing laws against jihadists, and if the RCMP and CSIS receive advice from Muslim Brotherhood-linked groups, it does not mean that a new law will stop the hate rallies and the glorification of terrorism in our streets. If Bill C-9 passes, I can say: welcome to the Islamic Republic of Canada.

Salman Sima

23,574 görüntüleme • 5 ay önce

Defending the Second Amendment is a full-time job. The Left needs to remember it’s not a second-tier right. It stands with free speech and religious liberty. Our Founders knew its value. If we don’t defend our rights, we risk losing them all.
2:33

Defending the Second Amendment is a full-time job. The Left needs to remember it’s not a second-tier right. It stands with free speech and religious liberty. Our Founders knew its value. If we don’t defend our rights, we risk losing them all.

Senator Rand Paul

17,643 görüntüleme • 4 ay önce

⚖️CLARITY ACT: Coinbase's Ryan VanGrack tells Fox the industry has been "fighting this fight not for a year, but for over a decade." "We see the value of that clarity for our users, for innovators, and for American leadership." "The crypto revolution is here. How it is regulated is not."
0:53

⚖️CLARITY ACT: Coinbase's Ryan VanGrack tells Fox the industry has been "fighting this fight not for a year, but for over a decade." "We see the value of that clarity for our users, for innovators, and for American leadership." "The crypto revolution is here. How it is regulated is not."

Coin Bureau

51,273 görüntüleme • 24 gün önce

“Cooperation only works when it is built on the right foundation. We are here to discuss partnerships; however, the term seems to mean different things to people. For some, it is about giving instructions and setting conditions; for others it means complying. Africa’s experience shows that this approach does not deliver the transformation that we need. A good partnership does not create dependency. It creates value. If you want to work with Africa, a true and lasting partnership must be equal, with shared risk and reward.” President Kagame | #GlobalGateway #GGF
1:55

“Cooperation only works when it is built on the right foundation. We are here to discuss partnerships; however, the term seems to mean different things to people. For some, it is about giving instructions and setting conditions; for others it means complying. Africa’s experience shows that this approach does not deliver the transformation that we need. A good partnership does not create dependency. It creates value. If you want to work with Africa, a true and lasting partnership must be equal, with shared risk and reward.” President Kagame | #GlobalGateway #GGF

Presidency | Rwanda

80,752 görüntüleme • 10 ay önce

🚨NEW: JD Vance stands by his statement that the UK is censoring free speech and that affects American tech companies and citizens. Kier Starmer says "We have had free speech in the UK for a long time, and it will last for a long time. I'm proud of our free speech in the UK."
0:44

🚨NEW: JD Vance stands by his statement that the UK is censoring free speech and that affects American tech companies and citizens. Kier Starmer says "We have had free speech in the UK for a long time, and it will last for a long time. I'm proud of our free speech in the UK."

Autism Capital 🧩

364,812 görüntüleme • 1 yıl önce

Silver's squeeze is being driven by gold which in turn is being driven by the dollar. No, not "debasement" or "inflation." Eurodollar deflation. People make the critical mistake believing gold is a substitute for the dollar when it's not even in the same arena. Precious metals instead compete with stocks and other risky financial assets as the safe haven alternative to them. Ledger money separated medium of exchange from store of value 150 years ago (not that you've heard anything about it, but you live it every day each time you use your credit card - medium - and check your 401k - store). Gold is not a medium, but it is superior form of value. Gold's behavior therefore has nothing to do with "the dollar" except when eurodollar conditions drive the exchange value and signal conditions relative to stores of value alternatives. This is why gold has behaved like it has and why all the gold "experts" get it wrong. When the dollar is rising, that's a deflation signal which means increasing chance conditions will be bad for risky stores of value. Gold shines. And that is exactly how it has traded recently, too, from late last year through April, the middle of the year when gold backed off because risk-taking was back at the forefront, and now with flat Beveridge everywhere and credit cockroaches showing up every other minute gold is utterly flying. That deflation would be really bad for risky assets that gold competes with. IT IS NOT DEBASEMENT OR ANYTHING LIKE IT. All the evidence is here: Everything you get from the mainstream is either wrong or backward. Oftentimes on purpose. Misdirection and misinformation is actually the trade of "central banks." Start unlearning the garbage and start learning the truth which has been hiding in plain sight all this time.
0:30

Silver's squeeze is being driven by gold which in turn is being driven by the dollar. No, not "debasement" or "inflation." Eurodollar deflation. People make the critical mistake believing gold is a substitute for the dollar when it's not even in the same arena. Precious metals instead compete with stocks and other risky financial assets as the safe haven alternative to them. Ledger money separated medium of exchange from store of value 150 years ago (not that you've heard anything about it, but you live it every day each time you use your credit card - medium - and check your 401k - store). Gold is not a medium, but it is superior form of value. Gold's behavior therefore has nothing to do with "the dollar" except when eurodollar conditions drive the exchange value and signal conditions relative to stores of value alternatives. This is why gold has behaved like it has and why all the gold "experts" get it wrong. When the dollar is rising, that's a deflation signal which means increasing chance conditions will be bad for risky stores of value. Gold shines. And that is exactly how it has traded recently, too, from late last year through April, the middle of the year when gold backed off because risk-taking was back at the forefront, and now with flat Beveridge everywhere and credit cockroaches showing up every other minute gold is utterly flying. That deflation would be really bad for risky assets that gold competes with. IT IS NOT DEBASEMENT OR ANYTHING LIKE IT. All the evidence is here: Everything you get from the mainstream is either wrong or backward. Oftentimes on purpose. Misdirection and misinformation is actually the trade of "central banks." Start unlearning the garbage and start learning the truth which has been hiding in plain sight all this time.

Jeffrey P. Snider

26,897 görüntüleme • 10 ay önce

FREE CTSA MEMBERSHIP FOR A YEAR! From today, you can sign up to be a CTSA member for a whole year for free. It has NEVER been a more important time! All you need to do is visit our website and sign up: Still not sure how to do it? Watch the below video.
1:14

FREE CTSA MEMBERSHIP FOR A YEAR! From today, you can sign up to be a CTSA member for a whole year for free. It has NEVER been a more important time! All you need to do is visit our website and sign up: Still not sure how to do it? Watch the below video.

CTSA - Crawley Town

36,069 görüntüleme • 3 yıl önce

Tokenization as Infrastructure, Not a Shortcut In this clip, André Casterman explains why tokenization is best understood as an upgrade to the internet’s financial infrastructure, not a guarantee of liquidity or success. Tokenization does not create demand on its own. Liquidity still matters. What it does change is the efficiency of how value moves. Cheaper settlement. Faster transfer. Native verifiability. Stablecoins are a clear example. Instead of routing payments through correspondent banking and local clearing entities, value can move directly by transferring tokens. The asset does not need to be physically moved or reconciled across jurisdictions. The result is lower cost and less friction. Verifiability is the real unlock. Unlike physical assets, which require costly and invasive processes to prove authenticity, tokenized assets can be verified on-chain, publicly, and without altering the asset itself. This is the shift from moving information to moving value. Tokenization is not a product. It is infrastructure. And infrastructure is what enables real-world use at scale. — André Casterman
3:32

Tokenization as Infrastructure, Not a Shortcut In this clip, André Casterman explains why tokenization is best understood as an upgrade to the internet’s financial infrastructure, not a guarantee of liquidity or success. Tokenization does not create demand on its own. Liquidity still matters. What it does change is the efficiency of how value moves. Cheaper settlement. Faster transfer. Native verifiability. Stablecoins are a clear example. Instead of routing payments through correspondent banking and local clearing entities, value can move directly by transferring tokens. The asset does not need to be physically moved or reconciled across jurisdictions. The result is lower cost and less friction. Verifiability is the real unlock. Unlike physical assets, which require costly and invasive processes to prove authenticity, tokenized assets can be verified on-chain, publicly, and without altering the asset itself. This is the shift from moving information to moving value. Tokenization is not a product. It is infrastructure. And infrastructure is what enables real-world use at scale. — André Casterman

