Topic: Are memecoins tarnishing the image of crypto? - page 3. (Read 1813 times)

Yes, there is a huge possibility that a meme coin is a scam, or not a scam, rather it will not last for too long. There are many meme coins created, and one of them is dogecoin, but why is dogecoin still in the market and has value? First, although this coin was inspired by a meme dog, the creator is legit or the coin is legit, and many investors may find it funny about the coin, so they choose to invest in it by buying dogecoin, which results in the coin's circulation. That's why it's still available in the market.

In short, even a meme coin is a meme; if it is legitimate and investors start to invest in it, then it will be like any other coin that will be long-term in the market; you just have to be careful about what coin is legitimate or has the potential to grow and bring income to you, or learn to take advantage of the meme coin hype, then sell the asset at perfect timing.

It's been like this even when before memecoin was a thing. Ponzi scheme, HYIPs, ICO scam etc, there were so many scams before a rise of memecoins but the vision of crypto's image is wilder today due to different stuff is going on currently. People would think like that because memecoins are most likely targeted to newer users and it's easy for them to get fed up with these memecoins because how medias think that memecoins are the way to make money because of the sudden rise at the same time.

For me the image is pretty much the same, even with the scams of memecoins. I don't think it will affect that much, once people think that crypto is bad then they will still think like this forever.

Who cares what kind of coins that exist or not? Of course you have right to think whatever you want my friend but stop be so sensitive it's up to the individual to make a decisions not a government or something else, we must realize we are smart and have power to take our own decisions instead of being busy and complain about meme coins, because meanwhile we complain others getting rich because of them. Do we want to be a winner or loser? Meme coins is the ultimate short term investment, people that call them scams do so often because they compare it with Bitcoin instead of see it of what it is and don't compare apples with pears, and they also don't know anything about trading they probably just holding bitcoin and think that makes them to a pro trader.   Knowledge is power. Come on now, let's take over this world together, I believe in you!

Good luck.

I don't think so, of course there are several scams among memecoins, but they are also very effective expanding awareness about crypto, especially among the young people and those less interested in  finances or tech

They are also a good way to learning about crypto ecosystem, start trading with low risk (and potentially good returns in a bull run) and to learn how to spot a scam among new projects

Overall, I would say memecoins are less damaging than other things like valueless NFTs promoted by pseudo-celebrities or centralized exchanges running on unproven reserves

There are indeed many memcoins in the world of cryptocurrencies, and there are undoubtedly many scams among them. This creates risks for newcomers who may face loss of funds. Some platforms may provide the opportunity to participate in memcoins while providing greater security than some decentralized exchanges. I think, on the contrary, more and more people are interested in memcoins, their popularity is growing.

This is really unfortunate, because it is sending a wrong signal about cryptocurrency to the public, inexperienced people who are affected in this meme scams will go out there and speak about their awful experience. It's also unfortunate that there's nothing we can do about it, as more and more scam projects are introduced into the crypto space. The only thing we can do is avoid most of them that have not withstood the test of time, I'm very skeptical about buying into new meme coins, despite how promising they look.

I don't know if governments can regulate how they're launched in their countries, maybe it can help to control the influx of scam projects. Secondly it's important to educate our loved ones who have the interesting of investing in cryptocurrency, to be properly informed before venturing into it.

Who's invest in meme seriously they will be lose everything, meme coins will never able to fulfil their expectations so they think that whole cryptocurrencies is scam.
Some people's invest in meme coins to rich quickly, it's risky way. All meme coins are scam that's not true, some of billions dollars marketcap coins are listed in big exchanges, Shiba, Doge both of good.

That is not to imply that meme coins are immediately unattractive; they are not. People sometimes claim meme coins are bad, and they always say meme coins are garbage. which should not be the case. It's similar to Bitcoin in that it's used as a ruse to defraud investors.

Meme coins can also be used for an exploitative person's nefarious purposes. As a result, most meme currencies are not listed on the market's leading exchanges. It's really tough to control these scammers who utilize meme coins; in actuality, meme coins are frequently used.

People keep investing because of the idea that they will get easy profits from this type of project.
However, only few are worth looking at as most are just riding the hype and banking from naive users.
If you are long enough in this market, you can easily spot crap projects as they don't have anything to offer but just pure talk.
This is why hard to trust new alts specially meme projects as they will just screw your funds.

I think so op. Memecoins weren't in trend so much even before but nowadays bags of memecoins are launching daily. A few memecoins are good, listed on good exchange, very much in demand and rest of memecoin can be considered as trush. Just get launched and then scam. But people still keep investing on those memecoin cause each & every memecoin used to create hype by increasing their coins value, sometime 8-10x and that's the reason why people invest there & plan to sell their token with little profit but most of them fail to sell at all because team already withdrawal all lequidity from all exchanges while its time to vanish with people's investment and left them behind

I think you misunderstand my statement, All the so-called meme coin is now the paradise where the whales manipulate the market for their own profit while the shrimps are the ones used as prey.
Having said that, memecoin are among the reason why major of new cryptocurrency investors have the impression that crypto is a scam.


