Bitcoin Forum

I haven't seen any posts about this and am really curious to hear what you all have to say about ICP (Internet Computer)- A project that catapulted into the top 10 after launch. I mean - it's already on Coinbase! I actually subscribed to the DFINITY updates for a few years now thanks to something I read in BitcoinTalk forums, but never really followed through on the project. Now it's got massive backing and an interesting buzz around it.

I find it pretty pricey given its max supply of 470 000 000 coins (it's around 150 USD at the moment, down from around 700 USD when it launched 12 days ago), but utility wise, if it delivers - this is massively exciting.

So - what are your thoughts on this project? (Full disclosure, I've just picked up a few and have set some lowball buy orders to maybe scoop up a few more  ;D )

Did also signed up for its airdrop a few years back? if you've done, you're one of the lucky guys that have it for free and didn't expect that it will grow as big as it is right now.

There's not that much talk on it because it might be that most of the investors of it are not on the forum.

My understanding of Dfinity and smart contracts is still a little fuzzy (I read the whole article), but in a nutshell it appears to be distributed cloud computing with crypto bubble on top. A way of buying votes/influence? I must be retarded (I read the entire article) but it sounds like a nightmare.

Nope, I missed that train, unfortunately!  ::)

I missed this moment, I just found out about this project from my friend. one of the projects that surprised me this year by being in the top 10. I plan to buy it during the bear period

Well, I bought some at around the 120 mark thinking I had gotten a good price, but it's now currently at 87 dollars  ::) Ahhh, the crypto life. I'm debating whether it's worth buying a few at this price to lower my average cost per coin...

So many good projects are on 'sale' right now though!

I was fortunate enough to participate in its airdrop event in 2017, and airdrops started on the 11th of last month.
It has a very good concept, but it did not come at the right time, it is catching up with the bear market, I believe that as long as he can continue to accomplish his goals, one day it must be in the top three.

I have not found many posts on the altcoin icp on btk is the first time i read about this coin, it is a pity i did not know about it before maybe i could have participate in the airdrop i see that it has a fairly high value around 80 $ is there a way to earn it? can it be mined?

The problem is that internet computer coin prices are less stable, even dropping and rising drastically making it difficult to analyze

They went for a very high valuation in the beginning and that is the reason why many thought that it is another scam project. Initially they were aiming for a market cap of around $50 billion, which I thought was too much for a project without a well developed final product. The idea behind the project is really good, as real time confirmation is something that I would like to use for my payment methods. But the hyperinflated listing price gave an impression that the developers are concerned only about making money and nothing else.

Given its supply, what would be a realistic valuation for a project like this? I wouldn't price it past 50 dollars but from what I understand, a huge portion of the coins are locked up which gives it relative scarcity. I'd love someone who's more knowledgeable about the project to weigh in

I am not too unfamiliar with it as this project has been mentioned a lot before and by the time of launch they have already proven themselves in the crypto space. While I'm amazed at where it's now, I think it's still over-hyped and needs time to settle.

the project is very good and promising, but now its price is getting lower and lower every day. But this is only due to the fall in the price of bitcoin, as soon as the market goes up, this token will be bought back and the price will go up.

Price is already going down steadily because a lot of people got the airdrop (including me, but i only got the small amount of 28 ICP and not 119 like others, multi accounts not even counted in) and a lot of them sold off their airdrop which of course creates a heavy pressure on the price. I personally haven't sold any ICP yet and i am not planning to do so because i hope and think that the price will stabilize and will start to grow again once the airdrop sell off is finished. If we should go into a real bear market and we will see a price of <40$ per ICP then i will probably buy a few more ICP myself.

This project can rewrite how internet works now. ICP use smart contracts and you can have different application work based on smart contracts thanks to ICP. For example if you have an account on a tokenized social media you can literally own the post that you created.

Looking at the order books, the feeling I get is that ICP is still overpriced. The market cap went down by almost 75% in a week or so, and I won't be surprised if it goes down by another 50%. And I don't think that users selling their airdropped tokens is the sole reason behind the drop. The market cap (even at current levels) looks too high for a project that has limited acceptability. And if I am not wrong, the airdrop started in 2018. There is no reason to assume that all the users who have waited for so long will dump their tokens all of a sudden.

The idea sounds promising but there would always be the need of balancing what you do and how secure is it. One of the reason why we choose difficult and costly way of securing the network is cause we are also making it harder for individuals or a small group to hack it. When things gets easier, it gets easier to hack.

Actually, it is not difficult to analyze in full, because the increase and decrease experienced by ICP tokens is only due to two influences, firstly because market conditions are still not stable and secondly because supply and demand in the market are still not balanced.

I also really like this project, and honestly the current price is also a price that I don't think is too high, for me the project will have the ability to bring more things in the future, so the issue of price will be changed soon.

The price was too high when they got listed. The market cap at that time was >$50 billion. And this gave an impression that this coin was another overpriced and overhyped project from developers who just wanted to get rich. Now it will be very difficult to convince the users to invest in this project again. I don't understand the mentality from the promoters. I agree that the project represents a really good idea. But at this point, going for a valuation of $50 billion is a bit too much.

