I have said it many times over. The Blockchain Technology has been greatly abused by some unscrupulous elements who have added no value whatsoever to this technology. It is now a common occurrence to see half baked projects running ICOs with no decent product or idea to back their projects. Their main aim is to grab as much money as possible using deceitful means and then absconding. This is now so common and it has contributed to the challenges in the crypto industry.
It is true but the nature of the market is what it is, the nature of this market is to allow the greatest freedom possible to people to create their coins, we do not want regulation which means that investors and people in general needs to get a lot smarter if we are to see this market to develop faster and in a more a healthy way, that way scammers will not have as many people to try to get advantage of. 
Topic: Projects are abusing blockchain technology. - page 2. (Read 18126 times)
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?
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?
Yeah, you have just described the reason of the crisis that we can face. People do not want to buy tokens of these projects and they die pretty fast.
It is now left for you as an investor to at least know what you should be getting into and not get yourself carried away with some projects that you pretty much know that they are not offering much than at the end of the day getting them-selves richer.
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?
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?
On the one hand, that's a negative factor because such projects just pollute the market. On the other hand, I don't think the problem is so big because such projects usually don't collect softcap. They will die anyway.
We have not yet appreciated all the features of the blockchain. There are some projects that offer the use of blockchain and we need to support them. It is for them that the future of the blockchain is built.
But you support the opposite (looking at your signature) Why not focus on real products and real uses cases?
When it's about money people change their mind.
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?
Some of people used blockchain because they promised to be a very transparent project in the world. And If its also very "utility" that was also the best. And I saw a lot of people always used blockchain to only attract people because they said "Our platform is very transparent to everyone" So if a project are only scam. Of course they can take advantage using blockchain and good sales talk. Because blockchain is a open ledger that can see all the transaction and never been change anymore once it recorded into the blockchain. 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?
It is unfortunate when this revolutionary blockchain technology is blamed by some who make fake projects just to make a profit by scouring technological advances
I think that such projects should be avoided, such projects will not succeed in the future, especially since there are more interesting options for investment.
Blockchain isn't a necessity in most of projects. They just collect money in crypto and want to be trendy applying blockchain.
In reality there is nothing about blockchain and that's why most of tokens worth 0 after listing
In reality there is nothing about blockchain and that's why most of tokens worth 0 after listing
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?
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?
That is not a secret and I think that people who invested their time or money for a few months will realize that. You are right that some projects don't need the blockchain platform to be implemented. Just like the ICO projects that are news platform which does not make sense.
All this scam is been around for many decades. crypto and blockchain are just another victim use by scammer to grab money from the public.
Yes, there is such problem. Basicly I can split all ICOs in 3 different groups:
1- blockchain infrastructure projects, where blockchain is a primarly purpose
2- projects, where blockchain is used indirectly
3- ICOs which use blockchain just to collect money.
Lol. As funny as the category sounds and most especially the last category in the list, it is just the honest truth. And the funniest part of it is that the last part is actually the enormous one in this space, but it still amuses me that a lot of investors usually do not always care so much about this and they do not tend to realize that some of these ICOs using the blockchain to just collect money in the name of some utility token, a lot of them are usually not worth it in the long run. However, we just have to admit the fact that it is a growing space and there would always be things like this now until at least investors start making use of their head and as the space keeps getting matured. 1- blockchain infrastructure projects, where blockchain is a primarly purpose
2- projects, where blockchain is used indirectly
3- ICOs which use blockchain just to collect money.
This is the reason a lot of them have died natural death, whatever abused hardly retain its value and that is part of my fear in crypto, with the emergency of a lot of crypto and claiming to utilize blockchain technology and eventually they don't pull through and eventually incur losses on their investors calls for attention. We will not like our almighty bitcoin being blamed because of a lot of these shitty projects
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?
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?
That is not a secret and I think that people who invested their time or money for a few months will realize that. You are right that some projects don't need the blockchain platform to be implemented. Just like the ICO projects that are news platform which does not make sense.
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?
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?
That is not a secret and I think that people who invested their time or money for a few months will realize that. You are right that some projects don't need the blockchain platform to be implemented. Just like the ICO projects that are news platform which does not make sense.
This set of project are doing a lot of harm to the development if blockchain tech,they are making it more difficult to convince the world about crypto and blockchain tech because they abusing the tech.We just hope we can find a way to minimize all these.
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.
We have not yet appreciated all the features of the blockchain. There are some projects that offer the use of blockchain and we need to support them. It is for them that the future of the blockchain is built.
It actually we are here just to give support and witness of its development but it is sad that some individuals have taken advantage of ruining the image of the blockchain technology for the sake of their own. We simply protect the image of crypto and its usefulness rather than of bringing it down.i think indeed we as crypto lovers must be more choosy to support projects that are really good and work real. so that fake projects that damage the image of blochain technology and are only made to thicken their own pockets will die on their own, and over time there will be no more projects that will misuse blockhain technology in order to give personal benefit.
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?
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?
I think it is okay if they just use the blockchain specifically for transaction of money. Injecting some files or media to the blockchain will totally create a big mess. Also, the currency in blockchain should be valuable and profitable to avoid being a a dead coin.
The abuse of blockchain technology doesn't seem to affect the technology. Those that abuse the technology are the hungry developers that only cares about their pocket. I believe blockchain has given the room for real and fake projects to run on it but the fact remains fake projects don't have future in crypto world.
I am sure that after a certain period of time, the market will begin to regulate and punish projects that steal money in bad faith. everything will be fine but with time
Yes that is big problem now. These companies trying to use blockchain and tokens in their system and they are trying to collect 20 m dollar for that. It seems really fishy and only they want to collect money that is clear. Because of that we need to do our research about these projects and we need to understand which company really needs blockchain and which one dont need.
Some persons have taken advantage of its anonymousity and bring undesirable things around. Of course, those abusive individual will surely never succeed in the end. We're not just making these technology for our own benefits but for the community improvement.Jump to: