What's Going On With ICP?
ICP (Internet Computer) had so much hype behind it when it first released. In fact it was near the top 5 cryptocurrencies on in marketcap and had tons of publicity. But now it's gone from $450 down to $42 one of the WORST performing crytpos during the recent down turn cryptos have faced.
*screenshot taken from CoinGecko
ICP is a project that was years in the making and backed by Andreessen Horowitz a huge venture capital firm out of the Silicon Valley. ICP is designed to support many decetralized layers of web infrastructure that is being built by Dfinity which is suppose to remove reliance on companies like Amazon and Google. (That's seriously a MASSIVE undertaking and something that won't happen any time soon)
The entire system is built in a way to make it easier for people and projects to launch without going through tech giant platforms in order to build out their software.
So what's happened to ICP to make this one of the worst performing cryptocurrenies of almost all times?
For one those who ordered ICP tokens early in the ICO (inital coin offering) where never given good clear instructions on how to claim their tokens once the platform went live. 90% of all tokens where instantly dropped on to the market in one fell swoop something that in rather odd for a ICO which normally drops them over months or years at a steady pace.
This entire project is a classic case of not learning what went well with project launches and instead trying to come up with your own crazy way of releasing a ICO. This often times will find a businesss crushed with arrows in their backs as others learn from their mistakes and adpat to launch a better version.
There are documented cases of 44 addresses that dumped 2 billion worth of these tokens on exchanges as soon as the tokens dropped. This means any small investor was now stuck holding on to tokens instead of being able to understand how to claim them.
Pretty much you can sum up this to being one of the worst launched cryptocurrencie assets/projects ever which may take a while to recover. The good thing for you? You might be able to pick up this token now for pennies on the dollar in the long run as the project looks like it will now continue forward with rollouts.
Posted Using LeoFinance Beta
@tipu curate 2
Upvoted 👌 (Mana: 70/112) Liquid rewards.
thank you
Posted Using LeoFinance Beta
✌😁✌
f*ck ICP. I lost tons of money.
Posted Using LeoFinance Beta
There is a reason I sold mine. As I learned more about it and it's governance model I began to see how parts of it are billed as decentralized but the administration side of it is easily centralized and controlled. I see it as possible for people to use it to censor and control what is allowed on the "internet" proposed by the currency.
No thanks.
It had lots of nice sound bites but the centralization aspect that can make entities be able to seize control if they get sufficient stake and then become gatekeepers for what is allowed and not allowed to be on their internet. Hell no.
That's similar to the model Facebook, youtube, twitter, and others used to convince people to flock to and use their platform. Then once they had a huge market share they became authoritarian asshats.
ICP follows that same model.
EDIT: Fortunately I caught on when it was at around $120 or so still when I sold mine.
Sucks to get played by whales. Looks pretty normal for an ICO, been through this many times in 2017. Have to buy pre-ico then sell right away. Take profits then buy back on the bottom and hold until next bull run if you think the team will actually deliver a product..
There's no product, so it's 100% hype and speculation so its going to pump hard and dump hard unfortunately.
Posted Using LeoFinance Beta
Wow that sounds like a horrible experience. I saw the coin after people talked about the price but I didn't expect it to get this bad. Did you buy any?
Posted Using LeoFinance Beta
Just because you call yourself a 'cryptocurrency' doesn't make you decentralised.
Go through the token distributions of pretty much every altcoin and there’s the possibility of this happening to them all.
Then take a look at the distribution of HIVE.
I know where I'd rather invest.
Posted Using LeoFinance Beta
I am watching this since 100 thinking about buying some and it keeps on dipping, I still haven't bought any, this last few days it has recovered a bit from the 30s to 48 now, would you buy at current prices? Thanks 😎
I bought at $153 and bought again at $44. I'm HODLing. The projects seem promising and it's still too early to gauge what the future of ICP would be.
Posted Using LeoFinance Beta
I see, thank you for the info! 😃
Good luck! 😎
it all seems entirely intentional to me. a new crypto comes out of seemingly nowhere, is listed on Binance and Coinbase right out of the gate, priced arbitrarily high....
meanwhile, large investments in DFINITY Foundation waiting years for payoff.
and within days of launch it clinches a top ten spot in market cap. it's almost as if someone said, "what do we have to price these tokens at to reach $N market cap when we launch?"
cash. grab.
For me, it's still too early to say for now. Tech sounds great on paper and I hope Dfinity will start to put things into motion or at least get the news out on the progress of their projects.
Posted Using LeoFinance Beta
The award for the most overrated shitcoin of 2021 goes to ICP. (and that is saying something, there has been lots of overrated trash around).
Horrible launch, massive hype, unrealistic pricing, whale games and insiders with unlocked tokens dumping on everyone who's tokens they locked up.
There is a real project under all that somewhere, but the disgraceful way it launched makes it look more and more like a scam every day.
I might look at what remains of ICP when it is under $1 each. Possibly.
Posted Using LeoFinance Beta
@bitcoinflood! This post has been manually curated by the $PIZZA Token team!
Learn more about $PIZZA Token at hive.pizza. Enjoy a slice of $PIZZA on us!