The blockchain has often been dubbed the "get rich quick" myth. In 2017, Bitcoin experienced a wild year, with its price surging over 1,500%. This created a frenzy, and many people believed they could become wealthy overnight. The hype was intense, but the question remains: is it truly revolutionary? According to market realities, the application of blockchain technology is still in its early stages, and the idea of true disruption seems distant.
In 2018, the blockchain trend continued to grow, sparking a new wave of interest. “It’s hard to imagine that something like blockchain could go viral in the venture capital world in just a few days,†said an internet company CEO during an annual meeting. The excitement around blockchain was palpable, but so were concerns about its long-term viability.
At the start of 2018, many tech companies announced their blockchain initiatives, and the concept became a hot topic. Many saw it as an extension of the previous virtual currency "get rich quick" phenomenon. However, regulatory bodies began to take notice. On January 12, the China Internet Finance Association warned that some ICOs were disguised forms of fundraising and urged investors to be cautious. By January 15, media outlets reported that multiple sectors were working together to combat the black market in tokens and virtual currencies, with over 3,000 platforms involved.
Despite the growing attention, the blockchain industry still faces significant challenges. While some believe its decentralized and tamper-proof nature could revolutionize industries, others argue that much of the current hype is driven by speculation rather than real-world applications. Digital currency analyst Xiao Lei pointed out that blockchain's success depends heavily on tokens, which are often used for speculative purposes. Without proper regulation and real use cases, the technology struggles to move beyond the bubble.
Moreover, the lack of clear standards and third-party interpretation of "blockchain language" makes implementation difficult. Although the long-term potential of blockchain is seen as transformative—changing not only technology but also social and business models—many experts agree that the short-term focus remains on speculation and technical limitations.
As the year progressed, the blockchain boom reached new heights. Companies like Renren, Kodak, and Xunlei launched their own blockchain projects, generating massive public interest. Some even saw stock prices soar after announcing blockchain-related ventures. Despite this, regulators remained vigilant, cracking down on illegal activities and pushing for stricter oversight.
The "get rich quick" narrative around blockchain seemed to reach its peak, but the reality is more complex. While the technology holds promise, its true potential lies in practical applications, not just financial speculation. As the industry evolves, the challenge will be to separate genuine innovation from hype and ensure that blockchain fulfills its disruptive promise without falling into the same pitfalls as past bubbles.
Can the blockchain strip the ICO? That remains a big question. While some see tokens as essential to the blockchain ecosystem, others believe that the system can function without them. However, removing tokens may reduce the technology’s value and limit its ability to drive real change. Experts suggest alternative models, such as limiting token issuance or setting investor thresholds, to curb speculation. But for now, the token economy continues to play a central role in the blockchain landscape. Whether this model can evolve into something more sustainable remains to be seen.
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