Projects are abusing blockchain technology.

VanDeinsberg12

hero member

Activity: 1540

Merit: 507

Quote from: sell my ac_________nt on February 18, 2019, 06:44:16 PM

Quote from: tuthienloc92bk on October 10, 2018, 12:16:18 PM

I have been just in the crypto world for 5 months. I have tried to learn about blockchain, bitcoin, altcoins,... and I realize that blockchain is being abused.

Many projects are launched with the ideas of using blockchain. But actually, blockchain is not necessary to implement their projects. It just seems to follow the trend of tokenization. And their tokens are utility tokens, real "utility", which are utilized to raise their funds. There is no reality application of blockchain. I think everything will be good if it is enough. Will blockchain become worst if they continuely abuse it?

What do you think about this problem?

Yes, I agree with you that blockchain is being abused. I think when this market will control the regulators, such projects will be much less or perhaps they will disappear altogether.

there is no such thing as market controlling regulator it's the opposite. regulator could control the market and at the same time also abusing.
it is like a double edged sword, if the regulator seem to hate blockchain they might aswell naking everything difficult.

sell my ac_________nt

full member

Activity: 448

Merit: 108

Quote from: tuthienloc92bk on October 10, 2018, 12:16:18 PM

I have been just in the crypto world for 5 months. I have tried to learn about blockchain, bitcoin, altcoins,... and I realize that blockchain is being abused.

Many projects are launched with the ideas of using blockchain. But actually, blockchain is not necessary to implement their projects. It just seems to follow the trend of tokenization. And their tokens are utility tokens, real "utility", which are utilized to raise their funds. There is no reality application of blockchain. I think everything will be good if it is enough. Will blockchain become worst if they continuely abuse it?

What do you think about this problem?

Yes, I agree with you that blockchain is being abused. I think when this market will control the regulators, such projects will be much less or perhaps they will disappear altogether.

Script

full member

Activity: 263

Merit: 100

Currently there are many projects that use Blockchain technology and create ICO projects to attract investment. But in this ICO set there are a lot of people who use blockchain just to collect money. This is more for beginners. Experienced investors will be able to detect such a phishing project and immediately refuse to go further.

Considered

full member

Activity: 504

Merit: 100

Powered by Artificial Intelligence & Human Experts

People are greedy and they are always abusing things if they think that it will bring them a lot of money which is not a good thing for them to do. I have always thought to myself that there is going to come a day when we are going to be dealing with a lot of people abusing this technology for personal gain and here we are, not really surprised

bongbong2014

jr. member

Activity: 168

Merit: 2

It is similar to the dot com bubble, when all projects are related to dot com. This will soon end with a bubble burst. And the junk projects will be wiped out, the real blockchain projects will actually pop up.

niublity

member

Activity: 378

Merit: 10

Ethereum was abused to the extreme, this is a great technology. But now ICO has begun to decline dramatically. Perhaps the feast of this bubble is coming to an end, and the depreciation of Ethereum is good for the future of cryptocurrency.

duoduoshigexiaozhu

member

Activity: 434

Merit: 10

Abuse has become a fact that cannot be modified. All this has been done by Ethereum, so now you can see that the price of Ethereum has been greatly depreciated. This is the bubble effect. It will take a long time for Ethereum to recover.

goodluck0319

sr. member

Activity: 420

Merit: 250

you came in at the peak when the scammers are actively using the cryptocurrency and the technology for their own dark plans. CEK USA struggles with scammers, I think this struggle will be fruitful.

feelideb

full member

Activity: 770

Merit: 101

fLibero.financial

Blockchain technology is phenomenon and we have seen how important this technology is and it's usefulness is well demonstrated more I'm cryptocurrency and data! The thinking that blockchain could solve all the problem is false!

SaRmY

full member

Activity: 645

Merit: 100

I think soon useless projects will stop funding. And we will not see these Shitcoins anymore. Yes, many projects do not require technology blockchain, but they are trying to make money on it.

weborsha

member

Activity: 560

Merit: 11

Such projects won't live long on crypto market. People are trying to raise as much funds as possible so they hide a bad technology behind the word "blockchain"

paradigmaV

full member

Activity: 434

Merit: 101

Quote from: tuthienloc92bk on October 10, 2018, 12:16:18 PM

I have been just in the crypto world for 5 months. I have tried to learn about blockchain, bitcoin, altcoins,... and I realize that blockchain is being abused.

