Is the Blockchain getting abused?

[amila_cs]

Since the era of ICO's there is so many blockchain projects that call themselves some revolutionized project which aim to solve a problem using blockchain. But by looking at some of them blockchain is clearly not the way to implement the solution. People seems to do it since ICO's are easy money now a days.

Is the ICO's are killing the blockchain and Satoshi's dream? You can read more in this Quora thread.
https://www.quora.com/Is-Blockchain-overrated

What do you think

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[hamdi]

the right way to go is building upon bitcoins blockchain, not starting some new chain.

btc chain has so much power behind it, so use that, build on that.

[AdolfinWolf]

Since the era of ICO's there is so many blockchain projects that call themselves some revolutionized project which aim to solve a problem using blockchain. But by looking at some of them blockchain is clearly not the way to implement the solution. People seems to do it since ICO's are easy money now a days.

Is the ICO's are killing the blockchain and Satoshi's dream? You can read more in this Quora thread.
https://www.quora.com/Is-Blockchain-overrated

What do you think

Yes, blockchain is indeed VERY overrated as of right now.

The hype around it right now is so big that everyone wants to profit from it. Institutional, but also scammy startups.

You currently have ICO's for the weirdest things, My guess is that out of 100 ICO's right now, 50 are an outright scam, and many more are just as useless.

You can simply scroll through something like Coinschedule and see these kinds of ICO's, https://www.coinschedule.com/ico/greenx#event3059 What exactly is the usecase for this ICO?

GreenX Network is a blockchain ecosystem that enables individual and institutional investors to discover and invest in lucrative, low-risk renewable energy projects around the world.

So what is the blockchain for? It seems to me that this is just an index fund for renewable energy projects/companies, with a layer/blockchain flavour attached to it.
(Good luck ever making profit off that ICO, btw..!)

[cellard]

Only blockchains which allow getting abused are getting abused. Namely, if Ethereum, with their ever-increasing blockchain size which many ETH holders don't seem to care, while it's a massive problem.

This is what happens when you don't put any control on who gets to use resources. Unfortunately for now technology doesn't allow for everyone on the planet to start making use of a blockchain without cluttering it and making it grow to stupid levels. This is why fee market is needed. All these projects that fall victim of avoiding this basic reality will collapse their blockchains (again, for example Ethereum). Compare ETH blockchain size growth vs BTC blockchain size growth and you will see how at this rate Ethereum will have huge problems.
 

[ProofOfLambo]

I fully agree. Many people say that ICOs are mostly scams, I say that ICOs are mostly ideas that no decent investor would even consider taking 5 minutes to explore. Blockchain is just used as a buzzword and the real uses (trustless, public, quick, global, exchangeable,...) are not applicable to the cases presented. Some more examples to add:

Incentiviced Pen tests... Why not using cash directly?
https://icobench.com/ico/buglab

Freelancing... How is this better than fiverr?
https://icobench.com/ico/gigtricks

And best for last.... Food delivery based on blockchain 

https://icobench.com/ico/bitecoin-network

[Thirdspace]

But by looking at some of them blockchain is clearly not the way to implement the solution. People seems to do it since ICO's are easy money now a days.

exactly! I believe the same, they're in it just for quick cash and to rip people off
this is just like evolved HYIP taking shape in cryptocurrency,
in HYIP, they are acting like legit running business with high return profit to share
in ICO, they are acting like a new business gathering fund with promise of high return too

Is the ICO's are killing the blockchain and Satoshi's dream?

I would say taint the blockchain and Satoshi's dream
common people might labeled blockchain as technology used by scammer and/or for bad activities

[kaar]

Since the era of ICO's there is so many blockchain projects that call themselves some revolutionized project which aim to solve a problem using blockchain. But by looking at some of them blockchain is clearly not the way to implement the solution. People seems to do it since ICO's are easy money now a days.

Is the ICO's are killing the blockchain and Satoshi's dream? You can read more in this Quora thread.
https://www.quora.com/Is-Blockchain-overrated

What do you think

While all ICOs except for a very few are completely useless or simply straight up scams, I wouldn’t say the blockchain is being abused more than other areas. There are countless of scams and shady projects all over the internet. There always have been and there always will be. I’m not sure what dream exactly do you think Satoshi had but as far as I know he never separated the blockchain from bitcoin. Bitcoin does have it’s issues but it’s certainly not being abused.

[RGBKey]

It upsets me to see some of my friends getting taken in so easily by always trying to invest in "the next big thing", what seems to me like throwing away their money without doing their due diligence. Oh well, a fool and their money are soon parted.

[amila_cs]

Only blockchains which allow getting abused are getting abused. Namely, if Ethereum, with their ever-increasing blockchain size which many ETH holders don't seem to care, while it's a massive problem.

This is what happens when you don't put any control on who gets to use resources. Unfortunately for now technology doesn't allow for everyone on the planet to start making use of a blockchain without cluttering it and making it grow to stupid levels. This is why fee market is needed. All these projects that fall victim of avoiding this basic reality will collapse their blockchains (again, for example Ethereum). Compare ETH blockchain size growth vs BTC blockchain size growth and you will see how at this rate Ethereum will have huge problems.
 

Very interesting point you made. But one can argue if you can control who gets to use your blockchain then it is centralization all over again. But I believe there should be some regulations. What alternative blockchains you think are good and do not have this problem of ETH?

[linkybit]

Lately, we saw so many projects popup with little to no innovation and they expect they'll make millions in no time, good to see now people are spending some time on project research before making any investment.

[cryptoking33]

The blockchain technology is one of the best things that had happened to mankind within the 21st century, it's not the blockchain that is abused but the ICOs process. Many of the ICO are scam project, so you have to be careful when picking any ICOs project.

[Archibaldos123]

Block technology technologies are developing and are beginning to be applied in all industries and this can not but rejoice.  For this the future and I think it's obvious) It remains to learn how to deal with ICO scammers and everything will then be very cool

[bitmover]

Is the ICO's are killing the blockchain and Satoshi's dream?

ICO are the evolution of Satoshi's dream. This is nonsense.

ICO removes the money and the companies from the traditional stock market, with whales and institutional money, to the cryptocurrency market.

It brings the possibilities to people, to small investors... now a small investor from Africa can join an ICO from a promissing company in South Korea without any bureaucratic regulation stopping or charging high fees for that.

ICOs are revolutionary.

[Jibrinman]

Somehow, the blockchain could be seen to be under serious abuse due to some funny ICOs hitting the market now. These ICOs appearing to be scam are causing a great abuse to it seriously and I must attest to that. That notwithstanding, blockchain is the game...

[haidangtp]

Too many ICOs appear every day. I suppose the majority is not real. Just ideas, they do not work in reality.

[e@symode]

For those people who do not want other people to know about their affairs, this is really very bad and abusive, but for those who today understand that using blockchain we can do a lot, it's really very cool and good.

[Gozie51]

I think there is an iota of truth in the abuse. And this is tied to the numerous icos coming up daily, who have turned to be scam. If we can have a regulation of icos, I think the suppose abuse will be reduced.

[Itcher]

In any new area with good projects there are a lot of scam projects, you have to get used to it and choose them more carefully. Soon people learn to understand the blockchain and the fraudsters will not be so easy to deceive them already.

[dumplingsandsushi]

Of course ICOs are using blockchain for money.
In fact, a lot of companies are throwing around words like, "crypto development" and "blockchain implementation" to raise their value.

This whole entire crazy situation is actually very very similar to the dot.com bubble in the 90s.
So many companies popping up with so many fools throwing money at them because they were using this magical thing called the "internet".
This is the main reason why the market will come down crashing in the future.
How it is now, is totally unsustainable.

Out of this though, there will be the Googles and Amazons.
Take a good, harsh look at the top 100 coins.
How many of them actually have a real life working product and effective business model?
Yeah, only a handful.

[waorana]

I do not think ICOs are killing the blockchain, but there are so many fake blockchain projects in circulation. Investors are not protected and the cryptocurrency market suffers damage from these fake ICOs. For this reason, a general regulation of the sector and of the ICOs, to protect everyone, is increasingly urgent

[uwatere]

if I think blockchain technology is one of the best and also good thing is not blockchain which is abused but ICO process. Many ICO is a scam project, so you have to be careful.