Is crypto/blockchain overrated? Are we in echo chamber?

[hatshepsut93]

If you are spending a lot of time reading crypto news sites and social media, you are probably used to thnking that cryptocurrencies and blockchain are a cutting edge technology that is going to revolutionize everything in the world. This idea is often voiced by cryptocurrency and blockchain promoters as well as crypto enthusiasts.

Unfortunately, I see some signs that crypto community has actually built an echo chamber where all criticism is ignored and labelled as "FUD", while any positive statements are repeated without any thinking. One of the big signs is that you can very rarely hear about blockchain on non-crypto platforms. If you are reading news and social media, you can often hear about technologies like VR, AI, robotics, space travel, clean energy and so on, but you will almost never read anything about blockchain. Bitcoin is probably the most covered crypto-related thing in mainstream media, and generally it gets attention when its price dramatically changes. It seems like the world is way less interested in blockchain and cryptocurrencies than in other cutting-edge technologies.

The next problem is the results - there's already plenty of progress and achievements with mentioned technologies, but when it comes to blockchain, it's mostly just hype. People are telling how it will be used, but there's very little examples of how it is actually used right now. Companies are getting hundreds of millions with ICO's, and yet there's still no clear results to show.

Bitcoin actually made a technological breakthrough since for the first time in human history it allowed us to make digital transfers of money without centralized middleman, and its Lightning Network, which is already available on both testnet and mainnet, is a giant improvement for this technology. But for some reason many people ignore Bitcoin and think that it's already outdated and prefer some hyped tokens because marketing guys said that they will "change the world".

[haksdyahdad8]

The technical verification of the blockchain takes time. Moreover, many companies are raising funds in the name of the ICO in the face of the blockchain, and have not directly done practical things. This is why people have a bad impression of ICO.

[pooya87]

the problem started the day we started investing in ICOs because we wanted to become rich. they create a small group of people, mainly in their basement and call that a "company" and then ask for money to solve problems that do not actually exist! then after they receive the money they stop doing anything and move on to creating the next token.

But for some reason many people ignore Bitcoin and think that it's already outdated and prefer some hyped tokens because marketing guys said that they will "change the world".

you talked about criticism but there are none. there has only been FUD and hype about bitcoin. last year a lot of newbies found out about bitcoin and came in, all of these newcomers were told that "bitcoin is expensive and if you want to be rich buy our altcoin". the more each of them invested in each of these shitcoins the more they started defending them. i sometimes see people who have not even used the coin they are defending, all their coins are on the exchange and they have never seen the altcoin's wallet/node,... but still they defend it because they want to make money.

[mu_enrico]

Yeah, I know the majority of tokens seem don't make any sense. They promise blockchain based AI, VR, and automated stuff that if we really dig deeper, it's just a scam. I wonder how are these newbies fall into an obvious trap.

While some altcoin offers legit proposed value as being a bitcoin fork with a little tweak here and there, but again the majority offers false promise, such as POS, DPOS, MN, and claim to be better than Nakamoto POW.

It's just sad.

[hatshepsut93]

the problem started the day we started investing in ICOs because we wanted to become rich. they create a small group of people, mainly in their basement and call that a "company" and then ask for money to solve problems that do not actually exist! then after they receive the money they stop doing anything and move on to creating the next token.

I think a lot of the ICO investment volume is fake, teams just put their own money (perhaps obtained from previous ICO scams) to instigate confidence and FOMO. If more people will realize that no one is actually investing in ICO's, the bubble would quickly burst.

Yeah, I know the majority of tokens seem don't make any sense. They promise blockchain based AI, VR, and automated stuff that if we really dig deeper, it's just a scam. I wonder how are these newbies fall into an obvious trap.

Those are pretty obvious scams, but I think even popular tokens like EOS and TRON are some sort of scam too, on paper they kinda make sense, but I don't see them successfully competing with Bitcoin or even Ethereum, and most likely they will just die in a few years.

[monkeydominicorobin]

If you are spending a lot of time reading crypto news sites and social media, you are probably used to thnking that cryptocurrencies and blockchain are a cutting edge technology that is going to revolutionize everything in the world. This idea is often voiced by cryptocurrency and blockchain promoters as well as crypto enthusiasts.

