Bitcoin Forum

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?

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.

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.

I 100% agree to this. Just like the internet boom, people are developing unnecessary shit in a rage of new tech, blockchain. Blockchain tech do has the ability to change many sectors from finance to retail. But it can't be used in just everything. This shit needs to be cut down. Everyday, I see hundreds of ICO with worthless project where blockchain is used unnecessarily.

We can't do away from this, any new innovation will surely be abused especially in an industry that is not regulated by any government institution. The responsible lies in the hand of an investor to carefully scrutinize any project before putting money into it.

there are a lot of projects right now and i suppose that we can do something about it and kill bad projects though i do not know how

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

thats why we call them shit coins. we see on daily basis that projects want to raise millions in funds for nothing.. they could impelement their project with just 2-3 million $$. in the long run there will be few cryptocurrencies in the market which will survive ,obviously projects with working products

I think everything is adopting blockchain technology and tokenization model, it is highly expected that the traditional stocks, shares and equities will also convert to tokens in near future, also we will see Ipos replaced by icos etc.

Sadly this is exactly the thing that makes crypto to look like some scam and a thing that really isn't needed. A lot of companies indeed just abuse the blockchain "powers" for meaningless things and grab a lot of money in their own pockets when doing so.

Look at the cryptocurrency market, now there are already more than 2000 coins and tokens, and most of them are created on the HYIP wave to get investors' money and buy a lambo. I really look forward to the time when only the coins / tokens that people actually use are traded on the leading stock exchanges, and not the garbage without a project and team.

what you mean by Blockchain will become worst if some people continue to abuse it?
Blockchain as an invasion will never get affected by such acts. It is not a new thing it is well known that anyone wants to raise some easy money they will just throw in words like Blockchain and decentralized in their project even if it is not really necessary, you can notice this very easily when you read the whitepaper of this projects.

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.

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.

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.

 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.

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.

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.

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.

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 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 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.

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

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.

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.

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

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.

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.

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 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.

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

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.

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 .

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 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.

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.

Yea its been abused time over time since 2017 and now people are paying the price with this crash.

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.


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.


Yes, I learn something new now.

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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.

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.

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.

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.

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.

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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Yes, you have the same thinking with me.

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.

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 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.

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.

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.

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!

Hi, this is Ruby-X. I definitely agree with you.
That's why we are preparing to be fund platform.
Ruby-X is ... ?
- Cryptocurrency and fund exchange platform.
- Private Fund management Platform.

Please check the lightpaper for more info thanks :)

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

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.

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.

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.

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.

There 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.

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!

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.

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.

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.

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.

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.

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.

Tokenization, Is that even a real word or just a made up one? :D 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 :D

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.

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.

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.

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.

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.

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 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.

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

It seems that you look it like a method of marketing.  :D


And I could not understand what topic you argue with me. I am sorry too.


You seem to be a bitcoin-ism  ;D 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.  :P


It is really interesting quote. But, in my opinion, "Decentralization" is meaning somewhere in "Network", not in "Geographical location".


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.

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.

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.

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.

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.  ;)

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.

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.

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.

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.

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.

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.

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 has happened whenever the scammers find a new development in the technology that very few understand, they know that very few people are going to read the white paper and they are not going to understand it, people get easily impressed with the use of technical terminology even if they do not get it, and scammers know this, which is the reason why they can scam so much money out of this market.

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.

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!

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.

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.

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.

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

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.

yes that's right, I don't think you need to choose it if you want to invest. we all know that everything that contains the value of money there is always someone who will use it in all ways including as you discuss.
so if you want to invest or take part in a campaign, choose one that really uses the technology.

yes, it is an innovation even though it is actually not categorized as blockchain technology. but that's the fact that happened, I don't think there is anything that can stop those who want to develop crypto in any way.

The community is going to become worst if they continue abusing it, right now all of the coins that are following the tokenization trends are already hurting the market since they are taking money out of the market with these tokens. There has to be something done to curb the menace or else we would be waiting much longer than expected for the next bull market.

So many projects that totally abusing and lot of them is ICO scam project that always releasing and lossing money every ico that taking away investors funds.

