Are memecoins tarnishing the image of crypto? - page 12.

wxa7115

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Quote from: ananyabushra on July 28, 2023, 12:18:28 PM

Every day, thousands of memecoins are launched, and unfortunately, around 95% of them turn out to be scams. This scam epidemic is affecting many people, especially newcomers who lack experience and are more vulnerable to such scams.

The issue arises when newbies join the crypto space and fall victim to these scammers, leading them to blame all of crypto as a scam. While some memecoins have indeed damaged the reputation of the crypto industry, others have achieved incredible success, with values skyrocketing by 100 or even 1000 times.

For beginners, it's advisable to steer clear of memecoins. However, if they still want to get involved, they should consider investing in memecoins listed on reputable exchanges, even if it means earning lower profits. One example I follow is Bitget's memezone, where memecoins may not be listed at the start of their project but get listed at an early stage. Unlike DEX, these platforms provides more security, reducing concerns about being unable to sell,or removal of LPs.

Without a doubt they are a contributing factor, but it is not as if meme coins are the only coins being created each day which later on turn into a scam, most of the altcoins on this market do the same and it would be unfair to blame meme coins exclusively over this problem.

That being said, there is not much which can be done to solve this problem, as due to the nature of this market anyone can create their own coin and promote it through social media if they want, and newbies are also free to buy any coin they may like, even if it means losing all the money they invest in those coins.

jeraldskie11

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Quote from: Bananington on July 28, 2023, 04:51:00 PM

Quote from: Bushdark on July 28, 2023, 04:06:10 PM

Truly they are tarnishing the imagineof cryptocurrency and there is nothing we can do about it unless the government comes in and sanction crypto projects that tend to become rug pull.

They are tarnishing the image of cryptocurrency, but giving people more of a reason why they should invest and focus more on bitcoins that has always been the better option of the category. Some people become victims to these scam projects that leave bad lessons on cryptocurrency because they feel that they cannot make profit from bitcoins again if they buy only it, or either because they are already late to investing, or because many people have already invested in it.

Aside from that, if the government comes in and sanction those potential scam projects, the number of legitimate project that were sanction will increase. Those too good to be true projects are tend to be scammed but those who aren't are real. It's easier to said than done that's if ever we have a chance to accused a project, better to think it twice before we make a noise because we don't know what their real motive. Other than that, some of those in a government are good at taking advantage of opportunities so be careful.

nelson4lov

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Memecoin are have a bad impact on crypto overall when we take a step back to take a macro look ay it. they have successfully painted crypto as a get-rich-quick scheme and often leaves a sour taste in the mouth of many when the whole thing implodes (which happens often).

Quote from: ananyabushra on July 28, 2023, 12:18:28 PM

One example I follow is Bitget's memezone, where memecoins may not be listed at the start of their project but get listed at an early stage. Unlike DEX, these platforms provides more security, reducing concerns about being unable to sell,or removal of LPs.

It's a good approach to manage risks but then, I don't think there is anyway to properly vet a memecoin project especially one that is yet to prove itself. I'll suggest one not to be too trusted with Biget's listed memecoins. Binance had innovation zone and it didn't work out well in the long term.

Bananington

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Quote from: Bushdark on July 28, 2023, 04:06:10 PM

Truly they are tarnishing the imagineof cryptocurrency and there is nothing we can do about it unless the government comes in and sanction crypto projects that tend to become rug pull.

They are tarnishing the image of cryptocurrency, but giving people more of a reason why they should invest and focus more on bitcoins that has always been the better option of the category. Some people become victims to these scam projects that leave bad lessons on cryptocurrency because they feel that they cannot make profit from bitcoins again if they buy only it, or either because they are already late to investing, or because many people have already invested in it.

Bushdark

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Not all meme coin are scam but it is obvious that many scammers have hijacked the trend and all they have to do is keep creating new meme coins and launching them to make money from innocent investors that have no experience about the market. Truly they are tarnishing the imagineof cryptocurrency and there is nothing we can do about it unless the government comes in and sanction crypto projects that tend to become rug pull. We just need to be very careful enough so that we are not going to fall Victim to scam projects that will nit last long in the market.

dunfida

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Quote from: ananyabushra on July 28, 2023, 12:18:28 PM

Every day, thousands of memecoins are launched, and unfortunately, around 95% of them turn out to be scams. This scam epidemic is affecting many people, especially newcomers who lack experience and are more vulnerable to such scams.

The issue arises when newbies join the crypto space and fall victim to these scammers, leading them to blame all of crypto as a scam. While some memecoins have indeed damaged the reputation of the crypto industry, others have achieved incredible success, with values skyrocketing by 100 or even 1000 times.

For beginners, it's advisable to steer clear of memecoins. However, if they still want to get involved, they should consider investing in memecoins listed on reputable exchanges, even if it means earning lower profits. One example I follow is Bitget's memezone, where memecoins may not be listed at the start of their project but get listed at an early stage. Unlike DEX, these platforms provides more security, reducing concerns about being unable to sell,or removal of LPs.

Its already been long time since these crypto scam projects are existing and this one would really be that starting with those ICO days on 2017-2018 and even to now. The trend now is into those fast launch project
or memecoins that we do have in the market on which it cant really be that denied that meme coins could make you rich but it would really be having the disaster if you arent really that careful on what you are investing.
I could really say that it would really be that a gamble if you are really that not careful on choosing but knowing that crypto meme coins doesnt have that actual utility then investing into it
is really that not that ideal nor worth at all because you would really be putting yourself on great risks.

Its not tarnishing because people already get used to those scams but honestly there's no one would be scammed if they wont really be tending to feed out those scammers or fraudsters with those
fake projects around but it seems that people are really that fan on dealing with scam projects and continue on doing so.

ananyabushra

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Every day, thousands of memecoins are launched, and unfortunately, around 95% of them turn out to be scams. This scam epidemic is affecting many people, especially newcomers who lack experience and are more vulnerable to such scams.

The issue arises when newbies join the crypto space and fall victim to these scammers, leading them to blame all of crypto as a scam. While some memecoins have indeed damaged the reputation of the crypto industry, others have achieved incredible success, with values skyrocketing by 100 or even 1000 times.

For beginners, it's advisable to steer clear of memecoins. However, if they still want to get involved, they should consider investing in memecoins listed on reputable exchanges, even if it means earning lower profits. One example I follow is Bitget's memezone, where memecoins may not be listed at the start of their project but get listed at an early stage. Unlike DEX, these platforms provides more security, reducing concerns about being unable to sell,or removal of LPs.

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