Ether Elf

There's a lot of misinformation about ICP. The @SBF_FTX intentionally aimed to destroy the project to shield his SamCoins. #FTX released $ICP-PERP four days before genesis, driving the price sky-high (pre-launch predictions were in the $40-$60 range), followed by a massive sell-off on launch day. The situation worsened when #Bitcoin crashed by 30% the next day, dragging the entire market down. In the following weeks, there was a lot of paid social media FUD, alleging that the team was fake with purchased LinkedIn profiles, and that it was a planned rug pull with a pump and dump scheme. Soon after, Arkham released a report claiming it was a planned Pump & Dump, which was picked up by The New York Times. It was a perfect storm that caused immense financial and reputational damage to the @Dfinity team. You can delve deeper here: cryptoleaks.info/case-no-1 It's insane how people claim to know about $ICP based solely on the @FTX_SBF narrative without doing any research. For instance, the first step in research should be to check the team behind the project. Visit dfinity.org and see the team and their credentials – I won't spoil it, just check it out. The initial token distribution was not great and on par with some other VC-backed projects. The seed investors and VCs didn't dump since their tokens were evenly distributed among 49 neurons (~wallets), with the first neuron unlocked at genesis and then one each month (48 months). These unlocks created constant monthly selling pressure, but fortunately, most of the major ones are already behind us, with a few more big ones coming in 2024, ending by May. The Dfinity Foundation didn't sell, as all neurons are visible on-chain. Regarding the lack of a maximum supply, token inflation changes can only occur through a governance vote, so it's not as if new tokens can be minted arbitrarily. If a utility token has a maximum supply, it implies that should the network fail to monetize effectively such as by generating insufficient fees compared to the rewards required for node providers and stakers—there will be a necessity to increase the maximum supply. There's also a lot of ignorance about what #InternetComputer is, as it sounds unbelievable. To simplify, current blockchains are essentially databases for tokens/NFTs with built-in logic for interactions, while $ICP is a full stack where everything is on-chain. Beyond being a database, it's a web server, storage, and whatever else you need it to be. There are already running social networks like dsvcr_one and oc.app with over 200k users, elna.ai with full models, and a team building a full BTC node that also requires 700GB of data, everything running entirely on-chain. Side note: Special GPU nodes for AI are already being integrated.