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 ico bounty of bad development, of course for the future of cryptocurrencies 
Topic: Projects are abusing blockchain technology. - page 7. (Read 18142 times)
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Ruby-X is ... ?
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Please check the lightpaper for more info thanks
I know blockchain can be used for data integrity of any kind of data, what I do not understand is when people claim to use blockchain services that are funcioning well without blockchain and other ideas like using blockchain to distribute works etc!
But all because of their abuse, blockchain and cryptocurrency are growing in popularity. If it goes on like this, we can make money there as well as last year. If etf is adopted this year, the use of blockchain technology will increase markedly, which will have a positive effect on technological progress. When all the countries of the world agree on a cryptocurrency and blockchain, then there will be a development.
Yes that's the real picture of the industry as there is no strong regulation and compliance on the initial coin offering. A lotbof ICOs are raising millions of dollars through their token sales but they don't have the real working product and also there were some ICOs which had very unsuccessful testnet and mainnet launch. Still I believe there are few ICOs which are doing great in terms to take cryptocurrency on the mainstream level.
this already happened a few years ago.
and with the current market downturn, you will see which ones are really high quality coins, and which ones only become shit coins.
and with the current market downturn, you will see which ones are really high quality coins, and which ones only become shit coins.
At some point i agree with you, many project just covering thier modus using ico+blockchain. But, there are many project too that will need to applying blockchain technology because its necesarry, like project for real estate, banking and so on
This is why most ICO's fail by by not knowing the used of blockchain and creating project without the application of it and the main purpose is only to attract investors to invest in their project and collecting money for their own pocket and sometimes it's called SCAM PROJECT.
The fact that some projects do not become successful due to some reasons does not mean the Blockchain is being abused.
So, do you know why the fundraisings from ICO are decreasing? Because today's investors are wiser in investment. They know what blockchain can do and what benifits are bring back from blockchain. They do not invest in the projects because these projects define itself as "blockchain application". Blockchain is really unnecessary in these projects, even just a tool for tokenizing their fundraising. So, are you still calling it is a "blockchain application"?
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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.
Yes, you have the same thinking with me.
I think it has its own selection process, anything is not suitable then be eliminated.
This is just the way a project to attract investors only. to whether to join it or not necessarily depend on the respective investors. When did see blockchain, in this case, is only used as a guide, of course, could certainly know the decisions that will be taken. This will not affect the bad against the existing blockchain system. They merely used the name and perhaps consider this bad only those who do not read the detailed explanation of the project.
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.
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.
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.
Projects are not abusng the Blockchain technology. Blockchain technology is made to offer a vast scope of usage which can be utilized in various sectors of life. This is what the projects do - utilization of the Blockchain technology to bring solutions to humanity's problems. The fact that some projects do not become successful due to some reasons does not mean the Blockchain is being abused.
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I beleive that blockchain will be always a good technology. But if too much people abuse it, it will have a bad effect at least.
Just like the internet boom, people are developing unnecessary shit in a rage of new tech, blockchain. ...
This shit needs to be cut down...
This shit needs to be cut down...
Yes, this needs to be cut down. But we can not do anything now. Because this technology is a general asset, we can not prohibit them. I think it has its own selection process, anything is not suitable then be eliminated.
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Yes, I learn something new now.
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No, they are truely using blockchain to launch their project. If you mean ICO, yes they are using blockchain to gather more investors yet I do not agree that they are abusing it.
ICO is just a method for fundraising. Here I mention those projects use blockchain though it will run well without blockchain, even just use blockchain for this called "utility token". This is a really abusing.
Yea its been abused time over time since 2017 and now people are paying the price with this crash.
Crypto run by users,traders and investors so if they abuse any kind of investment i think btc and alts will drops little by little because we are the price here so if anyone do scam or hack of course it has impact in market even just a little then to avoid this or the solution only by this is do invest if you really know where your money can bring you like the assurance of bitcoin or bitcoin is run for so long here in crypto so we can do invest in this so apply this in altcoins
Indeed, especially for everyone new in this blockchain technology, just by mentioning that the project is implementing blockchain, that is no mater what kind of implementation, for new people that already a good promotion of the project.
Think it as an entity with the bargain. Currently, it seems that blockchain will be impacted with negative trades and abuse but we will learn how to restrict all of this over time. There will be some regulations as well, but we need to keep our faith in the tech and understand that nothing's perfect.
Strong encryption will improve the scope further. So we just need to wait and watch.
Strong encryption will improve the scope further. So we just need to wait and watch.
I totally agree with this post. I have notice that anybody could create token and launch it using blockchain technology so it could encourage supporters and investors. Through the use of our very advance technology many unscrupulous people would always try and find every possible ways to make huge money by scamming many people but I believed that people nowadays are smarter and more wiser and they would only support those legit crypto projects.
In my opinion, it is not a problem, but there is a sign that the world will not change in the future, and how the world can abandon such technology.
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 some companies try to use blockchain in their system so with that way they can do some ico and create token and they can collect money easily.
Surely they are abusing blockchain but i believe investors. Investors getting more experienced day by day. So after some time they can easily detect these scammers or
abusers and they will start to pass their icos. So i believe time will solve everything .
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