Alright, more testing of the "Do the opposite of what this sub says" mentality, I bought ICP today. I'm gonna report back if this was a good decision or a bad one each month until I forget or it moons--whichever comes first. What are you buying?
Internet Computer slipped into another all time low ($24.29), now down 96.5% from ATH and out of top 35. Almost every market indicators looks negative with very modest news on development. "The project remains underdeveloped as a whole even after years of work"
For me I really dig into the value proposition of NFTs- there is real tech behind it in the smart contract, new creator-patron relationship and provable origin for files. I can tell you as a developer after building on ETH, SOL, and ICP: \-The nostalgia-nerd and speculator in me loves ETH \-The tech-philosopher and thoughtful-coder loves ICP \-The practical developer and do-now tech enthusiast loves SOL Notes on Polka-Dot & Cardano maybe coming soon ... but I have my hands full with these three for now. This is after my own research of reading tuts, docs and building a bit on them. I know that may not be feasible for people w/o a technical background, but in that case I'd recommend checking out the development communities on discord, stack overflow, and reddit to see what is happening with the tech by the people that are playing and tooling with it. Please don't buy these because I like them, just sharing how I invested in the tech with both my time and money- cause they made sense to me. Oh, I forgot to mention Chainlink, they are putting out some great cross-chain tutorials and talks on YouTube with Patrick Collins and other devs- check them out!
I can tell you as a developer after building on ETH, SOL, and ICP: The speculator in me loves ETH The tech-philosopher and thoughtful-coder loves ICP The practical developer and do-now tech enthusiast loves SOL Notes on Polka-Dot & Cardano maybe coming soon ... but I have my hands full with these three for now.
ICP was blown way out of proportion and was shilled like a mother trucker. Plus as what happens when anything new is listed. Tons of people rush to buy thinking they will make a massive profit just to be dumped on by the people who had it before the major listings
Opportunity cost though. ICP will probably never hit their initial price, but a lot of things can (and have) outgain it over any given time span. So in that sense you can still gain a lot by salvaging your loss into a win. Let's say you cut your losses last week and moved it into ROSE (went for the top gainer of last 7 days to show the extreme), then you would've already been up 55% instead of just hoping for a turnaround. You would need ICP to hit over $45 to match that, but it hasn't seen that price in nearly 2 months. For a non-extreme example let's say you sold ICP at $80 in September where the last peak was and moved it into BTC.. you would've only lost a few % instead of 60% from that point. And just to show this doesn't always work, let's say you sold out of it to FOMO into LRC near its ATH towards the end of November. You would have lost 60% instead of 30% over that time. I think it's important to know when to cut losses and move it into something else rather than just hoping with no reason. I FOMO'd into DOGE when I first started, but realized after losing 50% it was a mistake and ended up moving my loss into MATIC at .95 which is now up over 140%. If I held all the way through hoping for a miracle I'd be down 70% from initial investment.
Not much...just launch, then turn on the printer. ICP did it not so long ago. Market cap = supply x price per unit While price per unit is mostly market specific, they could inflate the supply massively and rise in market cap rankings that way. Its dissapointingly easy.
This mentality is the exact reason people go down with a sinking ship in crypto. Imagine you have $100 right now. Would you rather invest it in ICP or a crypto with more promise, like Eth? Lets say OP had $100 in ICP. It would more beneficial to him to cut his losses, harvest it for tax reasons, and reinvest in a more promising crypto. Refusing to sell for a loss is entirely a mental roadblock that destroys portfolios. If you wouldn't put more fiat into a coin, think about if it's really worth holding. It doesn't matter what you bought it at. All that matters is what it's at right now.
True, although if it did go down to $1 (and stayed that way) then we are pretty close to 100% loss. In theory even the biggest failure of a shitcoin out there could recover, so is different from casino style gambling in that sense. But then you still need to look at the likelihood of recovery, e.g., what is the likelihood of ICP reaching its ATH again, or anything close to it?
Because it’s the only one that looks like it’s going somewhere, everything in the background has increased within the icp eco system. People within this sub trade on emotions, so it will be to late for them to get on the hype train. ICP could be the Amazon of web 3 it’s one of the front runners.
Your wasting your time, half of the people on this sub haven't got a clue what a whitepaper is let alone how to actually read one correctly. I has some guy on here last week telling me how he makes "$600 a day" and when I asked his top 3 portfolio performer's he said ADA, XMR and ICP...
