ICP just got exposed

[Anonymous No.57355313]

https://twitter.com/Justin_Bons/status/1748762762363162717?t=Jg8sr3ncYP-05r6IPDna8A&s=19

1/9) Dfinity sacrifices decentralization for scalability

Despite their lofty & outlandish claims, ICP is highly centralized & insecure

You can attack & censor ICP subnets by only attacking a handful of known nodes in data centers

The problem lies with ICPs consensus algorithm:

2/9) ICP has an extremely modular design, made up of independent subnets

However, unlike DOT & ATOM, there is no option for "shared security"

That means each subnet is responsible for its own security

This inevitably results in very low validator counts, endangering users:

3/9) As the security of using ICP is entirely dependent upon whatever subnet you are using

In practice, this translates into extremely low-security guarantees

This applies to all of ICPs features

Such as HTTPS Outcalls (oracles), canisters (smart contracts) & BTC integration

[Anonymous No.57355319]

4/9) ICP is not a direct PoS system & is even more delegated than DPoS

Because stake is not required for block production

Instead, stakeholders verify & vote on specific validators!

Publicly specifying which data centers these nodes are hosted on, allowing for targeted attacks

5/9) An attacker would only have to take over/regulate 2/3rds of a handful of known nodes in these data centers!

This makes ICP even more vulnerable to attack compared to conventional PoS systems

As it has, in part, effectively disconnected stake from the "Cost to Attack"

6/9) PoS generally uses crypto-economic-incentives to prevent attack

Literally putting billions of dollars at stake, in the case of ICP, there is nothing at stake!

Except for reputation, ICP, in other words, relies more on trust

Going against the very ethos of cryptocurrency

[Anonymous No.57355324]

7/9) ICP also makes the outlandish claim of infinite scalability (its namesake)

ICPs subnet design, absolutely does have a scaling limit; unlike what ICP claims

As all subnets communicate directly with each other & DKG is computationally expensive!

Proofing this to be a lie
8/9) There is more:

1. "native BTC smart contracts"; only as secure as the subnet!
2. "HTTP Outcalls solves oracle problem" works the same as web2 API's!
3. Misleading terminology:

Cannisters = Smart Contracts
Replicas = Nodes
Service Nervous System = DAO
Neurons = Staked Icp


9/9) The marketing is dishonest, whether intentional or not

People are being sold the moon, as ICP claims to have solved all of blockchains problems

Yet, in reality it is highly centralized & insecure!

There are some good parts to ICP, but that does not redeem all that is bad

[Anonymous No.57355329]

how much are you fudniggers getting paid

[Anonymous No.57355332]

Dont care
I will still use the canister to store my porns

[Anonymous No.57355336]

>>57355329
0
These are all legit issues ICP has

[Anonymous No.57355341]

Its Over.

[Anonymous No.57355344]

>>57355313
>>57355319
>>57355324
>>57355329
>how much are you fudniggers getting paid
it's literally some midwit poorfag who fomo bought the top

[Anonymous No.57355349]

>>57355313

[Anonymous No.57355352]

>>57355344
Not an argument sorry.

[Anonymous No.57355383]

>>57355344
Why would you buy this scam? Look at the all time chart.

[Anonymous No.57355398]

i didn't read because i already know this is low IQ paid fud.

>wahhhh wahhh why can't i power the entirety of web3 on my raspberry pi I bought on amazon???>

[Anonymous No.57355404]

it's over, dumping my 1k jars

[Anonymous No.57355409]

>not a single refutement still
Oof

[Anonymous No.57355411]

>>57355313
Take your meds

[Anonymous No.57355493]

This kills the icpoor

[Anonymous No.57355517]

>>57355313
I really don't give a shit about any of that. I'm a midwit and even I can see that icp wins in every category. It is the future of crypto and I can only imagine shit like this is straight up fud.
Sui 100
Make it 1000

[Anonymous No.57355530]

>>57355517
>I am a midwit
We know icp baggie

[Anonymous No.57355532]

Can you, like, format your posts properly? I'm not going to read this wall of text if looking at it gives me a headache

[Anonymous No.57355537]

>>57355313
>>57355319
>>57355324
how come a random twitter idiot has discovered this things but world leading cryptographers at ICP have not?

