Why doesn’t the market buy ICP? Because the founder of ICP, the Tailor, has hidden his personal ambition and desire for extreme centralization of power through complex institutional design, and therefore put his personal technical preferences above the entire market and investment institutions, ignoring the interests of the community and selling coins with inflation, which violates the most fundamental decentralized spirit of blockchain.
After in-depth digging, we uncovered a lot of unknown information about the foundation and the tailor:
Before ICP went online, Big Tailor worked in California and Silicon Valley for a long time. Since ICP went online in 2021, Big Tailor quickly fled back to Europe and never dared to set foot in the United States again. Why? Because he was entangled in lawsuits in the United States, and there were 3-5 civil lawsuits ongoing, including lawsuits filed by early ETH investors, and his divorced ex-wife and son sued Big Tailor for not paying after selling coins. Big Tailor was suspected of defrauding early investors and family members at the beginning of ICP financing, and the cases are currently pending.
The Dfinity Foundation has 20% of the governance voting rights in the entire network, but the entire network does not know how decisions are made within Dfinity. The big tailor alone controls most of the voting rights, which is quite dictatorial. Therefore, he can ignore the various needs of the community and the interests of early investment institutions, and insist on manipulating the development goals in his own way. The 200 scientists in the foundation are basically working for the foundation, and most of them do not hold ICP, let alone actively propose proposals and participate in governance.
No blockchain project is so centralized and authoritarian in development. The Bitcoin community is not like this, and the Ethereum community is not like this. ICP was designed as a governance currency, but the foundation bypassed transparent governance decisions through the ingenious Swiss non-profit system. It does not need to disclose governance insider information or financial revenue and expenditure. Who knows how much the big tailor's personal salary is? Who knows how much the foundation's annual human resources expenditure is? The big tailor uses this ingenious system to continuously sell coins and cut leeks, allowing himself to define the direction of technical development.
The Great Tailor asked for a fundraising of US$1.5 billion at the end of June to establish Utopia Labs and make it a for-profit organization. This was the fundamental reason why the inside information of the Great Tailor and the Foundation was exposed.
The community is worried that after so many years of technological accumulation, it will eventually become a profitable outsourcing company to conduct private domain network business, and the main network ICP will become an abandoned public network like EOS.
At first, investors only posted on the developer forum, questioning the foundation for not engaging in construction that is beneficial to the currency price and deflation. Later, it was heard that the foundation wanted to use ICP's technical solutions to privately engage in profitable private domain network construction (i.e. Utopia Network). Later, the official forum directly drove out users and banned user accounts.
The main voices of doubt came from German and English speakers, but the information was very hidden and fragmented because the developer forum controlled by the foundation promptly banned and deleted posts. However, early doubters still set up an ICP legal community on the OpenChat community (search for legal to find it) and retained an index of this information.
What’s funny is that I saw someone who looked like the Big Tailor himself responding in the legal community under a pseudonym, and even threatening to launch an SNS proposal to delete this community and continue to drive out community dissidents, which really fully demonstrated the nature of Dfinity’s ability to centrally manipulate the network.
As a leader of the blockchain community, The Big Tailor never dares to speak as openly as Vitalik Buterin. He often appears everywhere with a pseudonym, which is why he is always criticized.
So, what kind of decentralized blockchain network is ICP? It is strange that the market and senior investors can afford it. In the end, the foundation will continue to dump the coins. The Ethereum Foundation is selling coins openly, and the Bitcoin core developers rely entirely on donations. Only the big tailor is extremely insidious and cunning and cuts the leeks endlessly.
All information is from gossip crawling on the Internet. No investment advice is given. Crypto assets are actually extremely opaque and risky. I wish you all good fortune.