XDC Foundation

14,618 görüntüleme • 7 ay önce

“It’s easy on an Ather” That’s our new brand campaign at Ather Energy Tech only creates real value when it simplifies life. While the early launches are about the coolness of the tech, it only becomes useful when it can finally disappear into the background. That’s when the focus can shift from the ‘tech’ itself to what it really ‘does for us’. Making things 'easy' is often super hard. And that's the benchmark that we want to try and live up to with our products. And that’s the story that we want to tell now. How ALL the tech that we have been building for years in our products, comes together to improve our daily lives on the road. How it makes your rides easy. Here’s the first video on the same. Celebrating a supremely useful, and (hopefully!) a very, very invisible feature - skid control.
0:30

“It’s easy on an Ather” That’s our new brand campaign at Ather Energy Tech only creates real value when it simplifies life. While the early launches are about the coolness of the tech, it only becomes useful when it can finally disappear into the background. That’s when the focus can shift from the ‘tech’ itself to what it really ‘does for us’. Making things 'easy' is often super hard. And that's the benchmark that we want to try and live up to with our products. And that’s the story that we want to tell now. How ALL the tech that we have been building for years in our products, comes together to improve our daily lives on the road. How it makes your rides easy. Here’s the first video on the same. Celebrating a supremely useful, and (hopefully!) a very, very invisible feature - skid control.

Tarun Mehta

59,131 görüntüleme • 7 ay önce

Dear Pioneers, Today, I decided to share this message with you because when I searched online, I noticed something very important. Many exchange markets already know that the Pi Network has GCV — Global Consensus Value. They even acknowledge that this value is community-driven. But they say it is not official, because it has not been formally endorsed by CT. Also we still have a lot of pioneers never deeply understand white paper. They always use market cap to deny GCV. All the above is because they assume Pi is another traditional crypto currency. This made me think. Not only outsiders, but even some of our own pioneers still hesitate or doubt GCV. Why? Because they don’t fully understand the concept difference between traditional crypto and Pi Network. So today, I want to make it very clear for everyone: what is value, and what is price? Most traditional cryptocurrency analysts talk about is price. They see supply and demand, market cap, and speculation. For them, cryptocurrency is just an investment, like buying a stock. In accounting, this makes crypto look like an asset — something you buy and sell at a price. But if you carefully read the Pi white paper, you will see the true vision of Dr. Nicolas. He created Pi Network because he regretted how traditional cryptocurrencies were being used. Blockchain, instead of serving humanity, became only a tool for speculation. Coins were bought and sold, but they failed to bring real value to ordinary people and to our global economy. For years, crypto has been stuck in this loop of speculation. That is why Pi Network was born. Pi is not designed to follow the same path as traditional cryptocurrencies. Its destination is not simply to be listed on exchanges. Current exchange market is the landscape on the road. It is not Pi Network destination. We already have thousands of tokens there. What we truly need is a real currency — one that can resolve economic crises, restore fairness, and bring opportunity to ordinary people. Now let’s ask: what is currency? If you search, you will find a simple definition: currency is a medium of exchange. And for any exchange medium to work, it requires consensus among the users. Everyone must agree on its value before it can be used in the economy. That is how fiat money works. A $1 bill and a $100 bill cost the same to print. The paper and ink are nearly identical. But because the government endorses it, people trust and accept it different value on the paper bill. That trust gives fiat money its power. Yet even fiat money is not always stable. In many countries, we see devaluation and inflation. The value of government money is not guaranteed but still much stable than traditional cryptocurrency. Traditional cryptocurrencies are unstable — their price rises and falls daily, driven by speculation. It can change 100% in one day. But our FIAT inflation is less than 10% in one year normally. This is why Pi Network GCV is so important. We have the opportunity to create a new kind of currency: one that is long-term stable, resistant to inflation, efficient for international settlement, and much cheaper in transfer costs. With Pi, transactions can be faster, fairer, and useful in daily life. A medium of exchange for payments, A store of value to protect wealth, And a unit of account for settlement. This is what Pi is becoming. But here is something very important to understand: the consensus of Pi does not come from the Core Team. If the Core Team could set the value, they would have done so three years ago. There is no reason tell pioneers that the value is from pioneers but they give us another value. CT cannot give us a value or reject pioneers created value— because value is not given by CT, it is created by pioneers community consensus. Our pioneering community has been working tirelessly for over three years. Every day, we generate GCV data. We also have the Industrial Alliance, where businesses and industries are beginning to adopt Pi at GCV in real supply chains. Some people believe that GCV is impossible because it may lead to business bankruptcy. However, this is a misconception. A business faces bankruptcy when its value cannot be stabilized, regardless of whether Pi is valued at $1, $10, or $100 or GCV. Significant fluctuations can cause businesses to fail; in contrast, as long as there is stability, GCV will not put businesses at risk, provided that everyone accepts it. This stability ensures that purchasing power remains consistent. Additionally, it's important to note that 100 billion Pi is not intended for use within a single year; rather, it is meant to last for centuries or even thousands of years. Therefore, there is no need to worry that we lack sufficient assets.Remember, a real currency must serve three functions: We don’t need the Core Team to endorse Pi’s value. GCV official authority is pioneers not CT. What we need is more businesses and more pioneers to accept it. Think about it: in the past, some villages used shells as money. Why? Because a cow was too big to trade for five chickens or other products. Shells were easier, and as long as everyone in the village agreed Pi had fixed value. It can be the village currency. The same is true for Pi. We have more than 60 million pioneers. If we all accept it, and businesses accept it too, then that is Pi’s true value. What makes this so special is that we are not only the users, we are also the creators. This is true decentralization. The power belongs to us. So I hope every pioneer can deeply understand this concept. Don’t doubt, but believe with confidence. What must we do now? Accept Pi in our daily lives. Share correct information and educate others. Promote GCV. Invite more merchants to join. Even though Pi is not yet fully open, businesses can already accept Pi partially — 5%, 10%, 20%, even 50% of a payment. It doesn’t matter. Every transaction, every piece of GCV data, strengthens Pi as a currency. So business don't have any loss or risk. It can only increase their reputation and sales especially now most business bankrupt because of stagflation. Our strategy can save a lot of business. So let us remember: Price belongs to assets. Value belongs to currency. And consensus belongs to pioneers. We already have the victory, because value is in our hands. Together, we will win. In fact, we have already won. Thank you. Doris Yin 🪷🪷🪷 Pi = Real Currency, Not Speculation 📷 Price belongs to assets. 📷 Value belongs to currency. 📷 Consensus belongs to pioneers. 📷 Together, we build Global Consensus Value (GCV). 📷 We are not only users, we are creators.
8:34