[Anonymous No.57355548]

>>57355352
>Not an argument sorry.
your posts are the equivalent of someone who failed calculus in highschool trying to "own" people about science on reddit by sharing articles that you don't even understand. The science, the tech, none of it really matters. You are copy and pasting some other guys ideas about ICP, an investor who legally has to disclaim that his words should not even be taken as serious investment advice.

And anyone seriously knowledgeable in the crypto space knows many of the best performing investments are so far removed from the "logical" predictions of what should have happened.

That is probably why that guy's fund performance has basically followed the total crypto market cap
https://www.cyber.capital/fund-a
https://coinmarketcap.com/charts/

You are someone with a predisposed idea that ICP is a scam, and so you are looking specifically for opinions and fud validating your own ideas. You can do this with basically any crypto project or investment, but you're failing to consider asset prices are speculative not concrete


>>57355383
>Why would you buy this scam? Look at the all time chart.

Past performance does not indicate future performance, the chart is priced in, and the higher it goes the more compounding the fomo could become because (like you so intelligently pointed out) it's still down 90%

[Anonymous No.57355550]

all true

even for the governing network you only need to compromise 1/3rd to bring the whole thing down

given every validator is a datacenter, the locations of the validators are easy to track down (they even have a map to prove they are global of where the data centers are)

Would be a shame if someone were to place a massive short and then detonate EMP devices near 1/3rd of these data centers

[Anonymous No.57355558]

>>57355548
damn that's a long-winded way to not present a single actual argument

[Anonymous No.57355604]

>22posts in
>Still 0 arguments from baggies
Lmao

[Anonymous No.57355629]

They're literally working on decentralizing the routing of node traffic for Q1 2024 which fixes like 80% of his complaints.

If the network is so easy and cheap to attack as he claims why hasn't Solana or AVAX pajeets that have been spending millions running smear campaigns on it since Genesis done it already?

Meanwhile those chains already have fell victim to days of downtown, double spending, insane transaction fees. The exact same shit this guy is claiming ICP to be vulnerable to yet has never happened once. Sometimes it's just as simple as using your fucking eyes rather than some retard on twitter. Unless you're running a business you're extremely low IQ if you're posting on twitter.

[Anonymous No.57355633]

>>57355548

[Anonymous No.57355650]

the only argument I have is that every L2 "scaling solution" is doing the same shit. arb and optimism are the biggest L2s and they use handpicked validators. it's very common now to go this "committee" route because cryptographers haven't actually solved the scaling problem in a way that allows true decentralization. does this make icp less retarded? no, but it's shit in a sea of shit

[Anonymous No.57355676]

>>57355558
>damn that's a long-winded way to not present a single actual argument

I'm not going to try debating the same points that have been debated for over 2 years now. Crypto investing isn't logical buy or sell it who cares

>>57355633

[Anonymous No.57355685]

>>57355676
Poorfag

[Anonymous No.57355712]

>>57355313
i dont know why that guy has such a hard on for fudding ICP

[Anonymous No.57355713]

>>57355685
never said i was rich

[Anonymous No.57355729]

>>57355712
his fund is getting outperformed by btc and i'm guessing they didn't slurp icp

[Anonymous No.57355753]

HAHAHA i just looked this justin bons guy up, he's the one who said "LUNA is a great ETH competitor"... lmao

/thread

[Anonymous No.57355777]

>>57355676
Pic related, it's you

[Anonymous No.57355888]

>>57355313
ICP is designed to be both decentralized and scalable, using a unique architecture of independent subnets running on globally distributed nodes. This allows the Internet Computer to scale out by simply adding more subnets. Each subnet is an independent blockchain, ensuring its own security and fault tolerance. The architecture is designed to be resilient against attacks, with each canister's code and data stored on every node in the subnet. Each subnet is an independent blockchain, ensuring high security, this replication of storage and computation is essential to achieve fault tolerance.

ICP’s architecture allows smart contracts on different subnets to communicate with each other seamlessly. This is much more powerful than the well-known sharding approach because it enables scaling out ICP by simply adding more subnets. The core ICP makes heavy use of chain-key cryptography, a toolbox of advanced cryptographic protocols (based on threshold cryptography) that enables the decentralized operation of ICP with unprecedented scalability.

