$ETH
Big A finally stood up and can laugh at ETH.
Everyone used to have more than 2,000, but now I have 3,600, and you are still more than 2,000.

Save ETH.

$BTC $ETH $SOL

Why do people start to care about fundamentals when A-shares are rising? They say that prices without fundamental support are false.

Anyone can say this, but people in the cryptocurrency circle must not say it.

For these projects in the cryptocurrency circle, there is not a single product, not a single penny of profit, and not a single practical application has been developed. Aren't they still worth tens of billions or even hundreds of billions?

$ICP #ICP生态

For public chains, without the prosperity on the chain, the price of the currency cannot be supported. I am responsible for this conclusion.

So, SOL with 1 million daily active users on the chain and ICP with less than 10,000 daily active users. Who is underestimated and who is overestimated? 😁

You may say that the daily active users of ICP on the chain will grow exponentially. I can only say that it is hard to say how the technology will be improved in the future, but it will not be now, because ICP's technology cannot support a large number of users at all.

Don't listen to others bragging that ICP technology is awesome. ICP's technology is indeed "new", but its stability, throughput and stress resistance are very poor.
＊When the inscriptions became popular, ICP was severely congested and a large number of users could not be responded to.
＊The subnet where BOB is located is still abnormally congested, and a large number of users cannot be responded to, and it has not been resolved so far.
＊Since the beginning of this year, I have personally experienced that the core NNS on the chain has completely crashed once, the node where the ICS is located has been offline three times, and the subnet has been severely congested and the interaction queues have been long twice.

ICP's current technology and network capabilities cannot withstand 100,000 daily active users on the chain, let alone 1 million daily active users.

$ICP #ICP生态

[Lest someone say I only come out to FUD ICP when the price drops]

Everyone who praises ICP on the Internet has failed to explain the relationship between the DFINITY Foundation and the ICP coin.

＊DFINITY is DFINITY, and ICP is ICP.
＊ICP is just one of DFINITY's products.
＊UTOPIA is also a DFINITY product, and it seems to have nothing to do with the ICP coin at present.
＊The so-called cooperation between the United Nations and Cambodia and DFINITY also seems to have nothing to do with the ICP coin at present.

The only thing that is certain is that all expenses of the DFINITY Foundation and the cost of recruiting and hiring personnel are all paid by selling the ICP coin. 🙃

$ICP #ICP生态

$BOB is the coin with the highest profit percentage that I have ever bought since I entered the circle...
The road that I never imagined

$ICP #ICP生态

Today, I update the 7th point of view in the ICP series:

How is Dom's character?
Not very good, very not very good. If a powerful leader is replaced, ICP will not be like this.

The following is provided for your appreciation:

1. He once claimed that "99% of blockchains are garbage". No matter how good ICP is, it is extremely stupid for a leader to make such remarks. He only cares about his own words and completely ignores the development of the group. Those who shoot indiscriminately and make too many enemies will never have a good end.

2. He has severe persecution delusion. SBF is the enemy of ICP, the New York Times is the enemy of ICP, Messari is the enemy of ICP, and everyone is the enemy of ICP. As long as others do not praise ICP, they become the enemy of ICP. He is really arrogant and thinks that the whole world is against him.

3. He is an extremely narcissistic person. Anyone who has followed his Twitter will understand what I am talking about. He is always showing off a sense of superiority that he is the only one who is superior to others.

4. He is an extremely sensitive person. He deletes posts and bans people at will. Anyone who has been to the ICP forum knows that under his leadership, the entire ICP community will never allow different voices to appear. Want to criticize him? Haha.

Dom is the biggest short seller and stumbling block of ICP. I am responsible for this conclusion.

$ICP #ICP生态

Today, let's talk about the sixth point of ICP:
Is the pledge of ICP reasonable?
It is not reasonable.
The most important thing is: early redemption is not allowed.
Many people may have only heard that the pledge interest of ICP is high, but they have not really understood how complicated the pledge mechanism is.

1. The pledge of ICP is not to pay interest directly, but to participate in voting, and the interest will be distributed after the voting is completed. In order to obtain sufficient interest, you need to log in to NNS every now and then for the so-called "voting governance".
＊Regarding voting governance, I have previously argued that either you can log in to NNS every day to vote, or you can follow the foundation or others to vote. It takes up a lot of your time or you actively give up your power, choose one of the two.
＊The false democratic illusion of "voting governance": Dfinity does not initiate proposals for truly important things, but does it privately, and then strictly prohibits discussion on the forum or even bans the account. The proposals are all trivial matters, so that everyone can feel the so-called "democracy".