The abuse of blockchain technology is actually not in the use of blockchain itself rather,  in the promotion of scam project using the word blockchain to promote!  I think if a project have not shown it's work on github,  such project do not deserve penny from Cryptocurrency investors!

Many are simply trying to apply wherever possible this technology. Sometimes it comes to the absurd, a sawmill or a cemetery. It is clear that such projects will not exactly get their investors, but there are very hidden projects of fraud, which at the expense of technology get a good profit.

Honestly that is just the truth, there are a lot of abuse on block chain technology by a lot of projects. Developers of many coins just come with the aim of making some money and abscond with it, with false or without any tangible developmental roadmap through block chain. In my opinion, I think Ethereum platform is most vulnerable to this.

I do not know if we can say that the ethereum network is being abused since it was created with the purpose of facilitating the creation of new coins in the market, and this can be used for good like many developers are doing but this can also be used for bad things like what scammers are doing, at the end it is your responsibility to check if a project is a scam or not.

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.

This is true. Many projects just want to raise money and for this uses the word "blockchain". Because it's mainstream now. And because of this, there are problems with other projects that are really working on their project, and there are also problems for bounty hunters. It becomes more difficult to study projects because of their large number.

I think most altcoins are in for a sad fate. You can see the recent trend of delisting tokens from many exchanges and, perhaps, this is true. Security tokens are generally one big question mark, if the SEC starts to analyze, then most of these assets are doomed. Therefore, now normal exchange doesn't list such projects. Who holds, at the first opportunity, fix the profit (at least on decentralized exchanges) and buy more stable assets. Utility tokens are also unlikely to bring big profits in the long term, in fact it is coupons for a certain service and I don't really understand how they can be traded on exchanges and grow in price tenfold.

This trick works only with newbies. If person have descent knowledge in the fileld of blockchain, this person would never invest in something like this.

Does this project need blockchain is the first question that I am asking myself before making investment. In most cases, answer is no, so it is like 2 of 10 projects are fine.

That is why you need to learn for some time to be capable of making right investments. Good for you that you have got it before loosing money.

Blockchain is a common platform that is needed by all tokens on the market. Banal for transactions from one user to another!

I think that the world is moving towards the tokenisation and I do not see anything bad in this process. It would be awesome if some big companies like Amazon or Google will release their own token. But we should select the projects that would have a place in the crypto space. I think it is a must for every ICO to have a working product.

Indeed, there are now a number of projects that use Blockchain technology and create an ICO project to attract investment. That really does not make Blockchain technology even more powerful. We really need supporters of this technology to be able to empower them. Now Blockchain technology has become a capital calling tool and we can not let it go any further.

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.

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.

many found the moment things such as what is discussed. the blockchain is used to draw attention to investors who do not carefully see where the direction of the project. with only blockchain words without regard for the project as a whole then this would be a self defeating thing when thus entered therein.

Blockchain is now quite popular and useful in business, in addition to the cryptographic market, many companies, many businesses are gradually applying the blockchain system to put into business, making business more convenient. a lot of.

The facts can answer that if you abuse the blockchain, it will depreciate greatly. For example, Ethereum is the most real phenomenon. There are countless scammers here, this is a financial game. Some people will make money and some people will lose.

You actually have a point. Most projects are only riding the boat and using blockchain as a front line to create a story that they are building something that could benefit and be applied in the real world where in fact, they were unable to support and develop their project when their altcoins gets dump. They can't even build their own blockchain and always relying on Ethereum network. Blockchain were already recognized around the world with high potential capabilities to be used in any businesses specially in transaction power and these shit ICOs that abusing the blockchain must not be supported.

I also found that some projects are not necessary to implement the blockchain technology to their product. Some of projects are just following the new trend of crowdfunding named ico as it becoming popular especially after the bullish trend of crypto market last year. The worst case is the people who creates ICO to scam the investor. But it doesn't mean that all of ICO projects are bad or scam. One of the examples is Bob's Repair. This project is utilizing blockchain technology to provide lower pricing in the home repair industry through a decentralized platform.

The abuse of blockchain technology has become a reality, and it has become the most advantageous weapon for scammers. This will result in a significant depreciation of the cryptocurrency. The current market is sufficient to prove that the consequences of blockchain technology abuse are very serious.

