Bobby Lee: 95% of All ICO Lame

June 5, 2018

Co-founder of the China’s first crypto exchange BTCC Bobby Lee agreed with the latest statements by crypto enthusiast Andreas Antonopoulos who said, centralized blockchains are completely unattractive.

Over the last month the criticizing blockchain has become one of the high-priority topics at various international conferences. For instance, during his speech at the conference in Poland, Antonopoulos stated, technologies that are not centralized are nothing but a poor database.

A month later Bitcoin developers Jimmy Song and Johnathan Corgan shifted their focus on incapability of users to discern shell projects from truly useful ones.

“…Because so many people are new, or because they’re not confident in their assessment of what was just shown, they think they’re missing something. And so they politely clap and ignore the nagging doubts in their mind,” Song said.

Lee approved of Antonopoulos’s stance and added, approximately 95% of ICO that position themselves as blockchain projects are just a database:

“All data going into the Blockchain needs to be independently & publicly verifiable, and thus insertable by anyone,” he said and called these projects “lame.”

“People don’t realize that Blockchain should be distinct & different from Databases, invented decades ago!Bitcoin’s real Blockchain was only invented in 2009. Everyone using a digital ledger is calling it Blockchain, w/o regards to functionality. Complete intellectual dishonesty!” Lee wrote.

Note that last week the China’s government analyzed through all world’s blockchain projects to find out that 92% of the total have already closed with average lifetime being about a year.

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