John Tuld@BradHuston
ICP maxis are still claiming that Internet Computer is the sole chain that will rule crypto. However, they don't explain why no one is using it. They don't explain why it has dropped from the top 20 to 50 in ranking - despite Caffeine AI launch seven months ago.
ICP is threatening go under $2. Caffeine AI has been a bust. ICP is HQ'd in Switzerland and there is no mass Swiss adoption. Nothing going on in the U.S. or Europe. But the Pakistan MOU! Ok, where's the increase in ids? Where is the actually building? ICP has 3 million ids distributed but you look at the dashboard metrics and, to put it kindly, the usage is anemic at best.
Ask a maxi about any of this and they'll tell you it just needs more time. Everyone is ignorant. FTX, now nearly 5 years after the fact, destroyed Dom's and ICP's reputation. But no maxi actually takes accountability for the fact that the broader community doesn't want to use it. The retort: All of crypto is in the toilet right now. Everyone is bearish. Yes, true. But ICP was supposed to rise above all this, remember? ICP is only true on-chain crypto offering. So why is it still falling and failing versus its peers? Why has it lost 90% of its value in 16 months? Where are all those millions of normies Dom promised coming out of the woodwork explaining how great Caffeine AI is and how they were able to build a fully function app and launch a business, amaze their friends, solve a local problem and all fully on-chain? Crickets. Absolute crickets and maxis are still blaming everyone else for not knowing about how some obscure contest winner built this or that that went no where.
But maxis have an ace in the hole! You can't look at price. Everyone is stupid. This project is moving forward. Well, everyone else is too. Apparently faster and farther and with AI on the scene the risks of Web 2.0 is diminished.
But let's talk about price in crypto. Price is the great equalizer. That's why price signals true engagement not only by individuals but organizations, institutions and companies. So why is the price dropping if ICP is superior? You can't just say everyone is dropping when ICP is falling faster. Why can't ICP just at least stabilize? You really want me to answer that? This is the age of AI. ICP is no longer proprietary when agents can recreate a network in fraction of the time it took 200+ devs at Dfinity to build it. So marketing, trust in Dom and Dfinity to use and commit resources to the network, is the only thing that can save ICP. People value trust. Right now, I don't see trust in Dfinity. I don't even see meaningful testing of potential large enterprise projects.
But ICP is superior, price doesn't matter! Ok. Where is that mid-tier cloud company willing to dip its toe in the water and partner with Dfinity to get an edge against Big Cloud? Where is that billionaire evangelist who met with Dom and came away a believer? Where is that Big Cloud partnership that's testing the network? It's been almost 5 years, that's like 50 years in crypto, and there's no groundswell of new users. There's no hard core community of die hard evangelists. There's just the grind lower and few investors on X who shout into the ether.
ICP feels like a dead chain.
When does let Dom cook become Dom has failed? Dom's not reaching out - and if somehow he is he isn't telling us. He's not inking deals with Big Tech. What about past deals and meetings? Where is the big bank that's meaningfully using the network? Where's that large data center putting TBs of data on-chain?
There are a lot of maxis who locked into their holdings and have to wait 5-8 years to get out this project too, so don't expect an honest evaluation in the wake of one failure after another from them. They have to keep the faith but those who aren't trapped, don't. Where's the vision? Where's the roadmap that gets executed? Why is there zero sense of urgency after 5 years? Why is there no concern that Caffeine is just another gimmicky AI agent that's been overhyped? Dfinity, as usual, is just coasting. They're just consuming tokens while acting as if, by magic, the world is suddenly going to fall at their feet. Meanwhile: $2.24 per token.