Projects are abusing blockchain technology.

[CryptoIyke]

This is the reason a lot of them have died natural death, whatever  abused hardly retain its value and that is part of my fear in crypto, with the emergency of a lot of crypto and claiming to utilize blockchain technology and eventually they don't pull through and eventually incur losses on their investors calls for attention. We will not like our almighty bitcoin being blamed because of a lot of these shitty projects

[geopolisch]

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.

Lol. As funny as the category sounds and most especially the last category in the list, it is just the honest truth. And the funniest part of it is that the last part is actually the enormous one in this space, but it still amuses me that a lot of investors usually do not always care so much about this and they do not tend to realize that some of these ICOs using the blockchain to just collect money in the name of some utility token, a lot of them are usually not worth it in the long run. However, we just have to admit the fact that it is a growing space and there would always be things like this now until at least investors start making use of their head and as the space keeps getting matured.

[sinkfish]

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.

All this scam is been around for many decades. crypto and blockchain are just another victim use by scammer to grab money from the public.

[Babyjamz3026]

Blockchain isn't a necessity in most of projects. They just collect money in crypto and want to be trendy applying blockchain.
In reality there is nothing about blockchain and that's why most of tokens worth 0 after listing

[shakesbear]

I think that such projects should be avoided, such projects will not succeed in the future, especially since there are more interesting options for investment.

[arditiyan]

It is unfortunate when this revolutionary blockchain technology is blamed by some who make fake projects just to make a profit by scouring technological advances

[SabrinaBianka]

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?

Some of people used blockchain because they promised to be a very transparent project in the world. And If its also very "utility" that was also the best. And I saw a lot of people always used blockchain to only attract people because they said "Our platform is very transparent to everyone" So if a project are only scam. Of course they can take advantage using blockchain and good sales talk. Because blockchain is a open ledger that can see all the transaction and never been change anymore once it recorded into the blockchain.

[Conasse]

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.

But you support the opposite (looking at your signature) Why not focus on real products and real uses cases?
When it's about money people change their mind.

[sexylady13]

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?

On the one hand, that's a negative factor because such projects just pollute the market. On the other hand, I don't think the problem is so big because such projects usually don't collect softcap. They will die anyway.

[Ewinsane]

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.

That abuse is actually what has been digging so deep in this space right now and it is just quite unfortunate there is nothing anyone can do about it and we just have to realize the fact that in most cases as it is, this space is not regulated, so it leaves a huge gap and gives everyone the chance to do whatever they feel like.

It is now left for you as an investor to at least know what you should be getting into and not get yourself carried away with some projects that you pretty much know that they are not offering much than at the end of the day getting them-selves richer.

[Omega Weapon]

I have said it many times over. The Blockchain Technology has been greatly abused by some unscrupulous elements who have added no value whatsoever to this technology. It is now a common occurrence to see half baked projects running ICOs with no decent product or idea to back their projects. Their main aim is to grab as much money as possible using deceitful means and then absconding. This is now so common and it has contributed to the challenges in the crypto industry.

It is true but the nature of the market is what it is, the nature of this market is to allow the greatest freedom possible to people to create their coins, we do not want regulation which means that investors and people in general needs to get a lot smarter if we are to see this market to develop faster and in a more a healthy way, that way scammers will not have as many people to try to get advantage of.

[bravehearth0319]

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.

Looking forward to the developments coming to check all scams here.in crytocurrency. These might be some sort of regulations. But, these regulations are very difficult to implement universally because of the decentralized system of cryptocurrency. I think the next best thing to do is intead of universal regulations, we can implement per country regulations such as Australia has been working on about ICOs. Also, US lawmakers have been debating about ICOs too.

[LazzuljEl]

Most of those projects are making their services related to blockchain so they can create an ICO. They most likely chose this kind of fundraising because it was easy to get funded and even if blockchain is not necessary for the solution, it can be a good and financially prospering project.

[Baronggot]

That's true because of these scam projects/ICOs that are using different platforms for their tokens or using the blockchain in general are giving stains to it. Investors now have less trusts to cryptos as they were the victims of these scams and it is really ruining the reputation of those legit cryptos.

[Morjana17]

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.

Yes right, their are different projects that might affect the blockchains. Well the project is very useful to our nation and it gives more informations and income to everyone. We need to support some ICOs for us to determine what is really good for it.

[Just John]

That is what we are witnessing now, we are now having problems when it comes to verifying the projects that are good and the projects that just want to make money from you. So many of them are just using blockchain as a means to get some quick money, they do not have anything to offer and they know that their coins is not going to do anything good

[sirengutou]

Yes, there are many projects that have little to do with the blockchain, but they use the blockchain as the main propaganda. Obviously, this is abuse.
Such abuse can't help the blockchain and crypto, it only affects the reputation of crypto, and people think that crypto is scam.

[timmmers]

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?

They create utility tokens only because they want to start ICO. And ICO is an easy way how to collect enough money without any regulations, restrictions and so on.

[florianuhlemann]

Yes, today there are a lot of fraudulent schemes using this technology. and how to deal with it while nobody knows. but there are honest projects that use blockchain, which they do not need at all, but they just need to show that they are keeping up with the times.

[paradigmaV]

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?

Unfortunately, the crypto market is still very young. Yes, many people abuse the concept of blockchain and attract investment for the development of their projects, which have nothing to do with it. The market allows you to do this. Lack of culture of investing, weak regulation, all this hurts the market ... But sooner or later the market will become civilized. And these negative moments will disappear.