2. ICP pledge is divided into two parts: "lock" and "dissolve". For example, in order to get the highest interest of about 16%, you pledged for 8 years. Do you think he will return your principal to you after 8 years? No, you just clicked "lock". The so-called 8 years means that the calculation starts after you click "dissolve". You lock it for 8 years, get enough interest and want to withdraw the principal, then you click "dissolve" and wait for another 8 years, that is, 16 years. In the words of Crypto Planet, what kind of idiot would go to ICP to pledge for so long.

3. ICP sets the shortest pledge period, which is currently 6 months. He tells you that there is also 8% interest for 6 months, but he doesn't tell you that there is no interest below the shortest pledge period. In other words, if you want to make a short-term pledge for 6 months, and click "dissolve" after the pledge, then you will not receive a penny of interest. Or you can click "dissolve" after pledging for 6 months, and wait for 6 months to get your principal, but he will only pay you 6 months of interest.

4. ICP does not allow any form of early redemption, even if you voluntarily give up the interest, even if you pay the penalty. If a major change in your life occurs and you need money urgently, you will not be able to get your property back.

Except for a small number of people, almost all of those who joined the 8-year party were deeply deceived and had a hard time talking.

A discussion:
What is the difference between ICP and consortium chain?

Known:
*ICP nodes are approved by the foundation.
*ICP nodes do not need to hold any ICP tokens.
*ICP operation combustion is denominated in SDR.

So, what role does the ICP token play in the IC ecosystem? If the ICP token is removed, will the IC ecosystem be affected?

$ICP #ICP生态

As a reminder, after discussing the shortcomings of ICP, I will start discussing its advantages.

Be a rational person and don’t blindly praise or criticize it.

$ICP #ICP生态
Today, let's talk about the fifth question of ICP:

Will the economic model of ICP turn from inflation to deflation?
The probability cannot be said to be 0, but it can be said to be infinitely close to 0.

I have been too busy with work recently and there are too many things to do, so I haven't paid attention to it for a long time.
Today, I will only put the conclusion.
You can check the chart on icp.deliacapital.com.

* Based on the current basis, ICP needs to increase the circulation combustion volume by thousands of times to achieve a balance between issuance and destruction.

1. Does ICP itself have the ability to achieve a thousand-fold increase in circulation combustion?
2. Stepping back, if ICP achieves a thousand-fold increase in combustion, it means a sharp increase in the volume of user interactions. Does it mean that new node vendors are needed to maintain the system?

Did you find the problem? Every quantitative change to qualitative change in circulation combustion growth means that more node vendors are needed, and every time more node vendors are added, more U-based wages are paid, which means more ICP issuance.

This is a dynamic pursuit process, where the destruction keeps catching up with the addition.
Can it catch up?
It is possible.
What is the probability?
Not high.

$ICP #ICP生态
I have been very busy recently. Today, I will take some time to talk about the fourth point of ICP:
Has ICP achieved decentralized democratic governance?

No, on the contrary, ICP is one of the most centralized chains.

DFINITY and ICA currently have about 20% of the voting rights in NNS governance. Do you think it is not high? Let's look at it in two parts:
1. User voting rights: User pledge--> is to earn pledge interest--> Only by participating in the proposal vote can you get pledge interest (pure pledge has no interest)--> What if you don't have time to vote every day--> Select "follow the vote" and you will vote by default for what others vote (most people will choose DFINITY, which means that your vote is completely authorized to the foundation to fill in for you).
Did you notice that although DFINITY and ICA only have 20% of their own votes, they still have countless votes from retail investors, and the voting rights of retail investors are completely in their hands.
This practice of using the convenience of staking interest to exchange for retail voting rights is a very clever design.

2. Team voting rights: Team members took 18% of ICP at the beginning of the listing. ICP fans have two choices:
A. If they have not sold, then where is their voting rights?
B. If they have already sold, then who is the biggest short seller of ICP?

In summary, no matter whether the house number says DFINITY or ICA, the people sitting in the house are the same group of people. In fact, as long as they want, they have enough votes to do whatever they want.

$ICP #ICP生态

ICP is alien technology, haha.

Claims to be the chain with the highest technical content and the highest security factor. Then it crashed again🙄

It has only been 10 days since the last ICP crash.

There are only 13 subnets in total, and 3 of them are down. You should have some shame to brag about your technology all day long.

right!

$ICP #ICP生态
Today, let’s talk about the third question of ICP:

Is the plunge in ICP at the beginning of its listing really due to other people’s short selling?

No, this is just an excuse for Dominic and Dfinity to pass on the blame and shift the conflict.

The reason is very simple. People who don’t have ICP cannot sell ICP to short sell.

We only need to look at the chip distribution when ICP was listed in May 2021:
A. Early supporters: 9.4%, about 44.1 million pieces (not in circulation for the time being, released all at once after 7 years)
B. Seed round: 24.7%, about 115 million pieces (cliff one month, locked for 48 months, unlocked monthly)
C. Strategic round: 6.84%, about 44.4 million pieces (cliff one month, locked for 36 months, unlocked monthly)
D. Pre-sale: 4.75%, about 30.8 million pieces (cliff one month, locked for 12 months, unlocked monthly)
E. Airdrop: 1.25%, about 5.8 million pieces (cliff one month, locked for 12 months, unlocked monthly)
F. Foundation: 23.9%, about 111.94 million pieces
G. Team members: 18%, about 84.5 million pieces
H. ICA: 4.26%, about 20 million pieces
I. Partners: 3.8%, about 17.8 million
J. Consultants: 2.4%, about 11.2 million
K. Funding: 0.48%, about 2.25 million
L. Node providers: 0.22%, about 1 million
Did you find anything interesting?
In the first month of listing, all the chips (47%) of retail investors (A/B/C/D/E) were locked and could not be sold, but the chips (53%) of the foundation, team members and various related persons (F/G/H/I/J/K/L) were all in a free flow state.

So how much was the transaction volume in the first month of opening? Binance + OE alone traded nearly 28 million ICPs.

I know you want to say that transactions involve buying and selling, and the turnover is 28 million, not selling 28 million. You don't need to explain this to me, you just need to explain who is selling.

I know you want to say that the neurons of the foundation and ICA are traceable. Unfortunately, the personal neurons (G/I/J) of Dominic's team members cannot be checked.

PS. The neurons of the foundation and ICA are not all pledged (as of now, the ICP in their neurons is not as much as that distributed to them in 21 years. Where did the unpledged part go? Where did the interest earned by the pledged part of nearly 30% in the past 8 years go?).

There is no explanation. This is a "listed company" that does not publish any financial reports.

Dominic is the biggest short seller of ICP.
Dominic is ICP's biggest short.
Dominic is ICP's biggest short.

$ICP #ICP生态

Today, let's talk about the second question of ICP:

Has the death spiral been resolved?

No.

1. [Node merchants]

1. Many people may not know that ICP has a unique "innovation", node merchants. ICP has high requirements for node performance, and node merchants need to purchase expensive equipment by themselves, pass KYC, and then apply for membership after the foundation's approval. Individuals are not eligible to become nodes of the IC chain, how "decentralized".

2. So how do these node merchants make a profit? What does the U-based node merchant salary mean? The foundation promises to pay node merchants in US dollars (U), but the foundation is reluctant to spend its own money. What should we do? Issue additional ICP! According to the existing information, it is preliminarily estimated that the monthly salary to be paid to node merchants is 2.4 million US dollars. For example, if the price of ICP is 10u, then 240,000 ICP will be issued to them every month. If the price of ICP is 1U, then 2.4 million ICP will be issued to them every month. In order to maintain equipment and personnel costs, node vendors must sell ICP.

3. The true meaning of the death spiral is: the more the price of the currency falls, the more additional issuance, and the more additional issuance, the lower the price of the currency.

2. [ICP pledge]

1. Some people say that the pledge rate of ICP is close to 50%, and the death spiral has been lifted. This is a complete lie, because the interest generated by the pledge is the accelerating factor of the death spiral. You can guess how much the pledge interest "to be sold" is now? More than 80 million ICPs, more than 30 million ICPs have been sold, and these more than 80 million ICPs may be thrown into the market at any time.

2. The average interest generated each month is as high as more than 1 million ICPs.

3. You only need to figure out one question, why would someone pledge ICP for 8 years. Because they want high interest, so what do they do with high interest? What else can you do if you don't sell it? Give your money to the foundation with interest?

3. [Destruction]
1. There is only one condition to break the death spiral: Destruction >> New.

2. So ICP adds millions of ICPs on average every month, how many did it destroy? More than 2,000. You read that right, the foundation adds millions of ICPs every month, but only destroys thousands, a thousand times difference.

Attached is a picture, please appreciate it yourself.

Next time, let's talk about point 3: Is the previous plunge in ICP really due to short selling by others as the foundation claims?
no.

$ICP #ICP生态

I just said today that IC's technology is just so-so, not as powerful as it is boasted. At night, IC's core NNS crashed for a while, which is really untimely.

I can't imagine how IC would crash if it also had the number of users of SOL or even ETH. This may be the "alien technology" that changes the blockchain world😁

$ICP #ICP生态
Today, let's talk about the first point: Is ICP technology powerful?

Powerful. But it is far from what they call "Alien Tech."

(First of all, I am not a technician, I don't know programming, and I am not obsessed with technology. All opinions only represent my observations as a user, not as a developer. If I am wrong, your opinion will prevail)

I believe that everyone who has roamed in the IC ecosystem will have this experience: it is really fast and convenient. Transfers are basically 0 Gas, and arrive in seconds.

But:

1. You can't believe that to this day, there is no decent wallet available in the IC ecosystem. Some people will say that there are many wallets, such as Plug, but they are difficult to use, at least not so easy to use. If you think it is easy to use, then you have not used a good wallet.

2. You can't believe that to this day, the IC ecosystem still has no unified token standard. I still don't fully understand the various ICRC-1, ICRC-2, ICRC-3, and so on. It's frustrating.

3. You can't believe that the ICP core NNS, which claims to be alien technology, has also experienced downtime. Old users should have experienced the inability to log in to NNS.

The following is pure nonsense:

1. ICP ridiculed SOL as a computer room chain, but in my opinion, ICP is also a computer room chain, just a larger computer room chain, a computer room chain with a wider distribution, but in essence it is still a computer room chain. Because the important symbol of blockchain: nodes. There are only a few node vendors, and the requirements for becoming a node vendor are extremely high.

2. Why has ICP never experienced congestion? What do you think? With such a small number of users and interactions, what congestion is there? If the number of users increases one day, you can say that you will never be congested. Don't take things that have not been tested in practice as the gold standard.

I know nothing about technology. It's just my personal experience as a user for so long. It's very superficial and has no nutrition. Just take it as a joke.

I will update the second point of view next week when I have time: Has the death spiral of ICP been resolved? No.

$ICP #ICP生态

I advise everyone to stay away from ICP before the ICP financial model makes major changes.

Next, I will tell you a few truths. I will first make an outline, and the logic and data will be supplemented later when I have time.

1. Is ICP technology powerful? Powerful. But it is just that, far from what they call "Alien Tech." If you want to refute me with technology, then I say that everything you say is right. Putting aside technology, let's talk about something else.

2. Has the death spiral of ICP been lifted? No. The U-based monthly salary means that starting from the 11th of each month, a fixed and large amount of ICP will be thrown to the market. If the market does not have a very stable takeover plate, the switch of the death spiral will be pressed at any time.

3. Is the plunge of ICP really the reason for SBF's short selling? Not entirely. Or most of it is due to ICP itself.

4. Has ICP achieved decentralized democratic governance? No. Dfinity and its associates have absolute voting rights. They are a super-centralized foundation group that can decide everything about ICP with one vote. Therefore, they never care about the opinions of the community and investors, because you will definitely lose if you rely on "democratic" voting.

5. Will ICP eventually turn from inflation to deflation? The probability cannot be said to be 0, but it is infinitely close to 0.

6. Is the pledge of ICP reasonable? Unreasonable. The rules are very complicated, and the most important thing is "no early redemption allowed".

7. How is Dominic and the foundation's "character"? Not very good. As the saying goes, the essence of investment is to invest in projects, and the essence of investing in projects is to invest in the "character" of the project party. It's not the first time that there have been weirdos, bounced checks, extensions, and empty checks.

The next article will talk about 1: Is ICP's technology very powerful?

The above is not a short-selling suggestion.

$ICP #ICP生态

Is there any social dApp that is better than OpenChat?