Topic: Projects are abusing blockchain technology. - page 5. (Read 18157 times)
many found that kind of project and of course, it's less good for even followed. in name alone might have been incompatible with the existing blockchain system so necessarily likely will also get results so good. This might be one of those marketing tricks by using the name blockchain which is already large enough to attract attention.
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?
You are correct there's lots of projects that don't really offer much real world use or at least if the concept is good the inability to generate enough interest and get people to actually use the product or service usually doesn't happen
There's a little too much hype that less knowledgeable investors have been buying into
You are right, such a problem exists. During the hype, many projects took advantage of the situation to attract easy money. I heard that a similar situation was at the time of the dot-com. I noticed that this year it is very difficult for such projects to attract investors, today every project is being analyzed and investments have become more thoughtful.
the case that there is a form of abuse of blockchain. This is where the need for analysis and research that will determine whether the concept of belonging to a project quite worthy and useful or not. with the find could, of course, be learned that the project on behalf of the blockchain is it worth or not.
Many projects are blotted with the blockchain. On this bill, I completely agree with you. After all, you need to put the best protection, do more proving. It is necessary to create regulatory bodies that will take companies for work.
Blockchain is indeed beneficial and better than current system of recording etc. But the idea of blockchain solving every conceivable problem is just naive. We should focus more on the Strong aspect of blockchain and deemphasize other area!
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?
Sad but true. Many scam ICO's used blockchain technology only to get funds for their businesses. Thats why before we invest make sure we do our own research. Reading and understanding the whitepaper of the project helps us to determine if one project really needs a blockchain or the project only using blockchain to get funds and steal our money. 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 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?
Have the same opinion with you. I suppose the blockchain is being abused in many different fundraising or even bad-scam purposes. The blockchain technology is an excellent invention. but it is still a macro part. Many projects rely on that, to draw dreams and all just the promise.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?
Blcokchain technology is so popular that it has become a brand itself. This is one of the reasons some projects are abusing its fame. But some good stable projects have come out as well.
This is indeed happening. A lot of scam projects are making profits by using the blockchain name only, nothing else. I think they are making a mess out of it. Although a lot of them usually don't make it till the end but it damages the reputation of blockchain greatly.
I saw quite a few projects where blockchain is needed. But the main application is still to come. I believe that it will be more and more useful in banking structures, utility structures, and government institutions. He will greatly simplify their work.
I realized this as well when a real-estate company I was a shareholder of suddenly announced 'blockchain implementation', but without explaining what they were doing with it.
It was a catalyst for the share price to rise, given that last year (when they announced), but not much after that. A number of companies have tried similar tricks.
I think that's still fine. As long as blockchain technology is getting out there on peoples faces there will always be people who will see what blockchain is actually for (crypto currencies) and come along to the crypto world. It was a catalyst for the share price to rise, given that last year (when they announced), but not much after that. A number of companies have tried similar tricks.
You can be a doctor in a hospital that uses blockchain to keep track of the patients and drugs and troubles of them and so forth in a software and you can simply take a look at what they are good for and become a crypto lover all of a sudden after a small research. So yeah let the projects abuse blockchain tech, as long as it also increases the awareness of crypto currencies I am fine with them.
They are mostly trying to play on the new fashion trends in order to collect more money and go to his new car. That's their main goal.
Absolutely agreed with OP, they are using blockchain tech. for their startup ICO, as they are thinking their token, will rise in value & they will quickly get rick from it also from the funds raised through investors. They seriously have no intention to work on the project and offer a product to the public in time. They just use Ethereum platform to create a token which is really easy & just offers these useless token to the public and get their white paper written with full glitters by the third party to attract investors.
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?
Yes, with some ICO projects I already thought that they use the blockchain only because of the blockchain hype, but I don't think we need to worry about that. The hype around the blockchain will pass and those projects that use the blockchain only because of the hype will disappear over time. So I don't think such blockchain freeloaders are a problem. The bigger problem are all the scams that can be found in the ICO and crypto market. I'm more worried about this negative development, but that's another issue and it doesn't fit here.
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?
Most projects don't need blockchains and tokens, I agree with that. Cryptocurrency hype is used only because the company is much more likely to raise funds with ICO than with IPO or crowdinvesting. 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 the abuse is being in the name, you will find anywhere in this forum the mention of key words where possibly it will arouse the interest of almost all people, but when you do a deep analysis, it ends up finding that not fairy and that is about to buy something insignificant! The blockchain technology is wonderful, only malicious people are out there.
Such is bound to happen because of the fact that blockchain is decentralized. I will suggest forms of control on The blockchain so that it won't be messed up. Also with regulations, most countries who refuse to key into it will see reasons to incorporate blockchain technology into their economy
Control blockchain? You dont have idea on whats it for sure. It wont be controlled if there are guys who would use this tech for another plan.We have seen lots of projects that do make use of this tech and they are the ones should really be stopped.We know blockchain technology can really be applied when it comes to payment system and other transferring data means.So we wont really need redundancy just like on what we do see nowadays.
But all because of their abuse, blockchain and cryptocurrency are growing in popularity.
It seems that you look it like a method of marketing.
I don't see your argument I am sorry. Blockchain is much more than cryptocurrency it is a distributed ledger that can revolutionise the way transactions are recorded and make databases more resilient. There is a good chance that some scam artists have pretended to launch a project to steal money from people but don't confuse that with the various application that Blockchain can fit.
And I could not understand what topic you argue with me. I am sorry too.
... while there is only one coin that really matters and that is the bitcoin. I wonder if there are any applications for most the tokens at all, How many of them do you know and use in your daily life? I think that there are none. Chances of two galaxies merging is much greater than the chances of tokens being used for real life applications
You seem to be a bitcoin-ism
I know bitcoin is the king of cryptocurrency world but I still believe few altcoins have its functions.And "much greater than" is a mistake? I think you just said a truth.
"Decentralization in crypto is a myth. It is a system more centralized than North Korea: miners are centralized, exchanges are centralized, developers are centralized dictators (Buterin is "dictator for life" ) & the Gini inequality coefficient of bitcoin is worse than North Korea", American economist Nouriel Rubini wrote on his Twitter.
It is really interesting quote. But, in my opinion, "Decentralization" is meaning somewhere in "Network", not in "Geographical location".
Their project created just for money grabber meanwhile there's a lot of project that's good aswell but it's quite valid to say that people who just making ICO for money grab is abusing blockchain technology.
I know there are few projects like that. Utilizing token to launch ICO for fundraising is not a bad thing. But there are many scam ICOs which raise funds like that make this matter become worse.
Such is bound to happen because of the fact that blockchain is decentralized. I will suggest forms of control on The blockchain so that it won't be messed up. Also with regulations, most countries who refuse to key into it will see reasons to incorporate blockchain technology into their economy
Jump to: