Projects are abusing blockchain technology.

[Conasse]

+1 for the topic. We see waves of projects which don't need the blockchain, (not even to success for some) Most are only to attract the funds, perhaps using this canal for raising funds are more efficient than your bank or VC. I would rather invest in a startup that uses the ICO model than investing in useless cryptos.
Are they abusing the technology, not directly, its image in the short term but the blockchain will be like 2FA is today, banal.

[Psec]

We have more than 1500 Cryptocurrencies trading on the market now and many of this coin or token are just there for speculative trading purposes. They don't have any tangible use case that will make their value to increase with time. I think the industry is passing through a phase and time is coming when only solid project will have a place in the market.

[Adecrypt83]

You are absolutely right, there is urgent of a measure that will reduce the abuse of this innovative technology. Most of all this project just come to enjoy the ride of the industry, make money through ICO and exit. Though I don't want government regulations but will should be able to regulate the market with a decentralized approach.

[Olatunjex]

Many project and idea are irrelevant in the crypto space, many common project just launch in order to raise fund, the idea introduced can be done without the use of blockchain technology.

[darmin]

so from that analysis and an understanding of the project will be the important things. do not easily believe the title alone because even that alone can be deceiving. many even projects on behalf of blockchain but surely there is no such function in it.

[heritage35]

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?

G
For the project that do not have correlation with blockchain, it is now left for investors to always do their research before investing into any of such project. There are definitely lots of them out there now.

[losiva]

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 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.

This is so true and it's so annoying to see such a project trying to raise millions of dollars for a project that won't cost much to build and when you see such a thing,  you will know that they are after the money and nothing else.

[Eildosa]

We have not yet appreciated all the features of the blockchain. There are some projects that offer the use of blockchain and we need to support them. It is for them that the future of the blockchain is built.

[zk-SNARK]

Yes that is big problem now. These companies trying to use blockchain and tokens in their system and they are trying to collect 20 m dollar for that. It seems really fishy and only they want to collect money that is clear. Because of that we need to do our research about these projects and we need to understand which company really needs blockchain and which one dont need.

[syarifbitcoinishack]

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 you are right, there are several projects that mention if they will implement the blockchain into their platform and create utility tokens to run the ecosystem but the fact is after ICO ends and the product has been launched they don't keep their promise, even the utility token is not used on their platform (not used as payment on the platform) aka there is no function

[Yamifoud]

We have not yet appreciated all the features of the blockchain. There are some projects that offer the use of blockchain and we need to support them. It is for them that the future of the blockchain is built.

It actually we are here just to give support and witness of its development but it is sad that some individuals have taken advantage of ruining the image of the blockchain technology for the sake of their own. We simply protect the image of crypto and its usefulness rather than of bringing it down.

[Lpim01]

Yes that is big problem now. These companies trying to use blockchain and tokens in their system and they are trying to collect 20 m dollar for that. It seems really fishy and only they want to collect money that is clear. Because of that we need to do our research about these projects and we need to understand which company really needs blockchain and which one dont need.

Some persons have taken advantage of its anonymousity and bring undesirable things around. Of course, those abusive individual will surely never succeed in the end. We're not just making these technology for our own benefits but for the community improvement.

[transformt]

I am sure that after a certain period of time, the market will begin to regulate and punish projects that steal money in bad faith. everything will be fine but with time

[Xclusive5]

The abuse of blockchain technology doesn't seem to affect the technology. Those that abuse the technology are the hungry developers that only cares about their pocket. I believe blockchain has given the room for real and fake projects to run on it but the fact remains fake projects don't have future in crypto world.

[missyqt29]

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 think it is okay if they just use the blockchain specifically for transaction of money. Injecting some files or media to the blockchain will totally create a big mess. Also, the currency in blockchain should be valuable and profitable to avoid being a a dead coin.

[coinsycrip09]

We have not yet appreciated all the features of the blockchain. There are some projects that offer the use of blockchain and we need to support them. It is for them that the future of the blockchain is built.

It actually we are here just to give support and witness of its development but it is sad that some individuals have taken advantage of ruining the image of the blockchain technology for the sake of their own. We simply protect the image of crypto and its usefulness rather than of bringing it down.

yeah, now there are a lot of things like that.

i think indeed we as crypto lovers must be more choosy to support projects that are really good and work real. so that fake projects that damage the image of blochain technology and are only made to thicken their own pockets will die on their own, and over time there will be no more projects that will misuse blockhain technology in order to give personal benefit.

[MoreMoneyHunt]

Blockchain has a vast range of utilization which makes every business, company, institution, sector etc eligible to adopt it into their payments. It is not bad to see numerous coins being created each time but rather a sign showing that crypto is growing. It becomes bad when scam or fake projects set in the seen to loot from investors. However, there are new developments coming up nowadays to check all these scam projects.

[Absolutep]

This set of project are doing a lot of harm to the development if blockchain tech,they are making it more difficult to convince the world about crypto and blockchain tech because they abusing the tech.We just hope we can find a way to minimize all these.

[Arkham Knight]

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?

That is not a secret and I think that people who invested their time or money for a few months will realize that. You are right that some projects don't need the blockchain platform to be implemented. Just like the ICO projects that are news platform which does not make sense.

[judyrob]

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?

That is not a secret and I think that people who invested their time or money for a few months will realize that. You are right that some projects don't need the blockchain platform to be implemented. Just like the ICO projects that are news platform which does not make sense.

that's right, and even projects with such false blockchain system started encountered at this time. they are only utilizing big names blockchain to attract people to opt in to support them. but when can understand what they are doing these things certainly could have been to avoid. If this continues then it will be difficult to find investors who would be able to believe in the new projects.