Unfortunately, I see some signs that crypto community has actually built an echo chamber where all criticism is ignored and labelled as "FUD", while any positive statements are repeated without any thinking. One of the big signs is that you can very rarely hear about blockchain on non-crypto platforms. If you are reading news and social media, you can often hear about technologies like VR, AI, robotics, space travel, clean energy and so on, but you will almost never read anything about blockchain. Bitcoin is probably the most covered crypto-related thing in mainstream media, and generally it gets attention when its price dramatically changes. It seems like the world is way less interested in blockchain and cryptocurrencies than in other cutting-edge technologies.

The next problem is the results - there's already plenty of progress and achievements with mentioned technologies, but when it comes to blockchain, it's mostly just hype. People are telling how it will be used, but there's very little examples of how it is actually used right now. Companies are getting hundreds of millions with ICO's, and yet there's still no clear results to show.

Bitcoin actually made a technological breakthrough since for the first time in human history it allowed us to make digital transfers of money without centralized middleman, and its Lightning Network, which is already available on both testnet and mainnet, is a giant improvement for this technology. But for some reason many people ignore Bitcoin and think that it's already outdated and prefer some hyped tokens because marketing guys said that they will "change the world".

Crypto is a game changer which is the reason why they hate it. They are used to the age of SJW that they think these crazies will rule this epoch.

[Pursuer]

Crypto is a game changer which is the reason why they hate it. They are used to the age of SJW that they think these crazies will rule this epoch.

it is true about the technology not the ones that are using it.
when bitcoin introduced the blockchain technology and the idea of having a decentralized currency it started a revolution in the world that could never exist before. but unfortunately nowadays the only usage that this technology is getting in name of altcoins or tokens is for pump and dump purposes.

[aces777]

The blockchain isn't overrated but whats overrated is the valuations of the projects based on blockchain technology. Just have a look at the new ICO projects coming up and the valuations at which they are launching. In real world these projects wouldn't get even one tenth of the amount they are raising in ICO markets.

[avikz]

the problem started the day we started investing in ICOs because we wanted to become rich. they create a small group of people, mainly in their basement and call that a "company" and then ask for money to solve problems that do not actually exist! then after they receive the money they stop doing anything and move on to creating the next token.

I have a difference in opinion here! I agree that majority of the ICOs are scam and don't really solve any real world problem. But a business starts with a powerful idea which can be disruptive to the present way of functioning. That's what makes a real difference. So calling all ICOs scam is over generalizing the entire industry and it is not right!

However, the ICO investors should also have some merit to understand the business feasibility of an ICO. For an example, we already have messaging and calling apps like Whatsapp or telegram in the market. So if a new ICO now announces to bring another messaging app with similar functionality to the market, they may not make sense to many people. However, if an ICO announces to bring an app with integrated communication suite which can control your landlines and enable you to receive your landline calls from your mobile, that's something new and fresh to the market. The common ICO investors should understand these differences to support such disruptive initiatives.

Blockchain is certainly now overrated and we don't yet know the full potential of this technology. We are at a very nascent stage now and the only way to move ahead is research and development activities to unlock the full potential of it. Few ICOs are definitely doing that. 

[jademacoy]

Yes indeed you are a great observer. You had nailed the part wherein most people talk about blockchain which is beyond and having the edge over other technologies. Yet it is also clear where these block chain being implemented and what makes the difference between the other technology. It seems like that most of the members in the forum are just overrated the cryptocurrency. SOme of them boasting their profit and earn on it but in actual it is somehow that is not easy to earn money here in crypto.

[vv181]

If you are spending a lot of time reading crypto news sites and social media, you are probably used to thnking that cryptocurrencies and blockchain are a cutting edge technology that is going to revolutionize everything in the world. This idea is often voiced by cryptocurrency and blockchain promoters as well as crypto enthusiasts.

Wrong, the one who actually said those is the one who uneducated, all the experts know blockchain isn't a magic sprinkle things that solve all the problems in life.

But for some reason many people ignore Bitcoin and think that it's already outdated and prefer some hyped tokens because marketing guys said that they will "change the world".

It is because many people are uneducated about cryptocurrencies. They didn't know where is blockchain suits for. And I believe most of them is only think about getting a rich quick scheme instead of really maximizing the benefit of the project.

[lizardbtc]

No matter where are you in those who believe in something will see everything as perfect and call everything else to be FUD. I'll tell you why I think blockchain will play one of the key roles, because even if tommorow we have some another data structure for decentralized apps such as tangle or who knows what blockchain was the first. It is not perfect, but because of it many more opportunities are happening in terms of decentralized space and how we see and use money. Not many people could imagine and go for trying to create some decentralized platform or something but now, since we see that it is actually implemented it gives the boost to this space.

