Kill Blockchain with Social Engineering
More technical we get, the most dumbest and simple thing end up beating you using the common sense. This has been the norm in the society when the complexity dominates and takes hold of any situation.
This is one of the reason when the geek people when dominate and take control of the society, they end up getting scammed by the most simple thing out there. Common sense has killed more intelligent products in this world.
Blockchain is one such strong product from the intelligent people. Yet there are ways non-technical people are doing to kill the blockchain and the crypto hype.
Here are some of the ways blockchain can be killed.
Smart Contract Manipulation
In the past we have seen the examples of how the smart contracts were manipulated by the average people. And that has made the people losing a lot of money through the transactions. Ethereum has history of such transactions prior to going POS. A lot of people lost to the transaction fee scams for many digital item purchases.
Not always the nerds end up screwing up the situation. Instead a lot of less tech savvy people end up causing the various smart contract issues which would cost the network and the people on the other hand some money.
You never know what type of smart contract out there that can make you lose money. So as of now the blockchain's smart contracts and the oracle system seems to have a lot of loopholes that could turn out to be costly.
Altcoin Scams & Rug Pulls
No code tools have made things easier for anyone to design their token and deploy them onto the new chain. And that means anyone who creates a coin and promotes it heavily has a chance to raise some funds and then sell the tokens for profit.
Sure the people who go with this intention are a type of scammers which are doing things in a legal way but are establishing the fake narrative to sell out the token and run with profits. This sort of the approach ends up making that token yet another rug pull.
More scams and the rug-pulls end up tarnishing the image of the blockchain. You can take a look at the SmartBCH to see how most of their tokens turned out to be nothing but rug pulls.
Destroying the Chain with Education and Adoption
Most of the altcoins require heavy education in the society and they need to keep the funds in the crypto world in order for everyone to benefit. Unless there is an adoption for the token and blockchian, you would not see them getting accepted on govt level.
Assume if any altcoin like dogecoin gets adopted in the society. You see a lot of whales end up selling at high price and leaving the chain dry. And that sort of the deficit in the chain pool kills many blockchain in the marketplace.
A lot of chains were destroyed like this and in some cases founders made profit while many of the chains out there are struggling to survive. Education and lack of adoption have been the major cause of the fall of the blockchains.
Unless there is a strong use case, blockchain can be killed with social engineering and the scams like any FIAT currency. Social engineering has been used to take down nations, culture, religions over the period of time in our human history.
Blockchain is not any different than many assets and the concepts were killed with the use of the social engineering. So being proactive and fixing the loopholes in the blockchian against the social engineering may help.
What do you think?
Posted Using LeoFinance Beta