Post is by: silverslides and the url/text [ ](https://goo.gl/GP6ppk)is: /r/CryptoCurrency/comments/s4utys/dfinity_security_audit_shows_centralized_nature/ The full report can be found [here](https://github.com/trailofbits/publications/blob/master/reviews/DFINITY.pdf). Maybe most of this post was apparent to all of you but it really opened my eyes as to how centralized this project really is. The first finding "1. Hard-coded secrets in repositories" states: "Exploitation of this ﬁnding would require some form of internal access to the relevant repositories unless they were open source.". So DFINITY has closed source code. Not great for decentralized projects. It also has in this codebase, hardcoded secret. Aside from this being a security issue, it also shows that the software deployed on ICP systems actually contain secrets which need to be protected through network and system security controls. A typical "open" blockchain project uses a consensus algorithm to provide security. It does not need some piece of software behind a big firewall with all types of hard coded secret in order to work. Another noteworthy vulnerability is the removal of accounts with low balances when the total number of accounts exceeds 50M. Probably to protect themselves against some resource exhaustion but apparently this was not documented at the time of discovery. So a user of ICP could simply loose there account if other accounts had a higher balance. WTF? Another vulnerability seems to allow nodes to steal ICPTs (14. Controller can evade fees and claim extra rewards through neuron disbursement process): "Since each transfer moves 2 ICPTs from the neuron’s account to the account speciﬁed by the neuron controller, this process can be repeated ﬁve times, resulting in total ICPT rewards of 10+5R. By transferring more funds to the neuron’s account, the controller can repeat this attack. This means that it is possible to claim neuron rewards an unlimited number of times." I should probably study ICP to better understand the report but a lot of vulnerabilities actually show how much the system relies on a trusted piece of software (probably operated by DFINITY in some datacenter). *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoCurrency) if you have any questions or concerns.*
Monero -superior privacy although price action will never really pop off because no institutional investor would touch it ICP -can host the front end AND back end. The only logical project that can turn web 3.0 into a reality. When BTC/ ETH integration happens, the MATIC shitcoin will be practically useless. MATIC -vaporware CRO -vaporware Bitcoin -store of value
I can understand completely ! Always do your DD: And like mentioned here on this post - the execution at the start for ICP CRAP. I’m still very skeptical but I’m a dreamer and idealists and would love to see more people over site and less government/corporation control over the internet . I did not get in early like some others that are angry now. And maybe that’s effecting my judgement. (Full disclosure I didn’t buy in till it was in the $20-28 range . ) Not sure how many people know ? BUT by owning and holding ICP token on the Network Nervious System : NNS as they call it: You vote and get rewards , It’s a governance token . And I’m happy spending a comfortable amount to participate.
My biggest problem with "decentralized" ICP and any other coins like it. If a regular ass person can't invest on day ONE, I'm avoiding. If you have to be a registered "qualified investor" to participate in the initial sale of coins "to comply with US securities laws", I'm avoiding. If the devs and VCs combined exceed 51% of voting power, I'm sure as fuck staying away. Gotta be careful when redefining decentralization that you don't discard the true meaning. This is also the reason I'm not touching other "good" coins like ROSE, SOL etc.
1. The Internet Computer is significantly more decentralised than it is given credit for and is currently undergoing a process of further decentralisation that will be an ongoing project over the next year or so. This is because: the NNS allows individuals to vote on everything and anything (what they should work on next etc.), there are a significant number of nodes (412 and ever increasing) and finally, it is built on incredibly advanced cryptography that provides it with a level of decentralisation most blockchains couldn't dream of. Most people forget this last part when thinking about decentralisation. Don't forget also that Ethereum/Solana nodes are mostly ran from AWS, you have no idea what they are working on and Dapp's are mostly built using centralised infrastructure, this is not the case with the the ICP. 2. Yes, the Internet Computer is immutable. The only way someone could remove a canister (a smart contract) is by having the community vote to remove it (think child pornography, terrorism related stuff etc). This is a very tricky moral question and is being worked on as we speak. I think the final outcome will be that it will be very hard to remove content, but in extreme cases like the ones mentioned above, it may be possible. People coming from other L1's see this as weird, but they're only hosting tiny snippets of code. The IC can host anything (potentially incredibly malicious code, so some form of removal is needed in the worst case scenarios). The person above who said the Nintendo canister was voted to be removed is wrong, the community voted in the majority (90%+ to not have it removed). The owner of the canister removed it himself. 3. Would a DEX be as decentralised and immutable as ImmutableX? Yes, it would be more decentralised. ImmutableX will mostly be run on AWS (hence why it went down for a few hours the other day). A DEX built on the ICP will be built entirely on chain: it will have 100% up time and the community would NEVER vote to remove it so it would be immutable. Also, don't forget almost all dApps use either Infura or Alchemy in order to interact with the blockchain. In fact, even when you connect a wallet like MetaMask to a dApp, and the dApp interacts with the blockchain via your wallet, MetaMask is just making calls to Infura! Both are entirely centralised entities that Ethereum couldn't run without. 4. Could government's take something down that is running on the ICP? This is something I doubt anyone knows the answer to as the government hasn't challenged anything yet. However, if they wanted to they would have to convince the majority of ICP holders to vote to take it down; this would be a bad look for the community so I'm almost certain they wouldn't. For an Ethereum Dapp, all the government would have to do is get AWS to pull the plug and that would be it, finito for any application they didn't like. Decentralised cloud hosting is going to be a necessity, and the IC provides by far the most advanced, decentralised and immutable solution. 5. My advice to you would be look past the number of nodes/cheapness of nodes as an indicator of decentralisation. This is a weird mindset people have got in to measure decentralisation and immutability, there is FAR more to it. Dfinity have already handed over many aspects of the protocol to the community, they are incredibly transparent (can you vote on the order of things the Ethereum community will work on/what they'll work on?) and I believe once the decentralisation process is finished, the IC will be significantly decentralised. There's a lot of disinformation out there: you need an Internet Identity to access daps, node machines are supplied by Dfinity etc. so it's going to take a while for the crypto community to understand what Dfinity have built. However, I can tell you from a bystanders perspective over the last 8 months, it is seriously impressive!
So all of us are gonna somehow forget that ICP: - was listed on Binance, Coinbase and Huobi day one, - forbid the early buyers to sell (while core team and their friends did sell), - team put out a bounty on doxxing people that had constructive criticism of the project. Yeah, I will not forget that. You should be ashamed, OP.
ICP lol. I feel reddit is generally positive about LTC, it just doesn't function as anything further than a payment method and while faster than bitcoin I feel would bog down hard under the same load. Also PoW in general is out of vogue even though it does provide better security and an "inherent value" to a crypto.