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Author Topic: Projects are abusing blockchain technology.  (Read 1089 times)
tuthienloc92bk
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October 10, 2018, 04:16:18 PM
Merited by r1s2g3 (1)
 #1

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?

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Skroojee
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October 10, 2018, 04:21:49 PM
 #2

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.

CreamIce
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October 10, 2018, 04:29:46 PM
 #3

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.
SummerBliss
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October 10, 2018, 04:33:39 PM
 #4

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?
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.

Kofiy
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October 10, 2018, 04:43:02 PM
 #5

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.

beBearKing
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October 10, 2018, 05:59:24 PM
 #6

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 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

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beBearKing
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October 10, 2018, 06:00:03 PM
 #7

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.
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

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Muhammad Muneeb
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October 10, 2018, 06:34:30 PM
 #8

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?

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

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October 10, 2018, 07:36:37 PM
 #9

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.

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October 10, 2018, 07:42:06 PM
 #10

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.

IgorShumilo
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October 10, 2018, 07:42:18 PM
 #11

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.
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October 10, 2018, 07:45:51 PM
 #12

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.

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Ramtapsbtc
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October 10, 2018, 07:50:59 PM
 #13

I have been just in the crypto world for 5 months. I have tried to learn about blockchain, bitcoin, altcoins,... and I realize that blockchain is being abused.

Many projects are launched with the ideas of using blockchain. But actually, blockchain is not necessary to implement their projects. It just seems to follow the trend of tokenization. And their tokens are utility tokens, real "utility", which are utilized to raise their funds. There is no reality application of blockchain. I think everything will be good if it is enough. Will blockchain become worst if they continuely abuse it?

What do you think about this problem?
Blockchain is for us to see the transaction fast and transparent and it does not do anything with projects which you think is being abused. I don't see the end of people launching project because too much money are involve in this and greed will always be on people's mind. Using the blockchain is a legitimate excuse for them to make money.
ci1990
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October 10, 2018, 07:54:38 PM
 #14

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.
Kemileye
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October 10, 2018, 08:01:30 PM
 #15

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.

ColdEmbrace
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October 10, 2018, 08:06:23 PM
 #16

 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.
alizay
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October 10, 2018, 08:06:48 PM
 #17

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.

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aliceHortrex
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October 10, 2018, 09:04:15 PM
 #18

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?

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.

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Ranly123
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October 10, 2018, 09:12:25 PM
 #19

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?

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.

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October 10, 2018, 09:29:12 PM
 #20

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?

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.
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