BTCC Co-founder Bobby Lee Says 90% of ICO Tokens are Database Projects

BTCC co-founder Bobby Lee says that 90% of ICOs are database projects

BTCC co-founder and popular social media personality Bobby Lee recently compared most ICOs to mere ‘databases.’

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!

— Bobby Lee – Ballet: Simple & Elegant Wallet (@bobbyclee) May 30, 2018

95% of ICO projects today claim to be #Blockchain projects, when in fact, they’re just #Database projects

Databases are good; nothing wrong with them! But calling it Blockchain is just #IntellectuallyDishonest

It’s willful ignorance at best & greedy hype marketing at the worst.

— Bobby Lee – Ballet: Simple & Elegant Wallet (@bobbyclee) May 30, 2018

In a series of tweets he seemed to echo recent comments by cryptocurrency speaker and educator Andreas Antonopoulos on the lack of appeal of blockchains which are not decentralized. Most prominently he said, “People don’t realize that Blockchain should be distinct & different from Databases, invented decades ago!”

Mr. Lee has been riding the anti-blockchain wave. Last month it was a major topic of discussion in a Polish conference where Antonopoulos had said that the technology without decentralized principles was a “very bad database.” Adding, “Bitcoin is the future and Blockchain is bullshit.”

Lee meanwhile more closely paraphrased Antonopoulos, adding that “95%” of ICOs “claim to be (Blockchain) projects, when in fact, they’re just (database) projects.” Bobby Lee meanwhile called decentralized projects lame and said, “All data going into the Blockchain needs to be independently & publicly verifiable, and thus insertable by anyone,

More About BTCC

BTCC, formally known as BTC China, was the first bitcoin exchange in the People‘s Republic. It was founded by entrepreneur Bobby Lee in 2011. Three years later, in 2014, the platform had become the world’s second largest exchange by bitcoin trading volume. BTC China shut down amidst a crackdown by Chinese authorities in September 2017, when the central bank banned local exchanges from trading cryptocurrencies with the national fiat, the yuan.

BTCC, however, continued to operate its mining pool, which currently controls 2% of the bitcoin core hashrate, and its crypto wallet, Mobi. In January this year, the crypto company announced its acquisition by a Hong Kong based investment fund. At the time, BTCC said it was shifting focus to international markets.