/biz/ - Business & Finance

VC scam.

Misunderstood VC scam with alot of potential of the CEO shilling you his bags on public forums.

>>49830877
Both, best tech in crypto that is also a VC scam.

>>49830877
I know very little about ICP, but if they had a private sale with VCs then it's a VC scam.

>>49831136
VCs bought for 3c. The team were caught lying about whether they also bought into the sale at that price. They did.

>VCs bought in at exceedingly low prices
>Tech is effectively magic in how it is claimed to work
Yeah it's a scam

SHILL

Let me summarize a few points:

1. web speed blockchain (supports hundreds of thousands of tx’s per second)
2. unlimited scalability
3. chainkey cryptography enables cross-chain defi without the need for custodial services (this is huge)
4. trivially easy to integrate with existing web2 infrastructure (no need for wallet, digital id to use, no user has expenses etc)
5. Fully composable smart contracts makes it easy to leverage data and existing smart contracts for the creation of novel applications.
6. True world computer running on the blockchain (virtual machine with all the security guarantees of blockchain).
7. True decentralization (other blockchains may have more nodes, but they are hosted on private servers like aws and microsoft azure). The Internet Computer is truly decentralized among hundreds of geographically diverse specialized servers.

>>49831559
FUD

The fact that it would be engineering intensive and difficult just to integrate a non-proprietary VM is so fucking bearish given they posture as some sort of world omni-computer. ICP is a relatively complicated system takes a monolithic architectural approach. Generally speaking that is not a successful approach for technology.

1. Marketing speak, ICP only does ~450 TPS per subnet, who knows how much per canister they don't advertise that. Finality is 2-3s which is definitely not "web speed". Frankly embarrassing given the hardware specs of ICP nodes.
2. That falls apart if you exceed the capacity of a single subnet, then you're bottlenecking with cross subnet communication, more marketing BS.
3. Except you're limited by the host chain's performance, which for BTC and ETH is dogshit. You aren't actually bringing assets into the ICP ecosystem with these "integrations".
4. No users having expenses is what is going to bite you in the ass on adoption. Making dapp deployers foot the cost of usage instead of a flat hosting fee like web 2.0 is not an advantage.
5. True if everything else is build on ICP, but it's not and won't be. Also you're going to run into latency issues cross canister/subnet that will make for dogshit UX. You can't just layer a bunch of computationally intensive consensus/cryptography processes on top of normal database functions and get equivalent performance, there's no free lunch.
6. Meaningless marketing drivel.
7. Absolute kek. The hardware requirements for a node are astronomical, meaning only server farms are going to be running the ICP which are definitely not decentralized (no geographical distance isnt the only thing that matters.) The real kicker though is that ICP is explicitly a permissioned consensus network with KYC nodes which is straight up not decentralized in any crypto usage of the term. It's the only reason they get some semblance of performance (which as stated earlier isn't that impressive).

>>49831602
SHILL

1. queries are in milliseconds (web speed). finality is 1-2 seconds, really surprised there's a faggot out there that's mad at those speeds.
2. conveniently doesn't mention that a subnet can store 300 fucking gigabytes, that's the entire eth network in 3 subnets. no other chain even comes close. cross communication is asynchronous, sure, but it's possible. on the canister level, multiple memories and all that are being worked on by dfinity and the wasm foundation btw.
3. adding the ability to use smart contracts for the biggest cryptocurrency is.... le bad?
4. conveniently doesn't mention that computation is actually very cheap. dscvr with its tens of thousands of users have only spent a little over $1k on cycles in about half a year. the average joe wont adopt blockchain tech if he has to pay up to hundreds of dollars to literally do anything.
5. everything will be built on icp
6. "eth and other chains that can't host a single png on chain are a world computer, but icp that can do that and anything else isn't" ok...
7. the most expensive node type is like $10k only. ever wondered why there's like 4k people lined up and ready to host an icp node.
I have said it a million times already: Nodes Are Becoming Nonpermissioned and Non KYC This Year
https://forum.dfinity.org/t/the-state-and-direction-of-decentralization-nodes-on-the-internet-computer/9170

>>49831854
FUD

1. I'm talking update calls, ofc queries are normal "web" speed. Per the IC devs though there's increased latency in transactions between canisters and subnets and it all stacks together. To the end user it will feel much slower for anything somewhat complicated.
2. Related to the above point I'm speaking about throughput not storage capacity. Although as with anything blockchain, state growth is a concern ofc but that's not just ICP though. Data storage other than the actual ledger state itself is something that is by and large outside the scope of most other protocols which are solely concerned with the transfer of value. Dfinity is relatively unique in that regard and they have a much broader scope and goal, I frankly don't think it's a valid comparison. Most of my critiques of ICP are from the "transfer of value network" POV, I'm not saying that you can't host images and whatnot on the IC or that that isn't neat.
3. It's not bad, but people in these threads think this means they'll be able to transfer assets across to the IC and do crazy degen defi stuff with it which is not going to happen. The assets still live on their home chain and are subject to its limitations and also presents limitations on what can be done with it from the IC side of things.
4. Nobody uses dscvr kek, posts have like 30 comments at most and all people talk about is dfinity kek. Put some actual load on it and see. Semi related but since fees are payed by dApp deployers what is ICP's spam prevention mechanism? Also is if the price of ICP appreciates does that not drive up the cost for X amount of cycles?
5. Total ass pull conjecture with no evidence or reasoning. Due to the limitations I mentioned it in fact will not make sense for everything to be built on the IC.
6. A computer is literally not defined by whether you can store .jpg's kek this is just a retarded marketing point.
7. Yea I'll believe this when I see it. "Two more weeks!"

>>49831602
> Tell me you don't understand chain-key without telling me you don't understand chain-key

>>49831884
SHILL

1. That's true but not for long. the biggest complaint is that a smart contract (canister) is capped at 4gb (technically 8gb) "only". soon, 300 gb canisters will be possible, meaning you will be able to create a single smart contract with the size of a third of the entire eth network that has the promised 1-2 second finality. and if you ever need to build something even bigger, asynchronous networks are certainly possible, more difficult yes but possible nonetheless. no other chain can even do the current 4gb smart contracts that everyone is complaining about.
2. see 1
3. yeah people need to manage their expectations. I'm confident that smart contracts for the highest liquidity crypto there is will have at least some appeal though, specially among whales and maxis who might want to engage in smart contracts while still keeping the keys to their coins. Dfinity is also making wrapped btc (ckbtc) for those who want the wrapped btc experience. both are possible.
4. comparisons with aws show that icp could be cheaper actually. Also keep in mind that 85% (about $2.5 trillion) of the annual web2 IT spend is goes to firewalls, backups, cybersecurity resources, etc which icp doesn't need.
The cycles cost doesn't appreciate if icp's price, god forbid, goes up, because cycles are pegged to SDR (basically a basket of fiat). 1 trillion cycles will always cost 1 SDR (about $1.2) worth of icp regardless of price.
5. guess we'll see what happens after dfinity curbs those limitations as discussed above :)
6. ICP is a general purpose computing protocol. whatever you can think of, you can build. if that's not a true world computer, then I don't know what is.
7. icp isn't even 1 year old. patience.

what the fuck is happening in this thread

if there are copypastas on each side of the discussion circulating around /biz/ for a specific token, that alone should tell you everything you need to know

>>49831854
kek the level of schizo it takes to call yourself a faggot in a conversation with yourself makes me want to go all in icp

>>49830877
Idk you tell me
sold that shit and bought some HBARs instead

at least they have an actual ecosystem with HBAR foundation spending hundreds of millions of dollars expanding it

What does ICP have?