Abuses are common with the technologies that we have. It made our lives easier but on the other hand it does also have something bad as an effect. This might be is just the same with the blockchain technology. Some ICOs are not even so serious about their project and ended up a failure or maybe worst as a scam. Only good projects should be in the blockchain.

People who have normal mind would easily find out that kind of phishy project instantly and then refuse to proceed further because they know it worth nothing.
That's why when there's a new project it's community to judge and they could freely ask about the suspicion.

Some projects are abusing the technology, but not all of them thats for sure, what i stumbled on a few moments ago and what got my attention is this:

“We are creating an ecosystem in which anyone around the world can participate in educating an artificial intelligence,” says Isaac Bang, project lead for Mind AI.

The plan? To democratize access to AI through a crowdsourced database.

“Mind AI’s operation depends on two critical components: the core AI engine and the ontology database,” says Mind AI’s Chief Scientist, John Doe. “The ontologies, or the accumulated knowledge, are the fuel to the AI engine – without them, the AI engine cannot perform any reasoning.”

These two components, however, are kept separate. “The core AI engine is centralized, while the ontology database will be distributed and co-owned by everyone who contributes and submits ontologies,” explained Mr. Doe. In the future, Mind AI plans to decentralize the core AI engine.

This means that Mind AI cannot operate as a centralized entity and use the power of AI for self-interest or malicious purposes, since the community of ontologists (co-owners of the ontologies) can vote to activate a kill switch to disable access to the ontology database.


Credits:  https://www.coinspeaker.com/ai-owned-controlled-company-government/

And the most of scam projects belong to the third group.
There are many projects claiming to produce something that doesn't relate to blockchain technology. They could produce that when they were no ICO. But that time they couldn't collect money as they needed license for that. Now cryptocurrencies are helping them to collect money for something that won't exist.

+1 for the topic. We see waves of projects which don't need the blockchain, (not even to success for some) Most are only to attract the funds, perhaps using this canal for raising funds are more efficient than your bank or VC. I would rather invest in a startup that uses the ICO model than investing in useless cryptos.
Are they abusing the technology, not directly, its image in the short term but the blockchain will be like 2FA is today, banal.

We have more than 1500 Cryptocurrencies trading on the market now and many of this coin or token are just there for speculative trading purposes. They don't have any tangible use case that will make their value to increase with time. I think the industry is passing through a phase and time is coming when only solid project will have a place in the market.

You are absolutely right, there is urgent of a measure that will reduce the abuse of this innovative technology. Most of all this project just come to enjoy the ride of the industry, make money through ICO and exit. Though I don't want government regulations but will should be able to regulate the market with a decentralized approach.

Many project and idea are irrelevant in the crypto space, many common project just launch in order to raise fund, the idea introduced can be done without the use of blockchain technology.

so from that analysis and an understanding of the project will be the important things. do not easily believe the title alone because even that alone can be deceiving. many even projects on behalf of blockchain but surely there is no such function in it.

G
For the project that do not have correlation with blockchain, it is now left for investors to always do their research before investing into any of such project. There are definitely lots of them out there now.

This is so true and it's so annoying to see such a project trying to raise millions of dollars for a project that won't cost much to build and when you see such a thing,  you will know that they are after the money and nothing else.

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.

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.

yes you are right, there are several projects that mention if they will implement the blockchain into their platform and create utility tokens to run the ecosystem but the fact is after ICO ends and the product has been launched they don't keep their promise, even the utility token is not used on their platform (not used as payment on the platform) aka there is no function

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.

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.

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

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 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.

yeah, now there are a lot of things like that.

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.

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.

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.

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.

that's right, and even projects with such false blockchain system started encountered at this time. they are only utilizing big names blockchain to attract people to opt in to support them. but when can understand what they are doing these things certainly could have been to avoid. If this continues then it will be difficult to find investors who would be able to believe in the new projects.

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

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.

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.

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

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.

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

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.

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.

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.

