Forbes Calls ICP ‘Good for Nothing Blockchain’

Forbes Calls ICP ‘Good for Nothing Blockchain’

what’s up guys this is James Allen today is Wednesday May 1st 2024 and in a recent video of mine a viewer commented on a fact that Forbes recently put ICP on their [ __ ] list right um they called it a good for nothing blockchain and I will go ahead and read the comment for you for you to get an idea of what’s going on this is coming from uh Jackson Fredo what is your opinion about Forbes in your report 20 trash crypto and 20 24 I noticed IP included in that list so I immediately thought that was interesting and uh when it looked at the article now I’ll be honest with you there’s a part of me that’s like you know what I don’t really give a [ __ ] about what forb says I mean excuse my French but I I really don’t give a [ __ ] about what Forbes say Forbes put Sam McMan freed on on their cover uh several times uh as like a protagonist for the crypto industry I’m sorry Sam bankman fraud Forbes put Sam bankman fraud on air cover I mean in my opinion the news including Forbes have lost all credibility and I don’t respect what Forbes say so you know that that’s really my honest feelings but out of respect for the viewer and out of respect for you I can’t just say [ __ ] Forbes right you know I sort of have to explain away what’s going on here so uh I first looked at the editor of the uh of the article and he doesn’t really have a software background he he’s nobody uh what came more useful for me was the measuring stick you know cuz cuz before you before you could remark on you know Ford’s uh comment about ICP being uh good for nothing you have to sort of understand where they’re coming from right so the first thing I said to myself is what is what is their measuring stti what what are they’re using to say that ICP is useless and I’ll read to you the the measuring Stak Forbes using because uh you know you got to keep it authentic you got to I got to show it to you from the horse’s mouth right so here we go Forbes criteria for evaluation Forbes then arbitrarily select the blockchains for its list the magazine use Clear objective criteria to assess each blockchain’s utility and viability market cap a measure of the total market value of the blockchain circulating monthly active developers an indicator of the blockchain’s developmental developmental activity and ecosystems Health treasury an evaluate of the financial reserves held by foundations that support the blockchain’s maintenance and development total value on the Chain a gauge of the blockchain’s overall usage and utility Network fees a reflection of the economic activity and transactional throughput on a blockchain uh it goes on these metrics provide a framework for investors and developers to critically assess the fundamental strength or weaknesses of various blockchains moving beyond the hype to focus on tangible value and utility so let’s just let’s do a brief recap on the five metrics they’re using to list a blockchain is trash market cap monthly active developers treasury total value on the chain and network fees okay so far so good so far so good now when you actually go take a look at the list uh Forbes list of uh no good for nothing blockchains what a name good for nothing blockchains um you will notice internet computer is number five right if if I recall let me look at my phone real quick I believe internet computers was number five and yes it is and the comment they made on internet computer was that it’s created in 2021 to disrupt AWS in Google Cloud minimal usage and there’s a list of metrics at the top and I’ve looked at all these metrics the first thing that you know me as most important is a metric called market cap to fees because this metric is kind of like a a PE but for crypto right anyone familiar with PE and stocks it stands for price to earnings ratio and PE tells you how expensive the stock is so the lower the PE the better right in fact PE stands for how many years it’ll take you to get your money back so if a stock has a PE of five it means you’ll get it’ll take five years for you to get your money back if a stock has a PE of eight means it’ll take eight years to get your money back so the lower the PE the better so it’s the same thing with this Market to fees ratio the lower that number the better the market the fees ratio basically stands for uh the size of the market cap uh relative to the network fees it collects so the lower the the that number the better because it basically means that you’re collecting more Network fees relative to the market cap right and ICP has a market cap to fees of 23,000 according to for and I actually verified the math it was wrong I got 18,000 so I’m not sure what’s going on here they really bloated that number uh they upped it by 5,000 but that was my math um I didn’t get 23,000 so that’s one the second thing that I also found odd is that uh they said the pricing data was uh as of uh 319 2024 so March 19 2024 and they list ICP having a market cap of 4.6 billion and I was doing videos on ICP at the time and I could have sworn the market cap was bigger uh I I could have sworn it was around 6 billion 5.7 something like that but you know they put 4.6 and the number they put for market cap the fees is higher than what actually what I actually got and I used a 4.6 I got 18,000 but they listed 23,000 making it worse than it actually is but you know here we go it is what it is they they basically put ICP what’s actually interesting about this chart too right is that when you look at um monthly active developers