[Anonymous No.57355898]

>>57355777
>muh indians

[Anonymous No.57355931]

>>57355898
>muh VC scam

[Anonymous No.57355942]

Stick to ethereum. Maximum security at all times

[Anonymous No.57355947]

>>57355313
JUST LIKE I TOLD HIM TO SAY LMAO

[Anonymous No.57355987]

>>57355888
ICP was designed to dump on bagholders to make a few 100 mill profit. Everything else is done to prevent being charge with fraud.

[Anonymous No.57356049]

>>57355313
>>57355319
>>57355324
Oh No!

Anyway, just bought more ICP this morning. Stay mad

[Anonymous No.57356058]

>>57355313
Glad I sold the pump. This shit is going to zero

[Anonymous No.57356080]

>>57356058
Average ICP bag holdr, pic related

[Anonymous No.57356833]

>>57355629
Literally this, half his argument is how insecure and easily attackable ICP is but they've never been successfully taken down, unlike Avax and Solana

[Anonymous No.57356875]

>>57355685
He's about to get a lot poorer once Dfinity dumps it all the way back to $3 after selling their peallocated tokens KEK

[Anonymous No.57356908]

>>57355633
That pic is fucking gold. ICP bagholders just keep getting btfo

[Anonymous No.57356911]

>>57355517
>>57355537
>>57355712
>>57355888
https://www.coingecko.com/en/categories/alleged-sec-securities
UH OH, SECURITY FRAUD DETECTED
VC SHILLS, RUN FOR THE HILLS

[Anonymous No.57356944]

The claims you've made about the #InternetComputer seem to be based on a misunderstanding of its architecture and design principles. Let's address them one by one:

Decentralization vs Scalability:
$ICP does not sacrifice decentralization for scalability. Instead, it uses a unique approach called "manicured" subnets, which in practice provides better decentralization. The compute capacity of ICP grows by adding more nodes, and the number of nodes to add is decided by the NNS DAO to balance ICP minting rate and developer demand for compute.

Security of Subnets:
Each subnet in ICP is an independent blockchain, running on node machines deployed in globally-distributed data centers. The security of ICP is not dependent on a single subnet. The NNS DAO can remove nodes that consistently deviate, ensuring the reliability and health of the network. Furthermore, there is the plan to automatically shuffle node memberships of subnets.

Consensus Algorithm:
ICP's consensus mechanism requires more than ⅔ of the nodes to adhere to the protocol. This is the highest fraction of potentially malicious actors that any system can tolerate with a communication network that doesn’t guarantee known bounds on message delivery.

Scalability:
ICP's multi-subnet architecture enables smart contracts on different subnets to communicate with each other seamlessly, much like services in a traditional microservices architecture, but fully on chain. By adding new subnets regularly, the $ICP scales to an unbounded number of dapps and allows storage of unlimited data.

Centralization:
ICP is designed to be owned and operated by many independent entities in various geographies and legal jurisdictions around the world. The NNS has evolved and continues to evolve in ways that increase the decentralization of NNS participants.

[Anonymous No.57356950]

Attack Vulnerability:
An attacker would need to take over more than ⅔ of the nodes in a subnet to lead to forks. This is a significantly high barrier to attack, making $ICP secure.

Bitcoin Integration:
Canisters can read and write the state of the Bitcoin network without introducing new trust assumptions beyond the protocol itself.

HTTPS Outcalls: Canister smart contracts can process HTTP requests, a feature that enables them to host frontends of dapps, making them directly accessible through web browsers.

The Internet Computer is a complex and innovative project that aims to revolutionize the way we build and interact with software on the internet. It's important to understand its unique architecture and design principles to fully appreciate its potential.

It's not merely another ledger chain akin to the rest, whose sole function is to serve as a database for token/NFT interactions and logic.

$ICP transcends this limitation by offering a comprehensive full-stack solution that embodies the essence of #WEB3, ensuring that all processes are executed on-chain, without any third-party dependencies.

For example, one $ICP canister (smart contract) can now hold 400GB of code and state (1TB by Q4 2024).

[Anonymous No.57357253]

>>57356944
>>57356950

See prior post >>57356911
https://www.coingecko.com/en/categories/alleged-sec-securities
It's committing security fraud by being controlled by a centralized party while hiding behind all those buzzwords

[Anonymous No.57357352]

>>57357253
Oh no, a corrupt government entity thinks ICP is a security, it’s a good thing ICP is building several strong partnerships outside American jurisdiction. If XRP can BTFO the SEC no doubt ICP can too.

