Topic: Blockchain technology is getting more and more misused by scammers. (Read 233 times)
September 06, 2019, 07:09:35 PM
Personally fraudsters have taken advantages of this technology but sincerely its disadvantages can not supersede the good it offers to the entire world
September 06, 2019, 06:58:16 PM
Blockchain just a "victim" same as bitcoin and alts. blockchain is not developed for scammers, but they use this technology for their personal interests in the name of the technology. We cannot accuse blockchain as a suspect in the case of fraud. because anything related to money, there is always a fraud. such as fintech, online loan and more.
You are right. Fraudsters only use blockchain for their personal interests. In fact, the blockchain gives a lot of advantages, giving rise to various levels in the field. The general ledger manual system has been more effectively computed, reducing energy and time, which is very beneficial. Look at the positive side. September 06, 2019, 06:32:25 PM
A project that is so much concerned about the money it wants to raise, should be avoided, because it is already a green light, showing that it is scam.
Sometimes, a project that does not need blockchain in the first place might just lunch, thinking it can hide under the umbrella of blockchain to dupe people?
Sometimes, a project that does not need blockchain in the first place might just lunch, thinking it can hide under the umbrella of blockchain to dupe people?
September 06, 2019, 02:48:03 PM
Technology can be used in good terms, and of course it can be used in bad ways. It all depends on the technical user. We can use laws and regulations to restrict users to protect consumers or investors.
Can law and regulations be added to blockchain revolution it's blockchain not decentralized and addition of law and regulations will go against that. What I suggest is for investors to be more alert and apply intelligence to there work
September 06, 2019, 02:24:49 PM
Finally, most projects present blockchain as a pill for every malady. But does it really make sense for that particular industry? Is it possible to implement the same project without a native token? Is blockchain tech a decisive factor in the final product’s infrastructure, or it could work pretty much the same without all those distributed ledgers and smart contracts? Does it really disrupt anything but your patience for the word ‘disruption?’
Blockchain technology can be implemented in so many products and industries, but not everywhere too. Of course, there are so many fake and scam projects claiming that they want to involve blockchain technology in X domain which isn't the case obviously.
That's why you have to study the project carefully, and especially reading the whole whitepaper.
September 06, 2019, 01:22:31 PM
Good questions)
As for its own token, for most projects it makes no sense, so everything that they plan can be implemented on existing blockchains. But we understand for what purpose all this is done;)
As for its own token, for most projects it makes no sense, so everything that they plan can be implemented on existing blockchains. But we understand for what purpose all this is done;)
September 06, 2019, 07:05:34 AM
Technology can be used in good terms, and of course it can be used in bad ways. It all depends on the technical user. We can use laws and regulations to restrict users to protect consumers or investors.
September 06, 2019, 06:58:42 AM
but I think you are misinterpreting Blokchain technology, if you assume that Blokchain technology is the cause of course it's wrong. Precisely the question is the developer, why? because they have created their own tokens but many are not re-developed or often called junk tokens.
September 05, 2019, 11:13:24 PM
There are lots of new coins with the same idea, we have to really see well, whether this project will be good in the future, but there are always groups that are trying to convince everyone, by making a web and applications and new tokens, scammers can with easy to fool everyone, I think a good project must have a real product and have a clear office address, and I always see projects not from the price of the tokens they incur, but the products that will increase the price of the tokens they create
September 05, 2019, 06:40:00 PM
Finally, most projects present blockchain as a pill for every malady. But does it really make sense for that particular industry?
Blockchain isn't just for crypto projects there's a wide usage for it in the majority of the industries.Is it possible to implement the same project without a native token?
Yes.Have you heard about that news of companies that have adopted blockchain technology for the specific use it has for their company?
September 05, 2019, 05:57:28 PM
I often come across projects where the blockchain is used only to attract attention and money. Now many scam projects exploit people's interest in blockchain and cryptocurrencies to collect money and disappear.
Because a lot of people investing without any investigation or learning about the projoect promoting using BLOCKCHAIN. That's is one of the mistakes of the people they quick at the end victim of the scamm, the scam take advantage the opportunity of the anonymity. The lesson is do not invest and trust quick just learn and study well before investing.
September 05, 2019, 05:54:12 PM
Finally, most projects present blockchain as a pill for every malady. But does it really make sense for that particular industry? Is it possible to implement the same project without a native token? Is blockchain tech a decisive factor in the final product’s infrastructure, or it could work pretty much the same without all those distributed ledgers and smart contracts? Does it really disrupt anything but your patience for the word ‘disruption?’