That abuse is actually what has been digging so deep in this space right now and it is just quite unfortunate there is nothing anyone can do about it and we just have to realize the fact that in most cases as it is, this space is not regulated, so it leaves a huge gap and gives everyone the chance to do whatever they feel like.

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.

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.

Looking forward to the developments coming to check all scams here.in crytocurrency. These might be some sort of regulations. But, these regulations are very difficult to implement universally because of the decentralized system of cryptocurrency. I think the next best thing to do is intead of universal regulations, we can implement per country regulations such as Australia has been working on about ICOs. Also, US lawmakers have been debating about ICOs too.

Most of those projects are making their services related to blockchain so they can create an ICO. They most likely chose this kind of fundraising because it was easy to get funded and even if blockchain is not necessary for the solution, it can be a good and financially prospering project.

That's true because of these scam projects/ICOs that are using different platforms for their tokens or using the blockchain in general are giving stains to it. Investors now have less trusts to cryptos as they were the victims of these scams and it is really ruining the reputation of those legit cryptos.

Yes right, their are different projects that might affect the blockchains. Well the project is very useful to our nation and it gives more informations and income to everyone. We need to support some ICOs for us to determine what is really good for it.

That is what we are witnessing now, we are now having problems when it comes to verifying the projects that are good and the projects that just want to make money from you. So many of them are just using blockchain as a means to get some quick money, they do not have anything to offer and they know that their coins is not going to do anything good

Yes, there are many projects that have little to do with the blockchain, but they use the blockchain as the main propaganda. Obviously, this is abuse.
Such abuse can't help the blockchain and crypto, it only affects the reputation of crypto, and people think that crypto is scam.

They create utility tokens only because they want to start ICO. And ICO is an easy way how to collect enough money without any regulations, restrictions and so on.

Yes, today there are a lot of fraudulent schemes using this technology. and how to deal with it while nobody knows. but there are honest projects that use blockchain, which they do not need at all, but they just need to show that they are keeping up with the times.

Unfortunately, the crypto market is still very young. Yes, many people abuse the concept of blockchain and attract investment for the development of their projects, which have nothing to do with it. The market allows you to do this. Lack of culture of investing, weak regulation, all this hurts the market ... But sooner or later the market will become civilized. And these negative moments will disappear.

Such projects won't live long on crypto market. People are trying to raise as much funds as possible so they hide a bad technology behind the word "blockchain"

I think soon useless projects will stop funding. And we will not see these Shitcoins anymore. Yes, many projects do not require technology blockchain, but they are trying to make money on it.

Blockchain technology is phenomenon and we have seen how important this technology is and it's usefulness is well demonstrated more I'm cryptocurrency and data! The thinking that blockchain could solve all the problem is false!

you came in at the peak when the scammers are actively using the cryptocurrency and the technology for their own dark plans. CEK USA struggles with scammers, I think this struggle will be fruitful.

Abuse has become a fact that cannot be modified. All this has been done by Ethereum, so now you can see that the price of Ethereum has been greatly depreciated. This is the bubble effect. It will take a long time for Ethereum to recover.

Ethereum was abused to the extreme, this is a great technology. But now ICO has begun to decline dramatically. Perhaps the feast of this bubble is coming to an end, and the depreciation of Ethereum is good for the future of cryptocurrency.

It is similar to the dot com bubble, when all projects are related to dot com. This will soon end with a bubble burst. And the junk projects will be wiped out, the real blockchain projects will actually pop up.

People are greedy and they are always abusing things if they think that it will bring them a lot of money which is not a good thing for them to do. I have always thought to myself that there is going to come a day when we are going to be dealing with a lot of people abusing this technology for personal gain and here we are, not really surprised

Currently there are many projects that use Blockchain technology and create ICO projects to attract investment. But in this ICO set there are a lot of people who use blockchain just to collect money. This is more for beginners. Experienced investors will be able to detect such a phishing project and immediately refuse to go further.

Yes, I agree with you that blockchain is being abused. I think when this market will control the regulators, such projects will be much less or perhaps they will disappear altogether.

there is no such thing as market controlling regulator it's the opposite.  regulator could control the market and at the same time also abusing.
it is like a double edged sword, if the regulator seem to hate blockchain they might aswell naking everything difficult.