Topic: Are memecoins tarnishing the image of crypto? - page 10. (Read 1822 times)

Actually, not only meme coins but other shit coins. Because every time there will be money hype that makes so many new projects with the tokens they offer. And most of them are shit tokens. There is no long term hope for them usually, it's just very small and it also won't be safe, in this case it's high risk.

But I wouldn't say that it's Doge, Doge coin has existed for a long time and indeed this is the most recognized meme coin. But for the others, I think it's just following the Doge trend as a meme coin that has gone viral because of the fantastically high price.

First impression would really be like this on which it is really that true on which on the time that they would be experiencing some rugpull or totally deplete out investment due to scam projects then they

would really be having those common words or lines that crypto is a scam without even trying out to look at that the only scam is the project that they had invested into due on because they had become that greedy. This is why it would really be that wise that you should really know on what you are dealing with. Memecoins or altcoins then it would really be just the same which there would really be scam developers would really be tending on creating one. This cant really be stopped and as long that there would be people letting themselves getting scammed and lose up money then this would be a continous thing here on this space.

This is why it would really be always that wise that you should really know and make out your own research before diving in.Usually this is always the error of someone who doesnt really
do his assignment or step first on making investment and just hurriedly making out actions without even trying out to think whats ideal or whats risky.

As a newbie trying to join cryptocurrency, meme coin shouldn't be their target, the coin which they should focus on should be bitcoin, which is still the most populous coin, so any newbie that's trying to join cryptocurrency and his/her target is meme coin, then the person is just joining maybe because he/she knows people in crypto space and the person also want to jump into it, maybe looking for quick money. Bitcoin is more populous than an any coin, so if you really want to learn anything about cryptocurrency, then the first thing you will see is bitcoin. So its left for newbies to ignore bitcoin and go for meme coins.

Meme coins are just being hyped, they have no use to crypto space, people will just create and hype it, after making money they will decide to dump it on people that invest in it, Am sure its just for a short period of time and meme coin period will be over, you might not even hear about meme coins anymore.

The meme coins serve as a form of community building within the crypto space. They can teach newcomers to cryptos and blockchain technology. The main thing is you can earn a big amount of profits or losses from meme coins.

Only newbies will think about crypto is scam as a whole because they got scammed by those meme coins which they didn't even research first before they invest. But for sure once they get enough knowledge about it for sure they can separate the thoughts about scam or any negative impression on crypto and can properly separate the scam and which is not since they are aware about the schemes made by people to take advantage for their own personal gain.

Of course, meme coins tarnish the image of cryptocurrencies, but meme coins listed on reputable centralized exchanges remain much less risky than those traded on DEX, especially on low-fee networks like Binance, where it is quite easy for any scrammer to create a meme token with a small amount of money and then make some liquidity and false indicators to attract victims.

Of course, this is in addition to those tokens that you can buy and then not be able to sell later, so the option remains much less risky on the central exchanges for those who want to try their luck by buying one of the worthless meme coins.

How sure are you though that people already know that a meme coin is a scam? Just so you know that many people are still falling for pump and dump scheme and it's easy for those scammers to pretend that they are a legitimate one. The problem with your optimism is that people will check out crypto in a more in-depth after experiencing scam is highly unlikely. Even if you say that it's isolated, news stories will still make a big deal out of it and people are most likely to associate that case to cryptocurrency as a whole.

I think what OP is trying to say is that with a lot of scam meme coins out there, it's tarnishing crypto because those are the first thing that most newbies to crypto encounters which makes it frustrating for them and crypto ends up giving a bad first impression which might discourage a lot of people from even going deeper in the cryptocurrency rabbit hole. Regarding the question that's in the title, it's not the meme coins itself that's tarnishing cryptocurrency reputation, and not all meme coins are scam per se, maybe a market manipulation toy for whales but scam is a bit far fetch.

That portion reminded me of a quote I read in a book that even bad in the world is only servant of the good.

Big investors like whales have very big capital and they are enough experienced as well as have enough patience to make plans and gradually execute their plans. They can do it over many months without any problem such as FOMO like amateur traders and investors.

Because they have big capital, it's reasonable to split their capital to different parts that are bigger than small investors' capital. One more reason that forces whales to split their capital and do their plans over long time, is if they use all big capital in one day, it will affect the market price a lot. They don't want to make such big signal in trading volume and price break out and they would prefer to accumulate or take profit, distribute capital slowly and gradually.

Investors, especially whales, will always try to take the opportunity to be able to add to their assets by risking their money in small portions because they know that if it turns out that the chosen meme coin can be pumped it can provide big profits in a short time.
And the presence of memecoin will never tarnish the world of crypto because precisely the presence of coins like that will provide a lesson which coins are indeed worthy of being used as long-term investments.

Broadly speaking, coin memes that are proven to have committed fraud, will certainly have little effect on the image and reputation of crypto currency. Especially for beginners who are trying to buy crypto for the first time, but because of ignorance, these beginners instead buy spam or fraudulent coin memes, and in the end the beginners suffer losses. It is certain that in the mind of the beginner there will be a perception that cryptocurrency is a fraud and cannot be trusted. So in the end the beginner, more or less definitely will not trust cryptocurrencies too much, due to these losses.

However, it will be a different story if those who experience losses due to meme coins are people who understand enough about crypto assets. Of course, even losing money would not brand all cryptocurrencies as scams. Because in his mind there is knowledge and knowledge about cryptocurrencies, which can already distinguish which coins are high quality and which coins are of less quality. So this is where it is important to study first before plunging into the realm of crypto currency.

So in conclusion, coin memes that are indeed fraudulent, will definitely more or less have a negative impact on the image of cryptocurrencies. Because after all meme coin is a part of cryptocurrency. So basically the positive or negative impact caused by the meme coin will always affect the image of crypto currency. But keep in mind, not all coin memes always commit fraud.

I don't think serious investors would exclude whole crypto sector just because of some shitty part which is meme coins, at most they would just stay away from memecoins or may be invest little money as a gamble.

If we talk about quantity, there are way more scam tokens in the name of meme coins than those that make a few people rich overnight, it's almost like a 100:1 ratio approximately, so I don't think that it evens out because it is making a bad name for cryptocurrencies in the first place as meme coins that gain significant success are not a lot in quantity. The victims of meme coins are mainly newbies because they think they can get rich-quick through cryptocurrencies.

But all in all, if we take out meme coins from the industry, we will have a much better and cleaner place for serious investors. These meme coins are the reason why a lot of serious investors decide not to invest in cryptocurrencies because they think they will also lose their money in scams.

Well, wherever the money is then the crowd goes there as well. The problem with these folks is that they're able to attract other people invest into meme coins.

That's why these developers have seen that potential that if they just keep on doing it, the money will just keep on flowing on them no matter what useless meme coin they make.

If that is the problem then just forget about such a new project, a lot of memecoins that was launched and most of them did not get a place in the market and in the end scam. This is a weakness for some beginners and they are easily fooled by the new project launched, they must try to analyze and continue to find sources before being involved in it. But in my opinion there is no connection in the case of girishing that can damage the reputation of Crypto, because we are used to seeing the release launched and the next day there will be fraud.

It is very difficult to check for memecoins and especially for beginners who don't understand anything. It is better to avoid being involved in such a new project because of the opportunity to get enormous losses and better focus on the main objectives of Bitcon. Fraud epidemic is based on the extent to which people can avoid the nature of fraud itself and how to have knowledge so as not to get caught up in it.

Not that new anymore on which people would really be generally be having those kind of blaming on the time that they would really be able to experience out unfortunate events on their investment here on crypto space
on which they would really be that conclusive when it comes to that kind of approach that everything is really that tarnishing crypto space and would really be that pour into meme coins without even trying out to realize
that even those typical altcoins would really be just that the same when it comes to those kind of situation on which scams and frauds are ally just that lurking around.It is really just that there are really projects
which are totally fraud and been created for the sake of money grab with those newbie investors on to those who arent that making their research before funding on a particular project.Its not something new
anymore and this is why you should really be that be careful on choosing which one if you dont really like ending up on losing money. One of the risks of losing money is through scam and fraud
project and if you do make yourself not really that careful with it, then for sure you would really be suffering those huge loss.

It's not only meme coins, but any new project has the opportunity to destroy the image of crypto by scamming those investors.

On the other hand, there will always be new investors that will invest into the crypto market, and unfortunately, these are the targets of these scammers. The problem with some investors is that they can easily get attracted with the amount of money that they can get if they invest into that project whether it's a meme coin or not, and not thinking of the possible risks that they can get. They don't care, but what they care is the money.

While I agree that meme coins can tarnish the image of crypto, I still believe that there are still good things that meme coins can give. Just think of how Elon Musk hyped crypto with his DOGE-shill a few years ago. I'm pretty sure because of that, new investors came thus, new money came to flow, and at the same time, the popularity of crypto just went up because we know how influential Elon is. Though many investors lost from that DOGE hype, we know that crypto in general became more popular because of a meme coin that's been hyped.

Overall, meme coins not only tarnish the image of crypto, but at least it also boosts it's popularity in one way or another.

This is true that meme coins become scams but it is also true that there are meme coins which give lots of benefits to its holders. The main thing behind risk factors is that it goes down to lower price very soon so those individuals who are involved in short term trading will loss all money in a matter of seconds.

There is no doubt that some meme coins are scam but people before investing should acknowledge that on which exchange it is listed, scamming other people is easy but if one use his mind so wrong decision will be rarely made.

Those who are beginners and starting their journey, they should always consider starting with Bitcoin. Newbies are very easily influenced by price jumps and quick profits. That's why those coins that are growing based on trends most likely attract newbies the most. This is where meme coins play their part. They create hype and as it is a meme coin, other growth done by some meme coins previously that are doing well in the market makes it look like it got the potential too. But as newbies lack knowledge, they can not figure out which one is a scam.

Bitcoin's development and the time that it has existed is proof alone that this will be the best choice. It is not going anywhere. Quick gain and greed is not the best option while trading/investing. Start low and then look for the bigger fish. Meme coins are a part of altcoins. So they are shit.

Not all memecoins are scam according to me. The coins which are launched on daily basis are just use to scam, and I don’t consider those as memecoins. A memecoin should be popular in order to consider in that category. Whereas the scamcoins main motive is to scam investors money and do scam exit. Regarding tarnishing the image, then yes these provides a different perspective towards the people about crypto.