I don't think you really understand and know how blockchain technology works. Scammers are no way misusing blockchain technology, they are just taking advantage of investors and newbies who do not spend time to either research or read about projects before investing into them. Scammers just take advantage of ignorance of people in the crypto space..
September 05, 2019, 05:43:24 PM
Blockchain just a "victim" same as bitcoin and alts. blockchain is not developed for scammers, but they use this technology for their personal interests in the name of the technology. We cannot accuse blockchain as a suspect in the case of fraud. because anything related to money, there is always a fraud. such as fintech, online loan and more.
September 05, 2019, 05:42:10 PM
To stop the misuse and exploitation of blockchain technology from scammers and fraudsters there should be some blockchain registering authority that should be operating at global level and its job should be to register each blockchain based project, team and dapp also it would be responsible to regulate, fine, start criminal proceedings and blacklist any suspicious project or team for future, this initiative can filter out scammers and only real legit blockchain projects will be able to come up.
If everyone agrees to pay them.Scammers are scammers, they take an opportunity in blockchain to scam others cause of its anonymity which nobody could trace them personally. That would be hard and that is the disadvantage of using this technology. We can only minimize this scenario if individually we put action and don't let them succeed. There is no need to form a small body or group of people to monitor blockchain transaction and finding that suspicious transanction cause they still remain hidden.
September 05, 2019, 05:02:09 PM
To stop the misuse and exploitation of blockchain technology from scammers and fraudsters there should be some blockchain registering authority that should be operating at global level and its job should be to register each blockchain based project, team and dapp also it would be responsible to regulate, fine, start criminal proceedings and blacklist any suspicious project or team for future, this initiative can filter out scammers and only real legit blockchain projects will be able to come up.
September 05, 2019, 03:19:41 PM
Scam companies will continue to overshadow investors, you can see the evidence in this thread https://bitcointalk.org/index.php?topic=5181153.new#new.
In September alone nearly dozens of scam companies have sprung up so that blockchain technology is a source of scamers deceiving investors.There must be an action and research before investing in ctypto companies.
In September alone nearly dozens of scam companies have sprung up so that blockchain technology is a source of scamers deceiving investors.There must be an action and research before investing in ctypto companies.
September 05, 2019, 03:13:10 PM
Scam projects are created by scammers, blockchain is not to blame here. But if you are going to create a project without blockchain nor smart contract that is certainly bound to be doomed for what can be checked for the transparency without blockchain? The more you plunge into the mud without blockchain. The scam projects are scam, don't mind them, no one will be scammed if there will be people risking into an unknown project.
September 05, 2019, 03:02:19 PM
Block chain is the brain Box of cryptocurrency take it away and I don't think any project without can stand in as a cryptocurrency, block chain is not the problem the problem is the scammers and bad project that are in cryptocurrency
September 05, 2019, 02:56:38 PM
It's rather unfortunate that the cryptocurrency space has been converted into a dumping group for everything. Most projects don't even have the slimmest idea on how to go about the project and are raising funds from the investing public. One of the reasons why issues like this are prevalent is because of the ease of creating tokens and smart contracts which has given everybody a chance to test run their skills in fooling the public.
The good news is that a ton of the people that were around from 2017 when alts exploded upwards and then crashed right back down have learned their lessons, but there's indeed still a large number of newbies to crypto that are investing in dubious projects simply because they believe anything related to blockchains and cryptocurrency means a quick buck and profits. Hopefully people won't get burned as badly this time around if alts shoot up again and people starting fomoing at high prices, but it's definitely possible. September 05, 2019, 02:53:36 PM
Finally, most projects present blockchain as a pill for every malady. But does it really make sense for that particular industry? Is it possible to implement the same project without a native token? Is blockchain tech a decisive factor in the final product’s infrastructure, or it could work pretty much the same without all those distributed ledgers and smart contracts? Does it really disrupt anything but your patience for the word ‘disruption?’
The answer to all of this is 'No' for 90% of projects.
Most of the time, they simply tokenize their product as a way to draw money from the trigger happy ICO investors. However, this isn't 2017 anymore, and most of these projects find themselves struggling.
If blockchain is an afterthought, the project will likely fail. We need dedicated use cases that actually improve adoption and innovate on what is possible in the space.
However, people keep buying into projects simply because they know it will pump and dump, which is harmful in the long run since it sucks money from the promising projects.
At least it's not as bad as 2017!
Jump to: