Bitcoin Forum

you are wrong about multiple things here.
- the fact that a lot of shitcoins exist and a lot of projects are scamming people has nothing to do with the technology. it is like saying the technology that created vehicles had a motive to kill people because car accidents are common!

- investors are not losing confident. investors never touched altcoins in firsts place, the huge volumes you saw in 2017 was from "gamblers" not investors. and since gamblers always lose they eventually go away.

in my opinion, there is not much real implementation of blockchain in real life..
i know that there is an implementation of blockchain into accounting software and it sound logical
also in some banking..
but in that scam projects the world "blockchain" is used for hype only.

Maybe what is better to say is that, there are many 'blockchain based' projects that are considerably frauds. Since as we can see, most of the blockchains created is performing in the market, the only problem is when many projects utilize a cryptocurrency running on the same blockchain technology. To mention, there are many fraudulent projects since smart contract by ethereum is so easy to utilize. For me, atleast regulation of projects should be considered, even if not regulation of the crypto itself.

It all depends on the people who are implementing the project. At one time, were a myriad of ISOs that were very popular. A large percentage of Blockchain projects were scams, because project implementers had a desire to make money on people, and Blockchain was just a cover. We live in times when every second person is a scammer, unfortunately

It's an unregulated market. If they manage to sell, they get some easy money. Some are willing to invest into such scams.
But beware, not all failed ICOs or worthless coins come from scam projects; some may have started with good intentions and simply failed. Also nowadays the altcoin market is so low you may mistake a good project with a failed one just because the volumes and prices have fallen a lot.

Of course that's not the goal of the blockchain technology.  Wherever there is money to be made you will see scammers no matter what industry.  People should noy participate in crypto projects unless they fully understand the phenomenon and they conduct a thorough research of the project business model, team, token, etc. That is hard work that most people are not willing to do. Instead they prefer to lose their money by investing blindly at other people advice or who knows from what sources.

  I think there really may be just a handful of decent projects these days. A lot of projects crop up most likely to make a fast buck. If you were to check the coinmarketcap you would find that there is a ton of shit coins.
  There are so many that it makes the legitimate projects look suspect. When ever there are opportunities for innovation, you will find there are an equal amount of scams as well.

The focus is there, it's just not the right one to attain development and to move further in technological aspects. Profit is the main driver as to why people are still creating projects that are literally just a copy of previous ones, with just a different name, different hard cap limit and different block time or any of those little things that only require little effort to say that the project was a completely different one. I'd not wait for future potential ETH, DASH, XMR or any other else but instead just focus on the developments of what currently is offering the most in the table.

How about smart contracts? There's a lot more of that than the blockchain technology way back 2017. Well, whatever that maybe, if its related to cryptocurrency, there should be a space for expecting that no project will last in the long run. Some made crypto projects to scam and they make it as a front only. That is business but they are doing it the wrong way.

It is only under the guise of deceiving investors, the scamer continues to do it in various ways so that it gets easily, the project called the blockchain is a lot of interest in it, because I know that blockchain technology is a serious project for the future, so that is the reason for the scamer use the word blockchain.

Perhaps the altcoin market is already saturated and there's no projects that comes up today that can disrupt any industries, let's say supply chain. That's why the current bred of blockchain technology that are popping up are not unique and probably bad actors behind are using it as front to scam people.

You just have to look at fiverr and see that many individuals are promising to create a cheap token for a measly $15. That's why the market today is saturated of useless crap projects.

Absolutely agree with what you wrote.  I haven't yet seen blockchain tech being implemented in real life, and I wonder if I ever will.

Scammers figured out early on that people were more than willing to throw money at them if they talked a good game with their blockchain project and if it looked like there would be a promising token produced.  And now?  It's the same thing over and over again, and most of the new 'projects' are just rehashed scam attempts.  The really bad part of this is that people are *still* giving them money!

Is anybody really using them for real world problems?

I share your frustration @OP. There are numerous projects out there who don't give a dime about their use case or about their project, all they care about is the funds that was raised during the ICO, IEO, STO etc. once they have accumulated some decent amount of money they ignore further developments of the project and blame the market for this  :-[

In the midst of all these scammy projects there are a handful of good ones such as Harmony or better still just stick with already developed and working projects in the industry.

The fact that most of these blockchain projects has a good intention to continue but unfortunately some of them tried but still failed due to lack of support or some of them already have the funds to continue but they were eaten by their greed emotion and end up dumping the good project. While some of these projects continue because they have the funds already.

You are asking why they are scammers? Because they get free money doing nothing. They don't care about your money or how you would feel after getting scammed. They enjoy scamming naive people. They aren't all bad, after all you get to learn something out of it. You become more cautious after getting scammed. You learn to not fall for stupid "offers" or offers that are too good to be true. You learn how to spot scams!

I don't think we can call most of them "projects" as they are simply copying code and creating tokens,... without any efforts. a project by nature should take some time and effort to be created and has some clear goals. these things we keep seeing in the cryptocurrency world are not that at all.
and if you remove all the crap then you can start talking about whether "majority" of real projects are bad or not.

Yes, smart contracts are being used daily. Go take a look at MKR/DAI and find out how people are collaterizing their blockchain assets to take out trustless loans, and find out how that system creates a trustless stable coin
Or have a look a Gods Unchained and compare it to Blizzard which just took away players' earnings.

There are many many gimmicky smart contracts which have no use at all, I won't deny that. But there are also some legitimate projects being built, that can actually solve problems.

The sole reason behind this is lack of accountability that these projects have. There are almost zero accounting and presentation rules for such projects which makes them do anything they want. There is nothing stopping these projects. All they show you is one address on their blockchain which has a lot of funds and the rest of the funds are being used for a luxurious life of the project owners. I think this is why normal investor isn't confident with investing in such businesses. I think there should be some rules and restrictions regarding the mobilization of funds and these projects must also come out with some financial statements on regular basis.

In every investment opportunity we can find the scammers as well as the good investors.
So in the script of field also we are seeing the same and many people Al since the rise of scammers who came up with the different name branding the different ICO project.
So we need to equip yourself to find the the good one.

I agree with these points, but I'd like to add another thing as well. Not all of the projects that failed intended to scam people, I am sure of it. Some projects did, others were pretty terrible from the beginning but had the teams that believed in them. There's another category of projects that already allowed their investors to profit the hell lot, it's just that it was back in 2017, and investing in them in 2018 was too late. But speaking of profits and projects, it was not really supposed to be their main aim. They all had their use cases like special platforms, devices and stuff like that related to them (I'm talking about the top altcoins now). And whereas over the hype around them, they allowed people to profit a lot in the early days, many failed to do what they intended to do. And no wonder that after such failures of even those that seemed to be the good ones, investors are not interested in such stuff anymore.

This is because of self greed  and has nothing to do with blockchain technology, since the space is not regulated there is no control of what would be presented to the people,  this what you get in an unregulated community where everyone is free to do as they please, this has nothing to do with blockchain.

because there is still no standard for applying blockchain projects that are connected to businesses. so that many investors do not focus on studying the real possibility of its application and only care about the investment development module.

many large holes from fake projects entered because of the uncertainty. especially when dev is just an intention to form a wrapped theory that is very interesting, I call it theory because they only focus on quick income for the basics of further node development, while their own projects do not have complete power bases for long-term aspects.

We're pretty close to adoption already hang on.   ;)


Totally agree with this. Its like drugs that is invested to cure but are now used to cure boredom and get high by people who has something else in mind.  

I didn't know the money flow last 2017 was from gamblers though. Must be a long process to distinguish the funds were coming from gamblers and not from institutional investors.

Sad but true. Most projects become a money making/milking  project. After the project launch and devs and whales got their profit,after the big dump..nothing happens.Key people are gone and some are starting a new project to launch and the cycle begins. They lost the main essence and implementation of the project,continuity and passion gone when no money is coming in.

Just steer clear of anything that runs on a third-party blockchain. That's where the real scammers prey.

Yes, it has nothing to do with blockchain technology and let things be like that.
Scammers are spreading around, we can't just simply rid of them and stop what they are doing today cause in the first place, we actually never know who they are and give a hint to the community. For those instances, we can't escape the reality that blockchain technology has a positive and negative impact on the community.

That's why ICO investment is considered good as dead because due to scams that been rampantly circling into this field.

Scammers do make use or abuse this way of funding on making fake projects that had even those unrealistic goals or targets.
They aren't focusing on innovation but they do hardly focus on how to make easy millions of dollars thru ico sales.This is why
investment with ICO is already not worthy.

Yeah the statement itself contains a lot of defect in logic , you can't just blame the whole blockchain technology wrong due driving a lot of scam projects, just look at the bright side where it's driving a lot of useful projects too for the long term , people is too easy to generalizing something and that's wrong.

Better to educate yourself more intensive so you'll be able to look at the project in crypto currency space with the real use case and a vision to solve a tough complicated problem that has been exist for years.

The ico hype is over , the amount of shitcoins under fake project is no longer aggressively flooding the market as the system and people around the community has learned from the past experience. End of the words, we are just fine

Not because OP joined in failed or scam project does not mean it's because of the blockchain or the technology. It's due to abusive team whose using them. Blockchain is a system used to improve transactions. If we will be careful in choosing project, take necessary studies and background check we can avoid scam. There are legit projects those in CMC tops, focus on them and never let greedy takes you when being offered huge amount.

I'd argue the completely different thing, have you seen what China has been doing with their blockchain technology. If that's not innovation, I don't know what is - even if I would disagree with some of their values, I can still respect it.

A lot of industries have used blockchain technology to a new level and have been able to utilize it in amazing ways, industries like the mining sector, the food sector, hospitality, retail, etc, have all started incorporating blockchain technology.

Whenever something new releases, obviously there are going to be scams, we can't do much against it though...

Our guy Satoshi Nakamoto did not make the blockchain technology and the Bitcoin to be the gateway where scams and frauds can easily go through. In fact, the blockchain technology can function as a way for frauds to be exposed, not to spread and perpetuate among the people. However, we could not stop people (the scammers and hackers) from taking advantage of the same technology for their own selfish interest and goals. Certainly, since the technology behind Bitcoin is open to all, it can be copied and modified to suit one's evil intention.

Now, we as a community are now all aware of this malady and it has come to be our responsibility to expose these scams if we found one and to report the same to the community, in fact we can use this forum for that purpose. Guys, if we are not careful with this problem affecting all of us there comes a time when there are only two things we can find in the marketplace: the fake ones and those Made in China (and many of them are fakes too).

It is now depending on us on how we cope with this blockchain projects that are frauds. Basically if there will be no supporters, they will not going to have a reason to continue what they are doing. We already know what bitcoin is capable of, we are already on it's 10th year and I am pretty sure that we already learned allot of lesson from it especially on how the blockchain works.

For me, I only support bitcoin at this moment, because altcoins in 2018 decrease my trust to them.

This is not a motive for blockchain technology, but a some person that make use of blockchain technology for scammers. actually the beginning is not like that. in the beginning the ICO project with blockchain technology was going well. because it's still a little ... when developers see lots of successful ICOs, then they compete to make projects. ICO is growing fast. many ICOs succeed but fail in project competition. and finally leave or die. then the scammers start following this. they make projects that will indeed be scammed. so when the ICO was successful, they left. and lost. to date most projects are like that. they don't really focus on the project. but focus on investor funds. so many investors are afraid to invest in blockchain projects.

Many project only focus with selling coin on ICO or IEO time and after success they will listed with price we wants and never back serious when price down, they will make new project for earn much profit without care will be available for their coin can back to higher price or not, only think how much profit getting with one altcoin investing project and how long they will get profit with building new coins for investing again.

If you did proper research on projects and invested after that I am sure you still find them in development.
Most of the projects stopped due to limited funds. They were unable to get private funding after the initial phase.
It doesn't mean they lose focus on the project. Resources are limited for them and development is going on with limited speed.

Not at all, you can't say the majority, yeah there are some of the scam projects which costs a lot. if you compare with the general market then you must find a lot of company in the share market which has a bad reputation and not as like as the credible. so people lost their money by investing there, I think in this platform, there is also some of the ill-intended projects, but the decision is yours, you need to be very careful before joining or investing any amount, It's true that this type of project has brought some negative aspect to this blockchain system, There is a group of people who also responsible to make this scenario, so think twice before doing anything.

I can agree with this. Blockchain has been very lack luster in the recent years especially with ther being so much potential, but basically over the last 2 years all that potential has gone into scamming and tricking a lot of people to give away their money for an ICO.

I'd actually say that the money raised for projects that have launched and are successful, is around the same or even lower then the amount of money that has been scammed from investors.

Basically in every blockchain project it always need focus in order to sustain its purpose and goals. Losing focus is quite a broad term since it has different aspects to give focus onto. Funds is a very important matter in every project as its the major source to sustain it. With that, people regulating and working can do their respective part in the blockchain project.

in my opinion it is a familiar view in my country, because here a lot of projects are scam and only want to benefit the developer, therefore investors here very rarely support domestic projects but foreign projects, but companies in my country are currently developing the latest blockchain technology and I'm still waiting for that.

No, Bitcoin has no connection to the other "scam" Blockchain projects. They just borrowed the technology and saw a opportunity to create a quick ICO and to link it to some Blockchain projects to cash in on some quick profits.

Will these scam projects influence Bitcoin? Yes, it will... the media and the uninformed public does not make a clear distinction between Bitcoin and scam ICO's... they just blame Bitcoin for everything, when something goes wrong.  :P

First and foremost, I don't think you understood what the post meant. Its either you are new in the crypto space or you haven't done any research about projects in the crypto ecosystem. The rate at which people use to invest in new projects has reduce.  Secondly, all gamblers are investors. As an investor,  you put your capital into something with the aim of either making a double or triple of your invested capital. Gambler also bet their money on something with a chance of making a double or triple of his/her money. In this way, we can gamblers are investors in their own way.  I think you should first try to understand what investment is before making an accusation.

It's funny, the Chinese president talked about the importance of blockchain and the price has gone up a lot in a short time, it is proof that this is an easily manipulated market and that people with a lot of influence can make the price go down a lot or go up a lot if they want to. As for your question, well, there are many projects for a growing market.

You are relating two different things. \
Majority of blockchain projects have lost focus because either they weren't scalable enough or didn't make much sense in terms of utility. There were hundreds of projects coming every month. Not all can make it big. Although everyone was trying to tap on the opportunity.
Regarding scammers bringing fake projects. That is a different problem. Any new technology has this disadvantage. As people are relatively less aware. So, scamming them becomes easy.
The focus on blockchain projects is pretty much still there but only the worthwhile ones.

Do you mean that many crypto projects have become very similar to each other and have lost their original essence?

Those that are behind those projects were never honest people, they were scammers from day one that discovered this market and have taken advantage of investors that are only looking for fantastic profits without making any real effort to deserve them, while I do not like that scammers have taken advantage of this market for their purposes it was impossible to avoid it since anyone can release its own coin without regulation.

However real investors have never been interested in those coins, real investors take the time to analyze the project and see if it is worth to invest in it or not and if you do that with those coins you'll soon realize that almost all of those projects are scams and not worth of your money.

are you referring to shitcoins and it's ICO and Crypto Exchage and it's IEO? if so, then it's all about greed and opportunity there's nothing more.
No, the motive of the technology was to separate bitcoin from any kind of authority/government making it decentralized and free to use to everyone without boundaries.
They are not afraid they are just being cautious and if there is a promising project you'll see investors lining up for it.

Is it true? a lot or a little is relative, man. If discussing something related to a quantity like this, it helps you to include accurate data or percentages, not just based on estimates, especially just because of rumours. In fact, there are still many successful, it's just that there are also many scam projects. If we want to analyze and search for more information, we will definitely get accurate data. Consider the following picture.
https://i.postimg.cc/n97STkZF/top10project.jpg (https://postimg.cc/n97STkZF)

simply because this industry is growing and scamers also love to lurk around it because there are huge money on here but of course this isnt the motive of this technology, the motive of blockchain is to provide a better service that are fair or transparent  , also to provide a new and unique payment system . lack of confidence is normal because in investing there is always a risk but confidence is still a must to become immune of whatever the outcome that youl be facing

So many projects are scams because people think it's easy to start a coin and make money. They think it's all about advertising so they put money in to create beautiful sites, animated graphics advertising videos, pay influencers start discord channels and then there's not enough interest so they scam to take people's money and get something out of it.

Starting a crypto company is not an easy thing and it takes time. People want money to start flowing in a month or two and get fucked.

Because of lack of knowledge of people too, they were trapped from the promise of the team, they don't know what they really doing, they were just taking risk thinking that their life will change in just a short period of time.

Having a good marketing strategy should not be the basis for us to invest, it was just a trap, so be careful.

What you affirm is true, in the rise of ICOs many criminals took advantage to make scams and there are still advertisements offering exhorbitant profits where a scam is clearly hidden, for that reason we must be quite careful and the issue of regulation is important, However, there are many serious projects that are working in a good way.

I dont think they had focus to begin with. Too much printing out money into thin air. Why should they carry on working? They have our money from the ico there is no reason to go on so they dont. They take the money and run. Thats why dont support shit. Its oretty easy to tell a shit project. People just lie to themselves about projects. They dont want to know the truth and they lie to themselves as they do not want to be wrong. Losing their money is less important to them when being wrong.

majority of blockchain project is dead and useless. Its much worse than just loose focus

Lack of regulation and people eager to participate are the factors that attract scammers to do such thing. To put this in simple logic, there will be no scammers if there are no people that are falling easily to their scam. And these scammers exist because no one would stop them, or make them responsible, once they just quit and steal investors money. No authority is responsible in penalizing these so-called companies that are outright quitting. There's nothing sure in the crypto-space. From price trends (whale manipulation), to regulations and policies, and anonimity, it's hard to figure out since it's made decentralized.

blockchain technology was not created to cheat. the number of scam projects is the fault of its users. not the blockchain technology. and there are some scam projects that in my opinion initially were not scam projects they just failed to develop the project maybe because of lack of funds because there were no investors. the number of scam projects has resulted in no investor willing to invest in new projects. therefore we must be more careful when participating in new projects. don't be tempted by the promise of a large token gift.

Those are not even blockchain projects because they never even understand what blockchain is. All you see in their whitepaper is just copy and paste from other already existing project or a camouflaged project that is written by some sort of expert. At the moment, there is just need for everyone to be very careful in respect of any project that they want to invest in now, especially the new projects, they are really full of scam as that is their main goal to scam.

Pending the time that there is regulation, we need to carefully research to pick a genuine project out, or better still just stick with some of these already existing projects that has been established in and working according to what they are designed for.

This is true indeed. The majority of crypto projects, especially ICOs which held between 2017 to now lost their promises, focus, technology. They came by naming a unique, revolutionary technology but later they did nothing except some exchange listing. Like the UBEX ICO project, I believed in their vision, but they are likely to scam now! But all the old and popular blockchain projects like Ethereum, Ripple, Bitcoin Cash, Tron, Cardano, Bitshares still doing better according to their roadmap and their focus is still on target!

Many scammers saw a big opportunity to create fake icos they did not lost focus the primary objective is to collect huge amount of money by means of scamming using ICO and presenting fake blockchain projects without knowing that those projects are all plagiarized until they discovered after months and still no updates and no products to show, some interesting projects lost huge amount of money from unexpected bear market and declared bankruptcy and in the end run away.

I think some of those who say like that are those who cannot use technology well so they cannot distinguish fraud because now so many people are fooled by projects that falsify blockchain technology to manipulate investors, with this situation we cannot blame technology, I hope we are more vigilant in choosing the current project.

The blockchain technology was never related to the scam projects, blockchain is a system of its own and just because some people use it as an excuse to rob people of their money it does not influence it, just because someone uses something for the bad thing does not make it bad, the real reason why many of these peoject fail and are not that popular anymore is that the hype behind it has gone, you see back in 2017 when the crypto market witnessed a huge popularity many of the investors rode the hype train and started creating and investing in shit coins and projects and after the hype died and the regulation came and doped the price of bitcoin and other cryptos significantly no one is still interested in them.

A lot can be done if there is a will. But as of now no one cares and the scammers are having a free run. I am afraid that now it is too late to rescue the ICO sector. The number of new ICOs listing every month has fallen to a small fraction of what we had in 2018, and most of the investors have decided not to participate in this sector anymore due to bitter experiences in the past.

A few simple regulations could have rescued the ICO sector, such as making third party escrow mandatory for the projects. But the investors continued to pour in their money in to shady projects, and this actually encouraged the scammers. Rather than those who are behind these scam projects, I would say that most of the blame should fall on the investors. If they had been a bit more cautious, then the situation could have been much different now.

And that should be our main issue with many of the projects released today, they show the perfect image of their project and what they want to achieve but there is no substance to it, when you begin to dig information out of that project and what they want to achieve very soon you realize the developers have no experience in creating a  project like the one they want to create and in some cases they do not even have coding skills.

And when I find out about this I cannot help to think why they are doing this and I always come to the same conclusions, they are doing this for the money, they have the idea that creating a cryptocurrency is easy, after all there are thousands of coins already, how difficult it can be to create another one.

Project developers are not convinced of the sustainability of their coin prices in the market, some of the things that I see are wrong in their post-ico mindset, moreover they have more coins than investors, they must have the confidence to control and not just think about the sustainability of their projects, escrow also only facilitates transactions and Refunds, the team does not look at the price precision to strengthen their project, and from this point most scam sentences emerge.

It is their lack of focus that actually led them to their death apart from the ones that are actually destined to die, those ones are what I see as professional scamming, because they purposely create a project to just die after they have received people's money from them.

I think that some project that initially had focus from the beginning really lost it because they have enough money raised during their campaign which they would rather just stick with that profit than pursue the real working product that would speak for some of their investors. I have stopped looking for newer projects now because they are the worst and I have just limited y investment that I do on a monthly basis to coins that are within the top 50 on binance exchanges.

Attributing their activities to the technology was a wrong statement because the technology itself has been very effective, but the means for which these technologies are being developed is the main things that are to be blame for scam because of their corrupt mind. The fact that there are people who are using the fiat currency for evil purpose does not make the fiat evil itself, the reason why we are just condemning fiat is because it has become less effective now and gradually going to extinction.

Blockchain technology has been very effective for people, which world government leaders are even encouraging their citizens to go for it while school are even beginning to lecture it to their citizens.

Because they are going to new experiments, without this crypto market will not develop.

There is too much positive things that blockchain had brought into this world since the Satoshi deliver it to us. Companies as big as google tried it.  It can even be used against the cryptocurrency users but its going to be a hell of a battle again for democracy that blockchain had won already.

But its going to be unfair if you say scamming investors is the motive of this technology. We all know the  government money are the scam of all time.

Blockchain is open for all and free from censorship and regulations. Although blockchain is revolutionary technology scammers are taking full advantage of anonymity. This is the main reason why investors are taking less interest in ICOs but IEO is the solution for this.

There is no point in having a huge number of ICO listings every month when there is a low success rate and major of the projects are presented to make money and shut them after a while saying they were not successful and then there is a shit load of scam projects, so it is obvious that the trend would die and now a days no one dares to invest in any projects because it is a very high risk investment.

Then please tell me how IEO has been a solution to these also because most of the people that are in charge of the IEO are also scammers as what they are after is thee money that the projects will use to register for the IEO and not after the project itself, it is only few exchanges like Binance and some other top exchange that are still doing their due diligent on a project before they release it, other exchange that I have seen are scams.

The regulation that we are all shying away from is actually the real solution to stopping some of the bad blockchain projects, because most of the project that we have don’t even know how to apply the blockchain technology, as what they just do is to hire an expert who would not follow through because of other project to help them develop something presently which they are not capable of carrying through.

Quality blockchain projects just get caught up in changing trends, they prepare everything about ICO from the start, but things develop like IEO and eventually make their minds go blank because it's not easy to change plans just like that, and have to enter the incubation stage again if they wanting ieo on the top exchange, I don't want to mention too many scam projects because there are still many potential ones, they only have bad momentum.

Blockchain's popularity is obviously being used by scammers to manipulate people. Blockchain is a very powerful tool that is backed by its smart technology. Because of blockchain's popularity and good economic help, scammers knows that they would catch investor's attention and interest if blockchain would be involved with their project, because of that, blockchain which is kniwn to be an epitome of security is being ironically used for something itbwas made against for.

Exactly, technology is not easy to create.  most of us only see them at the idea level and incorporate them into ICO projects, IEOs and promotional tactics.  Most investors are not experts in technology so they cannot have a comprehensive view of the project.  Technology projects are many, but the number of coders is always limited.  That is all reason to lead to the failure of a project.