ICB has the the highest number there’s not a crypto well aside from Phantom well yeah aside from Phantom there’s not a crypto that has a higher monthly active developer than ICP you know now how do you explain this James how do you explain the fact that forb is putting ICP on his [ __ ] list is called it a good for nothing blockchain well the answer is rather simple right uh I think what’s going on is is is something everything that represents a paradigm shift has to go through uh what I mean by that is that ICP is fundamentally changing how we build and govern software right uh we’re building software to be on the blockchain which is an immutable tamperproof database so we have to build software very differently uh when we’re putting them on a blockchain what’s worse how software is governed is also very different right because the software is no longer in the hands of a few developers it’s in the hands of the general public uh you know when it’s on a blockchain especially when it’s on the internet computer blockchain it must be open source and every change you’re making to the software has to go through a voting process where the community agrees it has to reach consensus if you’re trying to change or update the software so softwares are being are being built and managed in a way that’s much more fluid and interactive with the customer which is really how software should be run it should be much more the feedback between how the software is built and the public is is very minimal when it’s a Dap on the ICP blockchain so this is a very fundamental paradigm shift and I do not expect uh the general public to understand this in three years you know I I don’t think it it it’s going to happen overnight I think it’s going to take time for the public to truly understand what’s going on here which is why uh Forbes is kind of missing the bus to give you some perspective uh before I was doing crypto videos I was doing videos on history and I did a video called New York City’s electric grid and I had to do a ton of research for that episode to cover how Thomas Edison created the electric grid and when he started he started with a one mile radius in Manhattan and that was the grid one mile radius in Manhattan and when he launched the electric grid uh uh nobody cared nobody [ __ ] cared right in fact the New York Times just maybe like said two sentences maybe like a paragraph about the electric grid when it was fired up in Manhattan history was literally ma being made on a global scale because electricity is something the world uses but no one gave a [ __ ] at the time believe it or not and in fact it gets worse when uh salesman of Thomas Edison would go to rural areas to push for electricity a lot of the people there said get the [ __ ] out of my house I’m fine with candles I kid you not guys I did the the episode years ago I know what I’m talking about I did the research for it um Edison salesman were being pushed out uh by people because they felt like they they had no need for electricity they were fine with candles can you imagine someone rejecting electricity today I I don’t see that happening we we live we depend on this stuff right so I think ICP represents a paradigm shift and paradigm shifts especially of this magnitude will take a long time uh to to Really penetrate the collective Consciousness it hasn’t happened yet and this is why you know people like you must evangelize this is why people like me and Jerry must continue doing what we’re doing uh it’s going to take time to re-educate the public to re-educate developers and to re-educate developers I mean entrepreneurs not developers I’m I’m not saying it twice to re-educate entrepreneurs into building dos uh and that hasn’t happened yet and ICP is truly is truly the first decentralized D solution that the world is going to live on in the future because let’s be honest every industry when they when they grow to a certain size they become Collective property that’s true of trains the transportation industry look at trains now trains are socialized they’re Public Utilities same for electricity electricity was a highly private Endeavor um now electricity has become public utility owned by the public and I think the same is happening for software right now and blockchain represents um the shift from software being highly privatized to software becoming a public utility in the hands of the public via the source code through a dow few people truly understand that this is a revolutionary shift going on here so I’m not surprised Forbes is calling ICP a good Forno blockchain because they don’t see how revolutionary this is Forbes will not be the uh forb is not the first and Forbes will definitely not be the last in any case my Misfit share your thoughts on all this I’d love to know how do you feel about all this what is your thoughts on Forbes calling ICP or good for nothing blockchain share it in the comment section I’d love to know don’t forget to press that like button and support me on Patron I will see you next time

An article from Forbes magazine that came out in April included ICP in a list of “Good for Nothing Blockchain”. This statement is a gross misunderstanding to say the least. While I particularly don’t care what Forbes say or think, I cannot leave this remark from Forbes without a proper commentary. So in this video, I take my time to explain why Forbes is wrongheaded to say the least, and perhaps the editor who wrote this piece should be fired cause he can’t seem to do basic math.

Instagram: JamesAllan0
Patreon: https://www.patreon.com/cityxcape