Even yet when media talks about blockchain they mainly give the accent to the private and centralized one for companies and since it is a buzz word most likley cloud companies such as IBM, Miscrosoft, Amazon are trying to get more people to use it because they are be the ones to earn out of this.

Many people are for the money and it makes them feel better about themselves when they hear good things. This is the two edge sword if you want to make something happen you can ignore the negatives and thus break through or you can notice the negatives and try to fight them and simply know whats happening around.

[sakahayang]

the problem started the day we started investing in ICOs because we wanted to become rich. they create a small group of people, mainly in their basement and call that a "company" and then ask for money to solve problems that do not actually exist! then after they receive the money they stop doing anything and move on to creating the next token.

But for some reason many people ignore Bitcoin and think that it's already outdated and prefer some hyped tokens because marketing guys said that they will "change the world".

you talked about criticism but there are none. there has only been FUD and hype about bitcoin. last year a lot of newbies found out about bitcoin and came in, all of these newcomers were told that "bitcoin is expensive and if you want to be rich buy our altcoin". the more each of them invested in each of these shitcoins the more they started defending them. i sometimes see people who have not even used the coin they are defending, all their coins are on the exchange and they have never seen the altcoin's wallet/node,... but still they defend it because they want to make money.

It is true that by criticizing bitcoin there must be a purpose. I think this is not good, unhealthy way taken will not be able to change anything and get nothing but insult

[freesia_pnp888]

nope,it is underrated for many years and people keep saying it's bubble.

[mu_enrico]

Those are pretty obvious scams, but I think even popular tokens like EOS and TRON are some sort of scam too, on paper they kinda make sense, but I don't see them successfully competing with Bitcoin or even Ethereum, and most likely they will just die in a few years.

Exactly! Even Tron's whitepaper was a copy paste here and there. Many of these coins represent a hope that it will become "the one" or will be very useful in the future. In reality, they are most likely would be a soft scam, just like a herbal medicine that offer many false claims. However, maybe they will deliver the product and fulfill their promises, we just don't know yet.

Still, the investors and the market are just irrational considering the price compared to the present value.

[brontosaurus]

Those are pretty obvious scams, but I think even popular tokens like EOS and TRON are some sort of scam too, on paper they kinda make sense, but I don't see them successfully competing with Bitcoin or even Ethereum, and most likely they will just die in a few years.

Exactly! Even Tron's whitepaper was a copy paste here and there. Many of these coins represent a hope that it will become "the one" or will be very useful in the future. In reality, they are most likely would be a soft scam, just like a herbal medicine that offer many false claims. However, maybe they will deliver the product and fulfill their promises, we just don't know yet.

Still, the investors and the market are just irrational considering the price compared to the present value.

Anything which comes new in the market is overhyped. That’s the nature of humans. Can’ say anything about cryptos but blockchain definitely deserves such an attention. Blockchain has the potential of revolutionizing all the sectors of the economy, be it banking and insurance or artificial intelligence. It can easy the working operations and offer high security in their fields through their unique feature of smart contracts.

[darkangel11]

Unfortunately, I see some signs that crypto community has actually built an echo chamber where all criticism is ignored and labelled as "FUD", while any positive statements are repeated without any thinking. One of the big signs is that you can very rarely hear about blockchain on non-crypto platforms. If you are reading news and social media, you can often hear about technologies like VR, AI, robotics, space travel, clean energy and so on, but you will almost never read anything about blockchain. Bitcoin is probably the most covered crypto-related thing in mainstream media, and generally it gets attention when its price dramatically changes. It seems like the world is way less interested in blockchain and cryptocurrencies than in other cutting-edge technologies.

I can't agree with this. I see plenty of articles about BTC, blockchain and ICOs in the mainstream media, even the smaller local outlets are covering it. It may seem that there are more articles about robotics and space travel than BTC because those aren't new things. BTC is nearly 10 years old, while the concept of robotics was coined by Asimov 70 years ago!
There's not that much coverage because:
1. You're not reading the right media. Go to Japan and by a newspaper, you'll probably find some mention of crypto, even if it's only in the form of an ad.
2. People are still unfamiliar with the concept. If you don't believe me go outside and ask 10 people in the street if they know what robotics is. Then ask them the same thing about blockchain.
I believe that the number of experts in robotics around the world is 100 times higher than the number of blockchain experts. And it also applies to journalists.