How can you know a meme coin that will flourish in the future before it's known by the public when 95% of all meme coins are exit scams and some have vaporized off the market?
I have never invested in meme coin and I don't see any reason to join it early. The safe investment is to stay away from memecoin, invest in BTC and if you must invest in altcoin go for layer 1 coin with good concept with team.

If we consider the failure of many meme coins that have been launched and have failed, the distinguishable difference is that in its failure, the customers eyes is opened to the stability and endurance of BTC.

Meme coins offer instant profit in good proportion but cannot be relied on for long term investment.

It only goes to pressuring other crypto currencies to perform better so as not to be ranked among the lesser meme coins with high volatility.

One could say it's tarnishing the image, and one could say it was tarnished from the beginning. Whole idea behind crypto is freedom, and you can choose just the best things from it if you look at the cryptocurrency scene as whole.

Memecoins could be indeed defining the image of crypto as it is. Because it's a big part of it no matter if we want it or not. All the scams, weak and good projects, all the lost wallets and gained money, all the memes, most idiotic crazies and tech geniuses are all part of it. It doesn't really have an ideology. Left and right are both investing into it and laughing at it.

If you want to polish the image of crypto, just do your part, that makes this a better place. Asking everyone else doesn't really cut it. It all starts from example.

This is why people are now taking extra caution with crypto, hence we are on a bear market for a long time. Although this is expected in a growing industry, where people sees an opportunity to earn money, illegal things would start impending. I would agree that NFT is less of an ideal for what's crypto is worth but we can all agree that art isn't free. It is just that there are people who are driving these ships for this and hyping it for no reason buying overpriced stuff on the internet and decide its value for totally no sense.

Speaking of crypto's reputation, I think it's all fine with taints coz we know all the news and stuff, be crypto guys always know the truth of crypto. Crypto isn't bad at all, some people do, and they are just making it all for one reason, $$$.

There would really be generalization when someone do have been able to experience that bitter things here on this space on which if ever they have stepped on a shitcoin and made out a devastation with their investment
then it would be normal that the blame would really be entirely be applied out on all coins in the market on which they would be having those thoughts that crypto is shit and its not a worth investment without even trying out to look deeper on how coins do really differentiate to each other which it would really be classified into those actual having utility coins/projects compared into those who do just simply mimic out or just trapping those newbie
investors on which it is really just that very common on here on this space. Tarnishing? Its been long time that it does create that kind of impression but doesnt mean that we would really be seeing on completely stop kind of production or creation of these shit projects. As long that money is really that circulating on this space then expect that there would really be that scam developers would really be continuing on making those shit projects and made out with those fake utilities on which hooking up those greedy investors to take in and invest with it and this is something that really be should look upon if you dont really like yourself on getting fucked up with your investment on which it is really that suggested or recommendable on always DYOR and dont rush up things when it comes to decision making.

What you are defining as L2 projects?

As far as I know, L2 is another layer on the existing blockchain for example Lightning network of Bitcoin is running on L2 layer which solves the issues of high TX fees and waiting time for small transactions but its just a part of an existing project and it has no value beyond the bitcoin.

honestly should differentiate between a true crypto and just some random shitcoin created out of thin air because otherwise it will just give unfair statistics like 99% of crypto are going to zero.
because if you judge from the fact that there are many innovative cryptocurrency out there like for example is the latest L2 also L0 its just really innovative that I don't think it will be hitting zero anytime soon.
moreover it will give clear definition between the difference of true crypto with shitcoins so that the image of crypto isn't tarnished.
regardless though the fact that there are so many shitcoin actively trying to find some greedy newbies to invest in their project is really making reputation of crypto in general bad its something we just know.

Not just meme coins, almost 99% of the crypto launched became scams or went to zero so it's not just limited to meme coin segment only but also NFT, BitcoinX, and tokens on various networks. But with meme coin especially Doge and Shiba lot of new people entered the market after the Bull run and Elon tweets which is the only thing that happened positively apart from people being taken advantage of by the shit coin projects as always.

It's been like this since early days of crypto where it's been used for crimes and that's what makes crypto have really bad reputation in the world. Also recently not too long ago, with the garbage innovation of NFT and meme coins which makes the hole go deeper because most of the people think Bitcoin is just nothing but a pile of worthless assets that will suddenly vanished.

You can see that in lot of youtube videos talking about this, while those cases are true to make crypto become worse in reputation but still there are so many good use-cases to look for if you go deeper, hence why we are here.

It does seem similar to a game or a pyramid scheme, where the early entrants tend to reap the benefits, even though the project they're promoting might not have a promising future. Legally, it can be challenging to prove that. Speaking of Shiba, it's remarkable how its price has plummeted. It gives off the impression of being a defunct coin, despite maintaining a reasonable trading volume.