[Anonymous No.57357571]

>>57356944
>>57356950
ChatGpt Nigger.

[Anonymous No.57357594]

>>57355313
>>57355319
>>57355324
Chatgpt nigger

[Anonymous No.57358170]

OP made like 9 posts about how bad ICP is.

Okay

[Anonymous No.57358212]

>>57358170
Paid VC shills are making posts attempting to legitimize ICP centralization.

Did you fall for them?

[Anonymous No.57358294]

>>57358170
Paid VC shills are making posts to disparage ICP.

Did you fall for them?

[Anonymous No.57358312]

>>57355313

Solana's faggot text almost sounds like a FTX jew wrote it.

https://followin.io/en/feed/7433017

check the tags at the end.

[Anonymous No.57358326]

>>57358294
This case is a securities fraud class action against defendants Dfinity USA Research LLC; Dfinity Foundation; and individual defendant Dominic Williams, the CEO of Dfinity USA and founder of Dfinity Foundation. Dkt. No. 45 ¶¶ 15-16, 18-19. The operative complaint alleges that defendants did not register Dfinity's cryptocurrency “ICP tokens” as a security with the U.S. Securities and Exchange Commission (SEC), and “reaped billions of dollars in profits” by unlawfully “selling and promoting these unregistered security tokens to investors, and by transacting in them while in possession of material, non-public information.”

[Anonymous No.57358341]

>>57358326
see>>57357352

[Anonymous No.57358343]

>>57355313
Yeah but all that shit is priced in nigger. ICP isn't just a token it's the new Web3

[Anonymous No.57358351]

>>57358341
Yeah just enrich a corrupt fake company that is dazzling your logic with buzzwords instead

[Anonymous No.57358368]

>>57355517
I agree except sui is 1000 bro

[Anonymous No.57358391]

>>57358351
Thanks for your genuine and authentic concern for my financial well-being, what would you reccomened I invest in? Solana? Chainlink? Avax?

[Anonymous No.57358425]

>>57358391
If he's hating on ICP he's probably into SOL or LINK

[Anonymous No.57358427]

>>57358391
DYOR, just don't fall for the VC buzzword carnival that /biz/ is infested with right now.

[Anonymous No.57358465]

>>57355550
Damn fudders are actually retarded

[Anonymous No.57358472]

>>57358427
Aren't you the same retard who started crying about low IQ disingenuousness when I told them DYOR?

[Anonymous No.57358480]

>>57358472
Negative.

[Anonymous No.57358494]

>>57358480
Well, you're being rather low IQ and disingenuous

[Anonymous No.57358521]

>>57358494
No, you just think that there can only be one person here calling out the VC shill tactics but there are tens of us.
We're outnumbered but you guys are weak when you're off hours.

[Anonymous No.57358536]

>>57358521
At least I can confirm that the FUD you guys waste your time on is coordinated, it'll be a treat when you dump your shitcoin for a pittance and jump on ICP bandwagon.

[Anonymous No.57358552]

>>57358536
>infinite supply and forever increasing inflation
I really never have to worry about buying any.

[Anonymous No.57358601]

>>57355319
>just take over the nodes bro!!
kek

[Anonymous No.57358607]

ICP can't be a scam because scams pump the hardest and ICP stands for I Can't Pump and is down 99%

[Anonymous No.57358736]

>>57355313
Holy shit its over

[Anonymous No.57358770]

>>57355313
ICP isn't meant to compete with other chains and shouldn't be held to the same standards. It's meant to integrate and bridge all other chains and provide a way for front ends and other compute-intensive tasks for crypto projects without needing to rely on centralized intermediaries. In fact there should be no standards at all in crypto. Each chain can be designed to suit its particular use case. If some need more decentralization or whatever, then fine. If others need to sacrifice some for other benefits, then fine. This faggot is peak midwit copy pasting others arguments without giving the situation critical thought. Next.

[Anonymous No.57358872]

>>57358770
>i-its just designed to be flawed and insecure!
If this is the best counter argument your think-tanks can come up with it truly is over.

