Projects are abusing blockchain technology.

[E_3fff]

This is true. Many projects just want to raise money and for this uses the word "blockchain". Because it's mainstream now. And because of this, there are problems with other projects that are really working on their project, and there are also problems for bounty hunters. It becomes more difficult to study projects because of their large number.

[brusnika]

I think most altcoins are in for a sad fate. You can see the recent trend of delisting tokens from many exchanges and, perhaps, this is true. Security tokens are generally one big question mark, if the SEC starts to analyze, then most of these assets are doomed. Therefore, now normal exchange doesn't list such projects. Who holds, at the first opportunity, fix the profit (at least on decentralized exchanges) and buy more stable assets. Utility tokens are also unlikely to bring big profits in the long term, in fact it is coupons for a certain service and I don't really understand how they can be traded on exchanges and grow in price tenfold.

[smoker36]

This trick works only with newbies. If person have descent knowledge in the fileld of blockchain, this person would never invest in something like this.

[MR_Klip]

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?

Does this project need blockchain is the first question that I am asking myself before making investment. In most cases, answer is no, so it is like 2 of 10 projects are fine.

[danfred]

That is why you need to learn for some time to be capable of making right investments. Good for you that you have got it before loosing money.

[Kolikalex55]

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.

Blockchain is a common platform that is needed by all tokens on the market. Banal for transactions from one user to another!

[Patrix_1]

I think that the world is moving towards the tokenisation and I do not see anything bad in this process. It would be awesome if some big companies like Amazon or Google will release their own token. But we should select the projects that would have a place in the crypto space. I think it is a must for every ICO to have a working product.

[vixcious]

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?

Indeed, there are now a number of projects that use Blockchain technology and create an ICO project to attract investment. That really does not make Blockchain technology even more powerful. We really need supporters of this technology to be able to empower them. Now Blockchain technology has become a capital calling tool and we can not let it go any further.

[Anicasalar]

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?

Yeah, you have just described the reason of the crisis that we can face. People do not want to buy tokens of these projects and they die pretty fast.

[rltim555]

Yes, there is such problem. Basicly I can split all ICOs in 3 different groups:
1- blockchain infrastructure projects, where blockchain is a primarly purpose
2- projects, where blockchain is used indirectly
3- ICOs which use blockchain just to collect money.

[fortelen]

many found the moment things such as what is discussed. the blockchain is used to draw attention to investors who do not carefully see where the direction of the project. with only blockchain words without regard for the project as a whole then this would be a self defeating thing when thus entered therein.

[RockBar0]

many found the moment things such as what is discussed. the blockchain is used to draw attention to investors who do not carefully see where the direction of the project. with only blockchain words without regard for the project as a whole then this would be a self defeating thing when thus entered therein.

Blockchain is now quite popular and useful in business, in addition to the cryptographic market, many companies, many businesses are gradually applying the blockchain system to put into business, making business more convenient. a lot of.

[gelinshidong]

The facts can answer that if you abuse the blockchain, it will depreciate greatly. For example, Ethereum is the most real phenomenon. There are countless scammers here, this is a financial game. Some people will make money and some people will lose.

[Bittalk12]

You actually have a point. Most projects are only riding the boat and using blockchain as a front line to create a story that they are building something that could benefit and be applied in the real world where in fact, they were unable to support and develop their project when their altcoins gets dump. They can't even build their own blockchain and always relying on Ethereum network. Blockchain were already recognized around the world with high potential capabilities to be used in any businesses specially in transaction power and these shit ICOs that abusing the blockchain must not be supported.

[chipzeru]

I also found that some projects are not necessary to implement the blockchain technology to their product. Some of projects are just following the new trend of crowdfunding named ico as it becoming popular especially after the bullish trend of crypto market last year. The worst case is the people who creates ICO to scam the investor. But it doesn't mean that all of ICO projects are bad or scam. One of the examples is Bob's Repair. This project is utilizing blockchain technology to provide lower pricing in the home repair industry through a decentralized platform.

[clololck]

The abuse of blockchain technology has become a reality, and it has become the most advantageous weapon for scammers. This will result in a significant depreciation of the cryptocurrency. The current market is sufficient to prove that the consequences of blockchain technology abuse are very serious.

[PlusOne88]

Abuses are common with the technologies that we have. It made our lives easier but on the other hand it does also have something bad as an effect. This might be is just the same with the blockchain technology. Some ICOs are not even so serious about their project and ended up a failure or maybe worst as a scam. Only good projects should be in the blockchain.

[TastyChillySauce00]

Abuses are common with the technologies that we have. It made our lives easier but on the other hand it does also have something bad as an effect. This might be is just the same with the blockchain technology. Some ICOs are not even so serious about their project and ended up a failure or maybe worst as a scam. Only good projects should be in the blockchain.

People who have normal mind would easily find out that kind of phishy project instantly and then refuse to proceed further because they know it worth nothing.
That's why when there's a new project it's community to judge and they could freely ask about the suspicion.

[NRista94]

Some projects are abusing the technology, but not all of them thats for sure, what i stumbled on a few moments ago and what got my attention is this:

“We are creating an ecosystem in which anyone around the world can participate in educating an artificial intelligence,” says Isaac Bang, project lead for Mind AI.

The plan? To democratize access to AI through a crowdsourced database.

“Mind AI’s operation depends on two critical components: the core AI engine and the ontology database,” says Mind AI’s Chief Scientist, John Doe. “The ontologies, or the accumulated knowledge, are the fuel to the AI engine – without them, the AI engine cannot perform any reasoning.”

These two components, however, are kept separate. “The core AI engine is centralized, while the ontology database will be distributed and co-owned by everyone who contributes and submits ontologies,” explained Mr. Doe. In the future, Mind AI plans to decentralize the core AI engine.

This means that Mind AI cannot operate as a centralized entity and use the power of AI for self-interest or malicious purposes, since the community of ontologists (co-owners of the ontologies) can vote to activate a kill switch to disable access to the ontology database.


Credits:  https://www.coinspeaker.com/ai-owned-controlled-company-government/

[Rozita]

Yes, there is such problem. Basicly I can split all ICOs in 3 different groups:
1- blockchain infrastructure projects, where blockchain is a primarly purpose
2- projects, where blockchain is used indirectly
3- ICOs which use blockchain just to collect money.

And the most of scam projects belong to the third group.
There are many projects claiming to produce something that doesn't relate to blockchain technology. They could produce that when they were no ICO. But that time they couldn't collect money as they needed license for that. Now cryptocurrencies are helping them to collect money for something that won't exist.