Dear Pioneers, Today, I decided to share this message with you because when I searched online, I noticed something very important. Many exchange markets already know that the Pi Network has GCV — Global Consensus Value. They even acknowledge that this value is community-driven. But they say it is not official, because it has not been formally endorsed by CT. Also we still have a lot of pioneers never deeply understand white paper. They always use market cap to deny GCV. All the above is because they assume Pi is another traditional crypto currency. This made me think. Not only outsiders, but even some of our own pioneers still hesitate or doubt GCV. Why? Because they don’t fully understand the concept difference between traditional crypto and Pi Network. So today, I want to make it very clear for everyone: what is value, and what is price? Most traditional cryptocurrency analysts talk about is price. They see supply and demand, market cap, and speculation. For them, cryptocurrency is just an investment, like buying a stock. In accounting, this makes crypto look like an asset — something you buy and sell at a price. But if you carefully read the Pi white paper, you will see the true vision of Dr. Nicolas. He created Pi Network because he regretted how traditional cryptocurrencies were being used. Blockchain, instead of serving humanity, became only a tool for speculation. Coins were bought and sold, but they failed to bring real value to ordinary people and to our global economy. For years, crypto has been stuck in this loop of speculation. That is why Pi Network was born. Pi is not designed to follow the same path as traditional cryptocurrencies. Its destination is not simply to be listed on exchanges. Current exchange market is the landscape on the road. It is not Pi Network destination. We already have thousands of tokens there. What we truly need is a real currency — one that can resolve economic crises, restore fairness, and bring opportunity to ordinary people. Now let’s ask: what is currency? If you search, you will find a simple definition: currency is a medium of exchange. And for any exchange medium to work, it requires consensus among the users. Everyone must agree on its value before it can be used in the economy. That is how fiat money works. A $1 bill and a $100 bill cost the same to print. The paper and ink are nearly identical. But because the government endorses it, people trust and accept it different value on the paper bill. That trust gives fiat money its power. Yet even fiat money is not always stable. In many countries, we see devaluation and inflation. The value of government money is not guaranteed but still much stable than traditional cryptocurrency. Traditional cryptocurrencies are unstable — their price rises and falls daily, driven by speculation. It can change 100% in one day. But our FIAT inflation is less than 10% in one year normally. This is why Pi Network GCV is so important. We have the opportunity to create a new kind of currency: one that is long-term stable, resistant to inflation, efficient for international settlement, and much cheaper in transfer costs. With Pi, transactions can be faster, fairer, and useful in daily life. A medium of exchange for payments, A store of value to protect wealth, And a unit of account for settlement. This is what Pi is becoming. But here is something very important to understand: the consensus of Pi does not come from the Core Team. If the Core Team could set the value, they would have done so three years ago. There is no reason tell pioneers that the value is from pioneers but they give us another value. CT cannot give us a value or reject pioneers created value— because value is not given by CT, it is created by pioneers community consensus. Our pioneering community has been working tirelessly for over three years. Every day, we generate GCV data. We also have the Industrial Alliance, where businesses and industries are beginning to adopt Pi at GCV in real supply chains. Some people believe that GCV is impossible because it may lead to business bankruptcy. However, this is a misconception. A business faces bankruptcy when its value cannot be stabilized, regardless of whether Pi is valued at $1, $10, or $100 or GCV. Significant fluctuations can cause businesses to fail; in contrast, as long as there is stability, GCV will not put businesses at risk, provided that everyone accepts it. This stability ensures that purchasing power remains consistent. Additionally, it's important to note that 100 billion Pi is not intended for use within a single year; rather, it is meant to last for centuries or even thousands of years. Therefore, there is no need to worry that we lack sufficient assets.Remember, a real currency must serve three functions: We don’t need the Core Team to endorse Pi’s value. GCV official authority is pioneers not CT. What we need is more businesses and more pioneers to accept it. Think about it: in the past, some villages used shells as money. Why? Because a cow was too big to trade for five chickens or other products. Shells were easier, and as long as everyone in the village agreed Pi had fixed value. It can be the village currency. The same is true for Pi. We have more than 60 million pioneers. If we all accept it, and businesses accept it too, then that is Pi’s true value. What makes this so special is that we are not only the users, we are also the creators. This is true decentralization. The power belongs to us. So I hope every pioneer can deeply understand this concept. Don’t doubt, but believe with confidence. What must we do now? Accept Pi in our daily lives. Share correct information and educate others. Promote GCV. Invite more merchants to join. Even though Pi is not yet fully open, businesses can already accept Pi partially — 5%, 10%, 20%, even 50% of a payment. It doesn’t matter. Every transaction, every piece of GCV data, strengthens Pi as a currency. So business don't have any loss or risk. It can only increase their reputation and sales especially now most business bankrupt because of stagflation. Our strategy can save a lot of business. So let us remember: Price belongs to assets. Value belongs to currency. And consensus belongs to pioneers. We already have the victory, because value is in our hands. Together, we will win. In fact, we have already won. Thank you. Doris Yin 🪷🪷🪷 Pi = Real Currency, Not Speculation 📷 Price belongs to assets. 📷 Value belongs to currency. 📷 Consensus belongs to pioneers. 📷 Together, we build Global Consensus Value (GCV). 📷 We are not only users, we are creators.

Doris Yin 东方紫莲🪷

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