Don’t Feed the Trolls
A helpful guide on what to say to ICP trolls on the internet.
Wen will ICP moon?!
ICP is not a meme coin, a fad, or a get rich quick scheme. The Tokenomics of the Network Nervous System, which empowers democratic government of the Internet Computer, is designed to incentivize long-term staking. Potential investors should be prepared to participate in casting votes on network related decisions for multiple years to see a sizeable return on investment.
Why reinvent the wheel? We already have good cheap hosting providers.
There are MANY reasons, but let’s just talk about platform risk right now.
- Farmville, a Zynga game, got forced out from using Facebook for their games and their stock plummeted
- Parler, a right wing social media site, was taken down by AWS and had to build their own infrastructure
- And Epic, the creator of the game Fortnight, was forced out of Apple app stores.
All 3 of these were the result of centralized hosting providers. Decentralized hosting providers can provide interoperability, security, transparency, and openness.
Crypto is bad for the environment
It’s true to bitcoin and ethereum use a huge amount of electricity. This is because of their redundant “Proof of Work” model, where many servers compete to do the same work, resulting in the huge power consumption we’ve read about. The Internet Computer does not work this way — instead using a modified “proof of stake” system that writes to the blockchain much more efficiently — using by our calculation less than 1/500th of the power consumption per transaction. We agree that carbon footprint should be a major concern when working on any project, and the Internet Computer is thoughtful about how it sips electricity.
But wen moon?!
Again, ICP is not a meme coin or get rich quick scheme. Do not count on social media hype fueled price spikes that benefit the few at the expense of the many. Instead, the Internet Computer is about sustainable growth in price that matches sustainable growth in utility.
ICP is too centralized
Right now? Considering it has only been 8 months since mainnet launch… I don’t think so. I am personally a fan of Progressive Decentralization, and if you look at the history of Ethereum, you will see plenty of examples of this. So are node providers, boundary nodes, and the NNS follower structure too centralized right now? Yes, for sure. BUT Are there concrete things that the DFINITY foundation (and the community) can do right now to improve decentralization? Absolutely. And we are seeing this across the board.
ICP is a scam coin
It’s not. The team that designed the Internet Computer is still around today, working hard on the Internet Computer. Most of the ICP staked at Genesis remain stake for the maximum option of 8 years. Publicly available network dashboards show that no rug pull has occurred. The DFINITY Foundation also does not control listed market prices for ICP. For more information, check out Kyle Langham’s substack for price and supply analysis.
Doing anything on the blockchain is too slow and expensive
The Internet Computer was designed from the ground up to fix these problems with blockchain technology. The internet computer uses a “reverse gas fee model” which means that the cost of doing work on the blockchain is never changed to the end user like it is on Ethereum with gas fees. Instead it’s built into the overall hosting cost, with fixed predictable rates that are designed to scale. It was also built to prioritize speed and security — providing two second finality times to confirm and write blockchain transactions — making it fast enough to conduct business in real time.