Projects are abusing blockchain technology.

[r1s2g3]

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.

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) 

[mimienamphine]

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.

[dark1234]

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

[trofim21]

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.

[Omega Weapon]

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?

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.

[metalglowd]

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

[iconoclast]

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.

[Perfect35]

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.

[hachiman13]

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.

[Reatim]

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?

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.

[vrabac68]

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

[CryptoCoinArbitrage]

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.

[pinovero]

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?

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 .

[Malmoun]

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.

[Mypanara19]

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 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.

[Annieluvyou]

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.

[purtoricopirate]

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

[tuthienloc92bk]

...

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.

Just like the internet boom, people are developing unnecessary shit in a rage of new tech, blockchain. ...
This shit needs to be cut down...

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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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.

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.

[Layers318]

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.

[cescudero95]

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.