Internet Computer (ICP) Hype Train: Is This Just Another Crypto Pump and Dump?
Okay, so the Internet Computer Protocol (ICP) is supposedly "surging." Up 34%, then 38.9%, and some other article claims a 200% jump in a week? Give me a freakin' break. Every crypto has its day in the sun, usually before crashing back down to Earth faster than a lead balloon.
They're throwing around terms like "bullish fractal pattern" now. Oh, that's rich. It's always some fancy-sounding pattern that's supposed to justify why some random coin is going to the moon. Accumulation, manipulation, expansion... sounds more like a Ponzi scheme than a legitimate investment strategy. And analysts are "targeting" $26.65? Seriously? Based on what, the alignment of the planets?
And Polkadot (DOT) is supposedly next? Because it "mirrors ICP's fractal setup"? So, we're just copy-pasting hopium now?
The article says, "investors eager to grab hold of the next digital asset powerhouse." Translation: people FOMO'ing into the latest hype, hoping to get rich quick before the rug gets pulled.
I mean, maybe I'm wrong. Maybe this time it's different. But let's be real, in the crypto world, "different" usually means "a new way to lose all your money."
The article then pivots to the need for "robust operational foundations" and "compliance." As if any of these fly-by-night crypto projects actually give a damn about compliance until the SEC comes knocking. They're all about disrupting the system until the system disrupts them right back.
"Establishing a compliant financial foundation for managing both cryptocurrencies and fiat currencies is vital for seamless payment operations." Oh, is it now? Because I've mostly seen crypto used for, you know, speculation and maybe buying the odd NFT of a bored ape. Not exactly "seamless payment operations."
And the dependence on fiat currencies brings forth challenges for many digital asset firms. Well, duh! You need real money to, you know, do anything in the real world. Paying your rent in ICP ain't gonna fly.
The funniest thing is that CoinDesk has to put disclaimers that parts of the article were "generated with the assistance from AI tools." So, we're getting AI-generated hype for a crypto coin that's probably going to crash. What a world.
They're calling it a "Dino altcoin surge," which is hilarious. "Dino" as in dinosaur, as in extinct? Is that supposed to be reassuring?
What risk is posed by internet of things devices? Well, one risk is that they're probably mining crypto in the background without you even knowing it. Another is that they're all connected to the "internet," which is increasingly controlled by a handful of tech giants. So much for decentralization.
What is the internet computer protocol anyway? Some kind of decentralized cloud computing platform? It sounds vaguely threatening, like Skynet but for crypto. And I bet the internet speed isn't any better than my current connection, which is offcourse terrible.
So, what's the real story? It's the same old song and dance. Hype, pump, dump, repeat. People get excited, prices go up, insiders cash out, and the bagholders are left holding the bag. I'm not saying ICP is definitely going to zero, but I wouldn't bet my house on it.