[Anonymous No.57359111]

>>57358872
>i-its just designed to be flawed and insecure!
me when i strawman

[Anonymous No.57359155]

>>57355313
>>57355319
>>57355324
>>57355329
>>57355332
>>57355336
>>57355341
>>57355344
>>57355349
>>57355352
>>57355383
>>57355398
>>57355404
>>57355409
>>57355411
>>57355493
>>57355517
>>57355530
>>57355532
>>57355537
>>57355548
>>57355550
>>57355558
>>57355604
>>57355629
>>57355633
>>57355650
>>57355676
>>57355685
>>57355712
>>57355713
>>57355729
>>57355753
>>57355888
>>57355898
>>57355931
>>57355942
>>57355947
>>57355987
>>57356049
>>57356058
>>57356080
>>57356833
>>57356875
>>57356908
>>57356911
>>57356944
>>57356950
>>57357253
>>57357352
>>57357571
>>57357594
>>57358170
>>57358212
>>57358294
>>57358312
>>57358326
>>57358341
>>57358343
>>57358351
>>57358368
>>57358391
>>57358425
>>57358427
>>57358465
>>57358472
>>57358480
>>57358494
>>57358521
>>57358536
>>57358552
>>57358601
>>57358607
>>57358736
>>57358770
>>57358872
>>57359111
This is the guy OP shilled btw

[Anonymous No.57359178]

>>57359155
>queue SEC think ICP a security is a reply

[Anonymous No.57359379]

>>57359155
What the fuck? Is this what they call a "they"?? Definitely downing plant based meal replacements.

[Anonymous No.57359481]

>>57358368
tell me you're a newfag
it's always been 100/100

[Anonymous No.57359535]

>>57359155
LUNA was a good project though, turns it just had a critical flaw. I hope he got rekt in any case

[Anonymous No.57359545]

>>57359481
you think a suicide stack of a blue chip is under $1500 worth?

[Anonymous No.57359591]

>>57359545
believe it or not, not very many people own 100 icp

[Anonymous No.57360050]

>>57359591
>eve it or not, not very many people own 100 icp

I'm comfy rn, invested 30k from $5 to $3 buying every paycheck
6 digit hell, soon I'll be ICP millionaire.

[Anonymous No.57360340]

>>57359591
yeah but suicide stacks are pretty big, it could be sub $1500 if it's a microcap but not a top 20 coin

[Anonymous No.57360709]

>>57360050
So how many ya got bro? I have 4900 with a $3.10 avg. What do you think I'll get by 2025 with my bag?

[Anonymous No.57360718]

>>57360709
0

[Anonymous No.57360728]

>>57355409
Kek piss bagholders on suicide watch

[Anonymous No.57360822]

>>57355537

> ICP
> World leading cryotographers

[Anonymous No.57362074]

>>57359155
Okay and? What he is saying is still true. He isn't talking about his opinion about icp, he is stating facts.

[Anonymous No.57363645]

ICP is barely crypto. More than that, even if ICP decentralised web hosting (it doesn't), there's only marginal value in doing so. It's a rent seeking middleman putting itself between the hardware and the client claiming to provide increased security, but since it can't really decentralise and requires a trusted process to onboard nodes, it's arguable whether that's true either.

It also stands for interracial cuckhold porn, insane clown posse, and worst of all, internet computer. Fucking retarded.

[Anonymous No.57363730]

>>57363645
>it's a rent seeking middleman
the entire "crypto industry" is full of these. any token is a token not needed middle man system. if its not POW then its not permisosnless and then its not crypto currency. its just a token print middle man scam.

>> muh tokenize everything!
>> real estate token!
>> food tokens!
>> gasoline tokens!
>> gold tokens!


>> buy tokens to then trade for the good the token represents.t
what the fuck is this retarded shit why not just pay money for the thing you want.

there's a handful of cryptos only. xmr, bch, btc, ltc, and another few PoW coins and that's it.

[Anonymous No.57363757]

Tbh decentralization is the best thing to sacrifice if you want to make money. In terms of use case obviously scalability is the worst, and then you just want to be rich. But no one even uses crypto so this works better for a get rich quick scheme.

[Anonymous No.57365417]

>>57355313
Nice fudblog dude
while i just learned on tg betbase is just releasing another free airdrop. their first 100 were worth a lot. thank me later