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.
