A major benefit of tokenization is minimizing the risk of exposing sensitive data and it will be the
future trend. Many projects are abusing the blockchain technology and proposing it for their useless
projects as necessary.
Topic: Projects are abusing blockchain technology. - page 8. (Read 18157 times)
Cryptocurrencies, beginning with Bitcoin, are at the heart of the new financial system — digital assets with economic value that use blockchain technology to verify, record and track transactions. They are native to the technology, use cryptography for security and are intended for use as a means of exchange, store of value and/or fund-raising mechanism.They are no doubt the future tech that will be widely used in the nest decade more and more and we can expect wide adoption in few years
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?
Good point. Most of them are really copy cat as well. They just change the names and then we have another project with another promise. But if you look closely, there's nothing significant and obviously no real usage. They will just raised funds and then be gone for gone, or worst, another scam project.
This has been going for a long time. Last year when the ICO craze was on, any project that they could think of would be incorporated/integrated to blockchain. I almost thought that there would be tokens for pregnancy because of this.. anyway this shitcoins would be shaken of the market sooner or later.
Good observation. I have come across such projects, which is why after getting to a point, there will be nothing to back it up and it will eventually loose its value.
Everyone of them just want to make money by coming under the disguise of blockchain.
I think i can now understand some reasons behind their coming to lunch on blockchain and everything boils down just money.
Everyone of them just want to make money by coming under the disguise of blockchain.
I think i can now understand some reasons behind their coming to lunch on blockchain and everything boils down just money.
Yes, you see quite a few projects choosing the ICO route because it is percieved to be an easier way to raise capital than traditional crowdfunding or venture capital. But I think we are seeing fewer of them hitting their funding targets this year than last year. It is harder for dumb ideas and obvious cash grabs to get funded as a lot of the "dumb money" has left the crypto space. Ultimately the market is a democracy and if people want to blow their money on dumb ideas I say let them.
I also feel the same way, if this continues because there are many projects on behalf of blockchain but do not apply according to the roadmap and whitepaper, then most likely crypto will not last long
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 really nothing new, when there was the bubble in the stock market and the Internet stocks were going up dramatically many companies were created that began to use the Internet as a way to raise funds when they knew very well their business model had nothing to do with Internet, this is just a repetition of that and unfortunately there is nothing we can do. 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 it's true; Today, only a few companies use a block chain, directly, the others use it superficially permissible to pay for project tokens, but there are projects where the technology is really needed; I will give an example @swachhcoin. The project will pay people for their trash. At the moment there is a 10% bonus, you can buy coins by the end of October. I advise you to see the project.
and that is very much happening in the ICO program now in 2018 and I hope that in the future the ICO organizers who just want to gain profits can be easily detected so that blockchain abuse does not occur if this continues to run rampant then there are more victims falling in their trap and this can make investors leave the real ICO
I think this is true as so many scam projects use the advantage of ICO to raise funds and mishandle it.These are all part of the misuses that is making people view blockchain as a bunch of scams but which is a wrong perception. There some other ways people misuse blockchain to try to steal people funds in their wallets.
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.
I have also same experience, Anybody claiming to use blockchain apart from ledger use is exactly fooling the people.Blockchain is revolutionary concept but you need to keep few facts in mind:
1. Everything is not suitable to be in blockchain.
2. Blockchain provide certain features , it is not necessary that I really require those features (like distributed, shared and immutable)
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?
The abuse is rampant lately. This explains why there are a lot of shit coins in the space. No real use for these tokens that the projects create, they're mostly intended to raise money from the investors and thereafter, nothing happens with the project. In truth, a lot of these projects do not require the blockchain technology to function, but it seems it's easier to raise money once 'blockchain' is in the mix.
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?
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.
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?
Of course, this is true, this technology by and large does not even need coins and exchanges is only an addition, but at the moment this addition is the determining factor for most projects.
Yea with people left to do what they want with no recourse they will abuse whatever they can and in this case it is blockchain just to raise profit for whatever they like. They may profit in the short term but long term this is not sustainable and these companies/people will fade out and the scams may at some point be found out and be punished.
Yes, you are absolutely on point on this one. There are too many projects out there with no real purpose in real life and only taking advantage of the ICO to get funds. Most of them turn into a sh*tcoin or some of them will even disappear and abandon the project. The world is crypto is so messed up right now as no one is regulating these new crypto projects.
Yes, you are right. A lot of people are abusing the technology and some of those project just come to crypto world without any purpose. The abuse is caused by lack of regulation by the government. Therefore anybody can just launch his or her project without purpose.
Yeap. People are abusing it because right now it's so easy to collect money thanks to ICO's and Blockchain.
However this will change as people realize that most of these projects are pure cash grab. They are not real life projects. It's all about the money for most of the ICO's.
However this will change as people realize that most of these projects are pure cash grab. They are not real life projects. It's all about the money for most of the ICO's.
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?
Blockchain is for us to see the transaction fast and transparent and it does not do anything with projects which you think is being abused. I don't see the end of people launching project because too much money are involve in this and greed will always be on people's mind. Using the blockchain is a legitimate excuse for them to make 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?
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