This will be a continuing series on ICON as I work out its incentive structure. Many people here, including me, hate Globalism and do not want to support its spread. So is ICON a globalist tool to subvert national boundaries?
ICON isn't inherently Globalistic. It is decentralized. Each blockchain community is (almost) completely autonomous and makes its own community rules, decides what other communities to connect to and under what circumstances, and decides when and how to interact with the main blockchain (ICON Republic).
The Whitepaper was obviously written by a dirty Globalist, but that is forgivable. Also you can ignore the postmodern references. They don't even work. If one were to categorize it by French critical theory, and I don't see why you would, it would be the Structuralism of Claude Lévi-Strauss. A Thousand Plateaus is a good book though.
Some people were probably put off by the Postmodern references and Globalist overtones. I can assure you that they are bullshit.
Landon White
HOLYMOLY BAD ICO ALL IN KYBER LO
Luke Myers
STFU REATRD U LOSE ALL UR MONEY SEE U I NLAMBO XD
David Ramirez
I was shilling for this a month ago but nobody listened.
Kevin Edwards
Like I give two fucks about that. As long as it makes me money I don't give a shit
Brandon Howard
For a short term flip, I don't know Korean or Japanese, so I can't tell you what type of buzz it really has. I would look there though. You owe me now.
Ayden Martinez
For crypto nerds who want to have a quick understanding of what this network really is, if you are familar with Ark, start there and expand. Basically, Ark-like smart bridge contracts connect the main chain to communities and communities to each other. You can also build stand-alone or interconnected DAPPs on the main chain. The coin is only used on the main chain or in interactions between communities or communities and the main chain (and DAPPs). There is a reserve system (hopefully optional) that is VERY concerning because Bancor is basically a fucking tinderbox waiting to be ignited by pumpers and arbitrage bots. I'll try to do a more understandable write up later today. I'll post it on my Steemit @roosterred.
Ethan Davis
The Healthcare example in the whitepaper is a mess, but that may because I am used to different healthcare systems than Korea. It isn't clear if the insurance carriers and hospitals are different communities or the same community. The youtube video implies they are different communities. In the US, it would really depend on the type of insurance carrier. This is very important when estimating the affect on ICX value of new communities in the system. This is going to take a while to phrase in easily understandable terms. For those crypto nerds who are reading, the ICX usually only matters when communities, the ICON Republic, and DAPPs interact with one another. The only exception is standalone DAPPs on the mainchain that consumers use directly.
Michael Cruz
HOLY FUCK THE IDIOTS ARE USING THE BANCOR PROTOCOL HOLY FUCK
This is an easy fix, but fuck, that is a MAJOR flaw as it will allow the DEX to be arbitraged the fuck out of by bots and pumpers.
Sebastian Wood
Quit bumping your own samefag shit thread. No one is going to buy this shit.
Sage goes in all fields
Jackson Cooper
...
Jaxson Diaz
so are you bailing?
Eli Baker
Not yet, but this is REALLY fucking bad especially because ETH (the reserve currency) is highly unstable lately. So, not just the HUGE problems I outlined in my Bancor paper, but ICX is open to being dumped on mass when ETH increases in value. ETH has doubled many times in short periods. This is a HIGHLY unstable system.
Cooper Collins
"Holy shit! ETH just tripled in the past month. SELL ALL YOUR ICX TO THE CONTRACT RIGHT NOW" -- And ETH has tripled before in a month.
Bentley Evans
The one good thing is that the market cap is very low, even with possible 20% inflation. I can't get over putting a poison pill like the Bancor protocol in your system though. Wow.
To put in perspective how low the market cap is, even if this is only successful in Korea, and only does insurance to hospital exchanges, you could still see billions of funds being exchanged through ICX each year.
The whole system falls apart if ETH does not stabilize (not do well, STABILIZE) . And even if ETH stabilizes, the Bancor protocol as outlined in the white paper will attract pump and dump schemes, MUCH more than normal, non-reserve-backed coins.
Mason Roberts
I like Ark even more now after reading this. How can you take a good, solid idea and make it risky as fuck? Hire whoever consulted ICON.
Aaron Lee
You'd have to be one of those spastic Chicago autists who not only believe in the Efficient Market Hypothesis, but thinks its adjustments happen instantaneously, and these instantaneous adjustments don't hurt current holders of the assets, to not see major fucking issues with the Bancor protocol in this instance. Basically, you would have to be a theoretician with no basis in reality. Who is this consulting company hiring? Recent PhD's with NO trading experience?
If anyone says the EMH fixes these issues, they are fucking idiots. Even adherents of the EMH know its adjustments can be brutal in the marketplace.
Jacob Bennett
Soooo....good ico or bad? Lol
Parker Howard
This ico has no identity, just trying to do everything. koreans love to copy other people, this is a fucking scam
Landon Gomez
I can't say good or bad. It would be a lot better without the Bancor protocol, that is for sure. This is especially true in South Korea where day trading by grandmas is gaining popularity. This coin could become Persona NonGrata overnight as pumpers, arbitrage bots, and savvy investors cause panics and reap rewards. It is basically a FUCK THE 99% coin.
Which brings me to why I FUCKING HATE EMH adherents:
"The market just adjusts, so it all works out" .
NO, PEOPLE LIKE ME MAKE THE MARKET ADJUST BY TAKING MONEY FOR YOUR GRANDMA YOU FUCKING TWIT
David Brooks
They just introduced KYC for their ICO so as a burger i cant participate anymore
Here is the first draft. It is a great read. You get a little more information than I gave here. Very important stuff though!
Ryan Gutierrez
They now require you to provide government issued identification to prove youre not from usa/singapore or china
If you are from those excluded xountries, you will not be allowed to participate in the ICO
Ayden Stewart
Damn! Well, like I told this user here Whether or not this will be a good short term flip, which is what I am assuming you wanted to do, will depend a lot on its buzz in Korea and Japan. A good proxy is how fast this sells out (if it does). I haven't seen much hype in the Anglosphere, so flipping to Americans probably won't yield high returns.
Gabriel Adams
Then again, I haven't read many other forums, and I literally treat Reddit like the CANCER it is, so do your own research.
