Projects are abusing blockchain technology.

[NeverSop]

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?

Have the same opinion with you. I suppose the blockchain is being abused in many different fundraising or even bad-scam purposes. The blockchain technology is an excellent invention. but it is still a macro part. Many projects rely on that, to draw dreams and all just the promise.

[delton22]

What i understand is that so many projects are trying to come in the guise of using blockchain technology so as to raise funds when carrying out their ICO. The truth is that new technologies must be abused and have flwas but as time goes on, it'll bounce back stronger.

[gorokill]

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 nothing new in cryptocurrency. Every day, I see hundreds of ICOs with useless projects where blockchain is used. They just change names and mingle with truly legitimate projects to raise funds from investors then they go without developing projects that they launched. But we cannot stop the abuse because using a blockchain is a legitimate reason for them.

[ImHash]

Tokenization, Is that even a real word or just a made up one? Most of the tokens are just fake/scam tokens with no actual utility. Yes I agree that most of them are abusing the technology while there is only one coin that really matters and that is the bitcoin. I wonder if there are any applications for most the tokens at all, How many of them do you know and use in your daily life? I think that there are none. Chances of two galaxies merging is much greater than the chances of tokens being used for real life applications

[mitsarasss]

What is happening with cryptocurrencies is now just a process, it is obvious that not everything is perfect and there is much to be improved, I am sure that in the future we will have a completely different idea of cryptocurrency than what we have now.

[miropp]

Yes, unfortunately there are many such projects. Because crypto is very popular and there is a good audience with a lot of money. I hope that soon the tokens of such projects will die, because they do not represent any value and cant be used anywhere.

[zininaks]

Theoretically, cryptocurrencies, in any case bitcoin, in accordance with the concept of the blockchain should be decentralized. But apparently this does not happen, writes Ethereumworldnews.
"Decentralization in crypto is a myth. It is a system more centralized than North Korea: miners are centralized, exchanges are centralized, developers are centralized dictators (Buterin is "dictator for life" ) & the Gini inequality coefficient of bitcoin is worse than North Korea", American economist Nouriel Rubini wrote on his Twitter.

[TonixGaming_14]

Yes, I agree with you. Many projects forget about what the blockchain was created for. They add it to any sphere, even where it is impossible to implement. Also, when they raise money on ICO, they completely forget about blockchain and technologies, just try not to lose the collected money.

[Happydd]

Blockchain is a technology that stores and transmits information by interconnected blocks and expands over time. Each block contains information on initialization time and is associated with the previous block. But there are too many projects abusing the blockchain technology. This is not good at all.

[bitkanu]

That's what usually happen. decentralizing something that's no need to be decentralized, so many people are just got interested to making a new ICO for easy money while their project is really not worth it even just to be presented to the public. Their project created just for money grabber meanwhile there's a lot of project that's good aswell but it's quite valid to say that people who just making ICO for money grab is abusing blockchain technology.

[paul gatt]

Blockchain is a technology that allows secure data transmission based on extremely complex coding systems. This is a solid foundation that many people like. So many ICO projects are built on Blockchain. Data transfer and security are advantages of blockchain.

[msbtrooper]

Such is bound to happen because of the fact that blockchain is decentralized. I will suggest forms of control on The blockchain so that it won't be messed up. Also with regulations, most countries who refuse to key into it will see reasons to incorporate blockchain technology into their economy

[tuthienloc92bk]

But all because of their abuse, blockchain and cryptocurrency are growing in popularity.

It seems that you look it like a method of marketing. 

I don't see your argument I am sorry. Blockchain is much more than cryptocurrency it is a distributed ledger that can revolutionise the way transactions are recorded and make databases more resilient. There is a good chance that some scam artists have pretended to launch a project to steal money from people but don't confuse that with the various application that Blockchain can fit.

And I could not understand what topic you argue with me. I am sorry too.

... while there is only one coin that really matters and that is the bitcoin. I wonder if there are any applications for most the tokens at all, How many of them do you know and use in your daily life? I think that there are none. Chances of two galaxies merging is much greater than the chances of tokens being used for real life applications

You seem to be a bitcoin-ism  I know bitcoin is the king of cryptocurrency world but I still believe few altcoins have its functions.
And "much greater than" is a mistake? I think you just said a truth. 

"Decentralization in crypto is a myth. It is a system more centralized than North Korea: miners are centralized, exchanges are centralized, developers are centralized dictators (Buterin is "dictator for life" ) & the Gini inequality coefficient of bitcoin is worse than North Korea", American economist Nouriel Rubini wrote on his Twitter.

It is really interesting quote. But, in my opinion, "Decentralization" is meaning somewhere in "Network", not in "Geographical location".

Their project created just for money grabber meanwhile there's a lot of project that's good aswell but it's quite valid to say that people who just making ICO for money grab is abusing blockchain technology.

I know there are few projects like that. Utilizing token to launch ICO for fundraising is not a bad thing. But there are many scam ICOs which raise funds like that make this matter become worse.

[Mahanton]

Such is bound to happen because of the fact that blockchain is decentralized. I will suggest forms of control on The blockchain so that it won't be messed up. Also with regulations, most countries who refuse to key into it will see reasons to incorporate blockchain technology into their economy

Control blockchain? You dont have idea on whats it for sure. It wont be controlled if there are guys who would use this tech for another plan.We have seen lots of projects that do make use of this tech and they are
the ones should really be stopped.We know blockchain technology can really be applied when it comes to payment system and other transferring data means.So we wont really need redundancy just like on what we do see nowadays.

[Gekkoo]

I think the abuse is being in the name, you will find anywhere in this forum the mention of key words where possibly it will arouse the interest of almost all people, but when you do a deep analysis, it ends up finding that not fairy and that is about to buy something insignificant! The blockchain technology is wonderful, only malicious people are out there.

[Tory-Tory]

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?

Most projects don't need blockchains and tokens, I agree with that. Cryptocurrency hype is used only because the company is much more likely to raise funds with ICO than with IPO or crowdinvesting.

[CoinEraser]

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, with some ICO projects I already thought that they use the blockchain only because of the blockchain hype, but I don't think we need to worry about that. The hype around the blockchain will pass and those projects that use the blockchain only because of the hype will disappear over time. So I don't think such blockchain freeloaders are a problem. The bigger problem are all the scams that can be found in the ICO and crypto market. I'm more worried about this negative development, but that's another issue and it doesn't fit here. 

[deevan]

Absolutely agreed with OP, they are using blockchain tech. for their startup ICO, as they are thinking their token, will rise in value & they will quickly get rick from it also from the funds raised through investors. They seriously have no intention to work on the project and offer a product to the public in time. They just use Ethereum platform to create a token which is really easy & just offers these useless token to the public and get their white paper written with full glitters by the third party to attract investors.

[ui_zakharchenko]

They are mostly trying to play on the new fashion trends in order to collect more money and go to his new car. That's their main goal.

[joyclicks]

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.

I think that's still fine. As long as blockchain technology is getting out there on peoples faces there will always be people who will see what blockchain is actually for (crypto currencies) and come along to the crypto world.

You can be a doctor in a hospital that uses blockchain to keep track of the patients and drugs and troubles of them and so forth in a software and you can simply take a look at what they are good for and become a crypto lover all of a sudden after a small research. So yeah let the projects abuse blockchain tech, as long as it also increases the awareness of crypto currencies I am fine with them.