Many projects are launched with the ideas of using blockchain. But actually, blockchain is not necessary to implement their projects. It just seems to follow the trend of tokenization. And their tokens are utility tokens, real "utility", which are utilized to raise their funds. There is no reality application of blockchain. I think everything will be good if it is enough. Will blockchain become worst if they continuely abuse it?

What do you think about this problem?

Unfortunately, the crypto market is still very young. Yes, many people abuse the concept of blockchain and attract investment for the development of their projects, which have nothing to do with it. The market allows you to do this. Lack of culture of investing, weak regulation, all this hurts the market ... But sooner or later the market will become civilized. And these negative moments will disappear.

florianuhlemann

full member

Activity: 378

Merit: 100

Yes, today there are a lot of fraudulent schemes using this technology. and how to deal with it while nobody knows. but there are honest projects that use blockchain, which they do not need at all, but they just need to show that they are keeping up with the times.

timmmers

sr. member

Activity: 1176

Merit: 265

Quote from: tuthienloc92bk on October 10, 2018, 12:16:18 PM

I have been just in the crypto world for 5 months. I have tried to learn about blockchain, bitcoin, altcoins,... and I realize that blockchain is being abused.

Many projects are launched with the ideas of using blockchain. But actually, blockchain is not necessary to implement their projects. It just seems to follow the trend of tokenization. And their tokens are utility tokens, real "utility", which are utilized to raise their funds. There is no reality application of blockchain. I think everything will be good if it is enough. Will blockchain become worst if they continuely abuse it?

What do you think about this problem?

They create utility tokens only because they want to start ICO. And ICO is an easy way how to collect enough money without any regulations, restrictions and so on.

sirengutou

member

Activity: 364

Merit: 10

Fast, Smart, Trustworthy

Yes, there are many projects that have little to do with the blockchain, but they use the blockchain as the main propaganda. Obviously, this is abuse.
Such abuse can't help the blockchain and crypto, it only affects the reputation of crypto, and people think that crypto is scam.

Just John

jr. member

Activity: 294

Merit: 6

That is what we are witnessing now, we are now having problems when it comes to verifying the projects that are good and the projects that just want to make money from you. So many of them are just using blockchain as a means to get some quick money, they do not have anything to offer and they know that their coins is not going to do anything good

Morjana17

member

Activity: 364

Merit: 10

Alfa-Enzo:Introducing the First Global Smartmarket

Quote from: Skroojee on October 10, 2018, 12:21:49 PM

There are actually a lot of such projects. They use blockchain to conduct ICO and raise funds, in fact, blockchain technology is not necessary for most projects.

Yes right, their are different projects that might affect the blockchains. Well the project is very useful to our nation and it gives more informations and income to everyone. We need to support some ICOs for us to determine what is really good for it.

Baronggot

full member

Activity: 434

Merit: 100

That's true because of these scam projects/ICOs that are using different platforms for their tokens or using the blockchain in general are giving stains to it. Investors now have less trusts to cryptos as they were the victims of these scams and it is really ruining the reputation of those legit cryptos.

LazzuljEl

copper member

Activity: 36

Merit: 0

Most of those projects are making their services related to blockchain so they can create an ICO. They most likely chose this kind of fundraising because it was easy to get funded and even if blockchain is not necessary for the solution, it can be a good and financially prospering project.

bravehearth0319

hero member

Activity: 1022

Merit: 500

Quote from: MoreMoneyHunt on November 06, 2018, 09:42:36 PM

Blockchain has a vast range of utilization which makes every business, company, institution, sector etc eligible to adopt it into their payments. It is not bad to see numerous coins being created each time but rather a sign showing that crypto is growing. It becomes bad when scam or fake projects set in the seen to loot from investors. However, there are new developments coming up nowadays to check all these scam projects.

Looking forward to the developments coming to check all scams here.in crytocurrency. These might be some sort of regulations. But, these regulations are very difficult to implement universally because of the decentralized system of cryptocurrency. I think the next best thing to do is intead of universal regulations, we can implement per country regulations such as Australia has been working on about ICOs. Also, US lawmakers have been debating about ICOs too.

Topic: Projects are abusing blockchain technology. (Read 18126 times)