Topic: Projects are abusing blockchain technology. - page 6. (Read 18126 times)
Blockchain is a technology that allows secure data transmission based on extremely complex coding systems. This is a solid foundation that many people like. So many ICO projects are built on Blockchain. Data transfer and security are advantages of blockchain.
That's what usually happen. decentralizing something that's no need to be decentralized, so many people are just got interested to making a new ICO for easy money while their project is really not worth it even just to be presented to the public. 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.
Blockchain is a technology that stores and transmits information by interconnected blocks and expands over time. Each block contains information on initialization time and is associated with the previous block. But there are too many projects abusing the blockchain technology. This is not good at all.
Yes, I agree with you. Many projects forget about what the blockchain was created for. They add it to any sphere, even where it is impossible to implement. Also, when they raise money on ICO, they completely forget about blockchain and technologies, just try not to lose the collected money.
Theoretically, cryptocurrencies, in any case bitcoin, in accordance with the concept of the blockchain should be decentralized. But apparently this does not happen, writes Ethereumworldnews.
"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.
"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.
Yes, unfortunately there are many such projects. Because crypto is very popular and there is a good audience with a lot of money. I hope that soon the tokens of such projects will die, because they do not represent any value and cant be used anywhere.
What is happening with cryptocurrencies is now just a process, it is obvious that not everything is perfect and there is much to be improved, I am sure that in the future we will have a completely different idea of cryptocurrency than what we have now.
Tokenization, Is that even a real word or just a made up one? 
Most of the tokens are just fake/scam tokens with no actual utility. Yes I agree that most of them are abusing the technology 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
Most of the tokens are just fake/scam tokens with no actual utility. Yes I agree that most of them are abusing the technology 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 
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?
This is nothing new in cryptocurrency. Every day, I see hundreds of ICOs with useless projects where blockchain is used. They just change names and mingle with truly legitimate projects to raise funds from investors then they go without developing projects that they launched. But we cannot stop the abuse because using a blockchain is a legitimate reason for them. 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?
What i understand is that so many projects are trying to come in the guise of using blockchain technology so as to raise funds when carrying out their ICO. The truth is that new technologies must be abused and have flwas but as time goes on, it'll bounce back stronger.
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?
Many projects are raising funds through ICO at the first time. They will package the project into a very technical block chain project. Then began to use the funds raised for development. Although many projects are unlikely to be realized. But often raising funds requires doing some practical work.
They are just using the name of blockchain for their own sake but soon they will gone. People are learning that these projects are going nowhere because of what they are really trying to promote. They manage to collect millions of dollars without even real application or company to operate but just with the ride that they've been with blockchain. In the future, they are going to be eliminated one by one and those that will remain are that is being done by real companies w/ real use.
The problem is that every month more and more people learn about cryptocurrencies and ICO. And of course not learning to distinguish good from bad projects, invest their money in the SCAM. Even HYIP projects nowadays thrive. Therefore, to replace the SCAM projects will come other SCAM projects.
there are so manty pojects and i would not be so angrey if there were only good and useful of tbem but right noew it is not so
I understand. Its quite frustrating to not find any good projects even after looking hard. But that's how it works friend. We have to work harder. With crypto reaching out there will be even more chaos, since there are always those who want to exploit. It only means that we need to be more and more careful with our investments.
Yes, you are right and there are actually a lot of such projects, namely those that promote their blockchain project but do not contribute anything new, but simply promote their tokens!
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.
maybe it's one of the things that makes fraud in a number of projects that are on ico so that investors are less interested in investing using the ice bounty of bad development, of course for the future of cryptocurrenciesThere are many fake projects launching under the blockchain which makes us lose hopes. So it is not bad for blockchain but for stealing people money they are launching the 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?
it is definitely scam ICO. they are not implementing anything on their so called project. what they do is just create a site that you can buy in with BTC or ETH, and show how much 'token' that you own. basically that is just a number shown to you. those number have nothing to do with blockchain or crypto whatsoever.
It's the fact and that's why they said that 90% of ICO in 2017 were scam. They abuse blockchain hype to raise fund, after get money they disappear as they didn't appear. In fact that we can't stop them, we need to be smart to not falling in scam.
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.
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 can say that in 2016-2017 is the trend of tokenization and they use ethereum to make a project. But unfortunately, the project is a delay or cancel because this year, we are in the down time and all coins are fallen too deep. I think blockchain will not become worst because blockchain is a system that controlling the project and I am sure that blockchain will be better in the future although they continue to abuse it. There will be a new project with a base of the blockchain technology, and I am sure that the project will have a real utility for the people.
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