I don't deny the issue, when it was listed it was easily exaggerated compared to the value it represented in the market. And what we're seeing with this coin is its massive drop since its own ATH, but it doesn't matter much I think if they do well then cap in what I believe they deserve it will only stop at <$20b

The current valuation stands at $8.9 billion as per coinmarketcap. And the trend remains overwhelmingly negative. Those who invested in the early stages (when the price was around $500 are stating at massive losses). Anyway, I like the idea behind this project. If they can overcome the initial chaos, then there is a chance that it will once again get included in the top-10 list. BTW, does anyone know how much of the circulating supply is currently being owned by the promoters of this project (they list more than 200 promoters in their website)?

From $500 to $70 as of today, the loss is significant. If these guys are able to deliver what they promised then the price might go beyond $500. At the moment the hype is still there and people are still buying it. I think most of the sellers are those who have received airdrop and for the next 10 month, they will be receiving tokens.

I see ICP as more of the same case with any IEO coin that instantly got listed in some big exchange, it reaches some ridiculous fee and then tank.
as I've seen ICP was really hyped so much that the price could reach as high as $800 and I was almost get fomo'd thinking it could hits $1000 trying to make an
entry at around $500m though I stopped since the market at early stage of listing is really volatile and than proves me right, though the current price I think it's undervalued.
Maybe I will also try to accumulate some but the thing I was most afraid was the same as you, the market cap grows so fast it's actually feels dangerous.

I think it's not ICP's problem, they are still doing all they can to bring the project to the forefront and scale more. If the bad signals persist, I think this is also a good opportunity to buy it cheaply.

I made the mistake of buying 1 ICP at around $400 AUD but I've been buying more as the price tanked and just bought more today.

I think the project has great potential and I'm looking at as a long term hold

It is clear that the promoters were not interested in long term growth of the project. The price was kept extremely high (at least by a factor of 10x). There was a lot of dumping going on, right from the beginning (and looking at the trade data, I don't think that a majority of this came form the airdrop recipients). What we saw in ICP is very similar to the case with some of the other previous projects. The promoters came up with a very innovative idea, create a lot of hype and thereby pump the prices. When the prices are at peak, they will dump their tokens and make the exit. Those who purchased the tokens at peak levels will be now stuck with them, as the development will never kick off. The promoters have received a lot of money and they will be no longer interested in this project.

that doesn't seem to be a good decision to load more and more ICP. the real dump is not yet happening and ICP goes down even faster than what already predicted by people. The price for each ICP must worth 1 digit and two digits are still overvalued at this moment dude. I think that you must have stopped to load more and more ICP.
People are getting their ICP from the airdrop and early buyers will be dumping their ICP to you. Think about this dude.

Development is still going on I won't say that they are not working on the product. This is not an easy project by the way, what they are trying to create will change the way cloud computing works. Creating a decentralized infrastructure on already established centralized infra takes time. If they are successful this token will pump a lot. The key is to be patient and HODL.

Can anyone enlighten me on the token lock periods. I can't find anything about who will be able to sell when. This is from Coinmarketcap:

Early contributors: 9.50%
Seed donations: 24.72%
Strategic: 7.00%
Presale: 4.96%
Strategic partnerships: 3.79%
Community airdrop: 0.80%
Initial community and developer grants: 0.48%
Node operators: 0.22%
Internet Computer Association: 4.26%
Team members: 18.00%
Advisors and other third-party token holders: 2.40%
DFINITY Foundation: 23.86%

If someone can put a date in front of each row?

Also, one more thing, the inflation of the token appears to be 2.9% 07/05 - 24/06/21 which seems high, they are saying they aim for 10% a year, and we are already looking at 23% annual inflation. I am doing all this research because I bought a bit less than 10 coins and I see no light in the tunnel so far.

Agree. ICP had enormous potential with all the promising tech innovations it aims to promote. Sadly, Dfinity didn't know how to value its potential and real utilization.

And we really can't blame people for thinking ICP is a scam coin now when the leads and insiders from Dfinity tainted its name the same way. People hate ICP because its project leads, Dfinity, are thieves. They let greed & mismanagement take over. Its Coinbase listing was turned into a rug pull by the developers. That's why we created #ICPR to bring justice to the ICP community and #ICP itself. https://np.reddit.com/r/icpReboot/

ICP will not be easy to destroy because in general ICP has been built very well and also to the maximum so that its strength and potential in the market will be very well maintained and can be very good if everyone wants to have it in current conditions.

A reason why the price is now down a lot compared to the ATH back when it was unlocked the first time is that they had a very big airdrop campaing back in 2018 or so, where thousands of people were able to claim 119 ICP or 28 ICP (i also got 28 ICP) and those are unlocking now every month. This creates a lot of sell pressure of course if ten thousands of airdrop receivers are dumping their tokens every months, but i am pretty sure that the price of ICP will start to climb again once the unlock of the airdrop is finished and therefore the huge sell pressure is gone. I personally haven't sold a single one of my ICP as i think the project has great potential.