Are memecoins tarnishing the image of crypto? - page 7.

TheUltraElite

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Quote from: Awaklara on August 11, 2023, 07:28:08 PM

but because of the hype from Doge and Shiba, we can see efforts from irresponsible people as if to develop new memecoins. there are not a few of them, and that's just to fool anyone caught up in a pump-and-dump scheme.
be careful with memecoin if indeed we can't follow the market direction quickly. we can sink into a very deep well if we only follow people on social media.

Two things, don't follow people on social media and do not invest in every hyip like project that comes up in the news. Follow these things and you should be safe from memecoins. Of course from a non-biased approach they have made a bad name of crypto but then it is the choice of the investor to make the decision of putting in their money, not the project owners.

This comes mainly from the newbies in trading but I have seen veterans get scammed too with such projects. Nevertheless there is no exception to the scam nature or a get-rich-quick scheme.

JeffBrad12

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it's honestly matter of an individual who's gonna be investing, if they are smart enough to understand the concept of meme coins in general compared with altcoins with fundamentals they wouldn't even correlate it with the images of bitcoin or cryptocurrency in general.
the thing is that, these meme coins are sometimes trying to gather investors that are quite new in cryptocurrency, these kind of investors that they are seeking are the ones that are greedy to get rich quick and then they bring them down and cause them to lose capital which make them assuming as if cryptocurrency investment is just shitcoin investment. i wouldn't say it tarnishing cryptocurrency as an investment in general, its just that they often mislead people.

savetheFORUM

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Quote from: tygeade on August 09, 2023, 12:10:04 PM

Quote from: Mpamaegbu on August 08, 2023, 08:51:20 AM

Memecoins don't tarnish any crypto image. You can hate them for all you want but their presence provides hype and excitement in the industry and invariably help draw the attention of the public to cryptos. Yes, we know most of these memecoins later become worthless but that isn't before it leaves some wealthy as it leaves others poor. Those who are usually trapped in losses are those who think they can turn the worthless coins to Bitcoin in value. If anyone has to invest in memecoins, they should know they're short term investment; usually a kind of "hit and run" thing in my local parlance.

I think that's the problem, it shouldn't really create hype, do people get hyped about tesla stocks? I mean maybe but not the same way, there is still some logic behind it. The fact that memecoins are there so that people would have fun doesn't make any sense to me.

It diminishes the value that we created in the crypto world, we took bitcoin from "drug dealers use it" and "it's fake money, you will lose it all" and made it into something that is "the huge billion dollar companies started to invest into it" and "even nations are making it legal tender". When you take sometime from that low to that high, that means that we did something right and memecoins are taking it all the way back to "this is fake money and you will lose all of it" very quickly.

There were a lot of people and a lot of things that were done trying to stop Bitcoin from rising and get it down on its knees but did any of that actually work? No, they all vanished over time and Bitcoin is here and it's getting better and bigger with time. Similarly, no matter what image these meme coins are making of Bitcoin and cryptocurrencies, the world will come to know that there is a very big difference between the two, and then only genuine cryptocurrencies will be used.

I know there will always be some people who will still keep trying to earn a lot of money overnight by creating such coins and tokens and selling them to vulnerable people inspiring them with stories of how people became millionaires by investing in similar coins and tokens and some will even take the bait.

khiholangkang

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Quote from: Awaklara on August 11, 2023, 07:28:08 PM

Quote from: palle11 on August 11, 2023, 03:58:18 PM

They are serving some purpose in the crypto market. They create fast wealth for the wise with the pump and dump nature of not hodling for long. Then this important one of creating hype can not be over emphasize, they create buzz for cryptocurrency. Memecoins like doge gave a big hype for cryptocurrency last year and gave lucky investors unexpected profit from the hype by Elon musk. Shiba Inu is another of such that some investors have spoken about to be able creating some vibes in the future. Memecoins make the market to be lively with quick buy, quick sell which the market also need to create traffic also.

but because of the hype from Doge and Shiba, we can see efforts from irresponsible people as if to develop new memecoins. there are not a few of them, and that's just to fool anyone caught up in a pump-and-dump scheme.
be careful with memecoin if indeed we can't follow the market direction quickly. we can sink into a very deep well if we only follow people on social media.

As a result of shiba and doge indeed making meme coin developers explode to create many new meme projects, without using more resources as is common for other coin development, we have to be really careful if we really want to join memecoin because it is very dangerous, lags some time Of course, you will lose money easily.
talking about the title that the scam on the meme coin project doesn't damage the image of crypto, because if you look at the many scam coin memes it doesn't become a concern and conversation for anyone, unless Shiba and doge are bankrupt, it will most likely damage the name of crypto in the market.

Awaklara

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Quote from: palle11 on August 11, 2023, 03:58:18 PM

They are serving some purpose in the crypto market. They create fast wealth for the wise with the pump and dump nature of not hodling for long. Then this important one of creating hype can not be over emphasize, they create buzz for cryptocurrency. Memecoins like doge gave a big hype for cryptocurrency last year and gave lucky investors unexpected profit from the hype by Elon musk. Shiba Inu is another of such that some investors have spoken about to be able creating some vibes in the future. Memecoins make the market to be lively with quick buy, quick sell which the market also need to create traffic also.

but because of the hype from Doge and Shiba, we can see efforts from irresponsible people as if to develop new memecoins. there are not a few of them, and that's just to fool anyone caught up in a pump-and-dump scheme.
be careful with memecoin if indeed we can't follow the market direction quickly. we can sink into a very deep well if we only follow people on social media.

Hamphser

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Quote from: palle11 on August 11, 2023, 03:58:18 PM

Quote from: Cryptomultiplier on August 11, 2023, 03:29:20 PM

What meme coins is doing, is being a good competition to the originals. Else, how would innovation arise.
It also serves to enable upcoming or newbie traders learn how to trade seeing the ease of buying some of these meme coins.
Meme coins, although it is not advisable to invest huge funds in them, they more than help create awareness for crypto.

They are serving some purpose in the crypto market. They create fast wealth for the wise with the pump and dump nature of not hodling for long. Then this important one of creating hype can not be over emphasize, they create buzz for cryptocurrency. Memecoins like doge gave a big hype for cryptocurrency last year and gave lucky investors unexpected profit from the hype by Elon musk. Shiba Inu is another of such that some investors have spoken about to be able creating some vibes in the future. Memecoins make the market to be lively with quick buy, quick sell which the market also need to create traffic also.

Cant really say that they do have the purpose but those coins mentioned above are the meme coins which had been mainly been that being pumped due to some hype and recommendation on which it is really that

something that could possibly happen on this space and this is why when it comes to recognition and awareness on which it cant really be avoided that meme coins would really be getting in that kind of attention.
This is why there would really be those people who are really that tending to dive in without having that kind of thinking about being a meme or not.The thing that they would really be having on mind is that they would be able to make out such investment and having the probabilities that they could really be able to make huge income or profit on the time that it would really be making out such significant pump.

This is why you cant really stop people on recognizing out those meme coins or other altcoins on trying out to invest because of having that kind of target which is something that you cant really be able stop
and this cycle would really continue out no matter what.

palle11

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Quote from: Cryptomultiplier on August 11, 2023, 03:29:20 PM

What meme coins is doing, is being a good competition to the originals. Else, how would innovation arise.
It also serves to enable upcoming or newbie traders learn how to trade seeing the ease of buying some of these meme coins.
Meme coins, although it is not advisable to invest huge funds in them, they more than help create awareness for crypto.

They are serving some purpose in the crypto market. They create fast wealth for the wise with the pump and dump nature of not hodling for long. Then this important one of creating hype can not be over emphasize, they create buzz for cryptocurrency. Memecoins like doge gave a big hype for cryptocurrency last year and gave lucky investors unexpected profit from the hype by Elon musk. Shiba Inu is another of such that some investors have spoken about to be able creating some vibes in the future. Memecoins make the market to be lively with quick buy, quick sell which the market also need to create traffic also.

Cryptomultiplier

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Meme coins are simply just being meme coins. Original is always distinct from fake. That's why anyone investing in meme coins is advised not to stay long in it. The volatility is high but the profit from trading them is what attracts traders, because for old timer coins like BTC, it is more durable and have been time tested, but the profit from investment in a trade is lower.

What meme coins is doing, is being a good competition to the originals. Else, how would innovation arise.
It also serves to enable upcoming or newbie traders learn how to trade seeing the ease of buying some of these meme coins.
Meme coins, although it is not advisable to invest huge funds in them, they more than help create awareness for crypto.

bangjoe

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In his vision, all projects definitely want profit for the developer and share the benefits, but the memecoin project is made for entertainment, nothing more than that, for people who want to buy it, it is their right, the problem is why many people at night make memecoin an investment asset and trading will get crazy profits from meme coin even though it's just a mirage that looks beautiful but it's very far away and almost impossible, the pumps are done by whales that make it a hope to increase wealth, but a few days later coin meme in left by the big holders who made the pumps and took away people's money who didn't know anything that they were being trapped, that's where the meme coin tarnished its image, but I don't think it really matters much, what matters more is from altcoins who have large capitalization then they commit fraud and bankrupt themselves.

tvplus006

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Quote from: Awaklara on August 10, 2023, 09:21:57 PM

...memecoin is mostly created only for profit for the owner. ..

Let's be really honest with ourselves, because we know perfectly well that this is the main goal not only of the creators of the meme coins, but also of most altcoins. After all, most crypto projects work fine without their own coin, but at some point the team realizes that you can literally make millions out of thin air.

crwth

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Having those memecoins are somewhat a double-edged sword where you have these following positive things for the cryptospace

Exposure that there is the technology already "cryptocurrency"
People start to learn about it

What we cannot control are the memecoins that rugpull investor's money and just going crazy. That's the negative thing and there's always going to be cons in any investment. It's just up to the people to fact check and see the legitimate ones that are worth owning. It's just that they need to put in some time understanding it in the first place.

wxa7115

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Quote from: Captain Corporate on August 10, 2023, 05:40:08 PM

Personally, I dislike almost all of them, although I do find them amusing, they are not good for investing for me. I get that some people like to do so because its fun to invest in them, sometimes things are not just about money but a symbol, and they consider meme coins as an act of rebellion towards how things are done around here. We do invest normally, into projects that make sense and do the same thing, and here it is, a bunch of coins that do absolutely nothing and are worth absolutely nothing and they are just having fun by making it go up and down. Plenty of folks lost their entire savings along the way which is the only downside to it, don't invest if you do not realize that this is just for fun.

I suppose that in the early days this motivation of going against the system could have been part of the spirit of those that invested in meme coins, but as time has passed I do not think this is true anymore.

Those that invest in those coins now do not have such thoughts in their minds, what they are after is the big profits they believe they can obtain with those coins, and while a minority can in fact get the profits they are looking for, the majority of those which try fail at realizing their goals.

Awaklara

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Quote from: Captain Corporate on August 10, 2023, 05:40:08 PM

Personally, I dislike almost all of them, although I do find them amusing, they are not good for investing for me. I get that some people like to do so because its fun to invest in them, sometimes things are not just about money but a symbol, and they consider meme coins as an act of rebellion towards how things are done around here. We do invest normally, into projects that make sense and do the same thing, and here it is, a bunch of coins that do absolutely nothing and are worth absolutely nothing and they are just having fun by making it go up and down. Plenty of folks lost their entire savings along the way which is the only downside to it, don't invest if you do not realize that this is just for fun.

memecoin is mostly created only for profit for the owner. while those who want to trade and also invest there more will be trapped. it really doesn't make sense when there are new traders or investors who put hundreds or even thousands of dollars into memecoin. hoping to get a good multiplier.
those who want to try their luck on memecoin should use smaller money. there is no guarantee the owner will not leave their coins in the trash.
there is nothing to invest in there. and never cook yourself.

arwin100

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Quote from: Kelvinid on August 10, 2023, 04:37:50 PM

Quote from: Mpamaegbu on August 08, 2023, 08:51:20 AM

Memecoins don't tarnish any crypto image. You can hate them for all you want but their presence provides hype and excitement in the industry and invariably help draw the attention of the public to cryptos. Yes, we know most of these memecoins later become worthless but that isn't before it leaves some wealthy as it leaves others poor. Those who are usually trapped in losses are those who think they can turn the worthless coins to Bitcoin in value. If anyone has to invest in memecoins, they should know they're short term investment; usually a kind of "hit and run" thing in my local parlance.

Those who come early before the hypes will become wealthy but those who come late will the suffer the consequences and lose their money. Meme coins become famous and draw attention because of Dogecoin and Elon Musk and you are right, none of them I see would stay healthy and still on hype,
in fact, they are started to decline and gain attention no more. This year 2023 I'd say it was their time but probably not next year.

Maybe early adopter may be gain profit on early investment on meme coins but we can't also deny that there are people who lost their money, because they didn't think about the other consequences and just invest on meme coins while its hyped without even thinking the risk. We see a lot of it before and I think there will be more people caught up by meme scams since recently there are are other got a big hit and people got hype with some result.

But also I don't think it affect or tarnish the whole crypto reputation since this is minimal incident only on crypto space.

Captain Corporate

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Personally, I dislike almost all of them, although I do find them amusing, they are not good for investing for me. I get that some people like to do so because its fun to invest in them, sometimes things are not just about money but a symbol, and they consider meme coins as an act of rebellion towards how things are done around here. We do invest normally, into projects that make sense and do the same thing, and here it is, a bunch of coins that do absolutely nothing and are worth absolutely nothing and they are just having fun by making it go up and down. Plenty of folks lost their entire savings along the way which is the only downside to it, don't invest if you do not realize that this is just for fun.

Kelvinid

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Quote from: Mpamaegbu on August 08, 2023, 08:51:20 AM

Memecoins don't tarnish any crypto image. You can hate them for all you want but their presence provides hype and excitement in the industry and invariably help draw the attention of the public to cryptos. Yes, we know most of these memecoins later become worthless but that isn't before it leaves some wealthy as it leaves others poor. Those who are usually trapped in losses are those who think they can turn the worthless coins to Bitcoin in value. If anyone has to invest in memecoins, they should know they're short term investment; usually a kind of "hit and run" thing in my local parlance.

Those who come early before the hypes will become wealthy but those who come late will the suffer the consequences and lose their money. Meme coins become famous and draw attention because of Dogecoin and Elon Musk and you are right, none of them I see would stay healthy and still on hype,
in fact, they are started to decline and gain attention no more. This year 2023 I'd say it was their time but probably not next year. However, people will still remember their names but it was just the name, yet, they never hold any from them.

Oilacris

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Quote from: AakZaki on August 10, 2023, 10:33:06 AM

Quote from: Mpamaegbu on August 08, 2023, 08:51:20 AM

Memecoins don't tarnish any crypto image. You can hate them for all you want but their presence provides hype and excitement in the industry and invariably help draw the attention of the public to cryptos. Yes, we know most of these memecoins later become worthless but that isn't before it leaves some wealthy as it leaves others poor. Those who are usually trapped in losses are those who think they can turn the worthless coins to Bitcoin in value. If anyone has to invest in memecoins, they should know they're short term investment; usually a kind of "hit and run" thing in my local parlance.

memecoins that eventually become worthless are memecoins that were created only to enrich their developers and not think about their community. memecoins like this should be avoided so that the image of crypto, especially memecoin, doesn't become negative. But even so, nothing will make crypto's image worse, if memecoin is managed by scammers, then it will be abandoned. people do come to crypto because of some hype like memecoin did. invest in memecoin for the short term or long term depending on the memecoin being held. memecoins like DOGE, SHIB are quite trusted, but need to do predictions to find the right price to enter.

How we would be able to avoid?
How we would be able to detect out those shitty devs?

We know that on the time that they would be launching up their meme coins then most of them would definitely be hyping out their project on getting investors as much as possible.
There would really be a time that it would really be boggling up your mind on which coin you would be choosing specially if the trend or hype of a certain meme name will really be created
Ex. Mini, 2.0, Baby and other name attachments on which these coins would be using.

As a newbie investor or trader then you wont really be boggling yourself on making some indepth research like on renounced contracts, honeypot checking or whatsoever that deals up with that potential
scam or fraud on which it is really that something needs to be looked up or check upon. If you do make yourself that careless then you would really be might ending up on losing tons of money
and ending up on holding that tons of meme coins on your stash.

$crypto$

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Quote from: Mpamaegbu on August 08, 2023, 08:51:20 AM

Memecoins don't tarnish any crypto image. You can hate them for all you want but their presence provides hype and excitement in the industry and invariably help draw the attention of the public to cryptos. Yes, we know most of these memecoins later become worthless but that isn't before it leaves some wealthy as it leaves others poor. Those who are usually trapped in losses are those who think they can turn the worthless coins to Bitcoin in value. If anyone has to invest in memecoins, they should know they're short term investment; usually a kind of "hit and run" thing in my local parlance.

You could say there are negatives and positives to the existence of these "worthless" memecoins. On the negative side, we must be the same that there will be users who are deceived by them, and most of them are beginners. While the positive side is that maybe they will know the existence of cryptocurrency because of the hype memecoin, that's something that is very likely to happen out there.

Although at first they were deceived by memecoin, they will be more familiar with cryptocurrency, and it is very possible that they are interested in deepening their knowledge of this crypto space.

We can't always see the positives, but we also have to see the negatives, and vice versa. There must be a balance in everything.

AakZaki

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Quote from: Mpamaegbu on August 08, 2023, 08:51:20 AM

Memecoins don't tarnish any crypto image. You can hate them for all you want but their presence provides hype and excitement in the industry and invariably help draw the attention of the public to cryptos. Yes, we know most of these memecoins later become worthless but that isn't before it leaves some wealthy as it leaves others poor. Those who are usually trapped in losses are those who think they can turn the worthless coins to Bitcoin in value. If anyone has to invest in memecoins, they should know they're short term investment; usually a kind of "hit and run" thing in my local parlance.

memecoins that eventually become worthless are memecoins that were created only to enrich their developers and not think about their community. memecoins like this should be avoided so that the image of crypto, especially memecoin, doesn't become negative. But even so, nothing will make crypto's image worse, if memecoin is managed by scammers, then it will be abandoned. people do come to crypto because of some hype like memecoin did. invest in memecoin for the short term or long term depending on the memecoin being held. memecoins like DOGE, SHIB are quite trusted, but need to do predictions to find the right price to enter.

tygeade

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Quote from: Mpamaegbu on August 08, 2023, 08:51:20 AM

Memecoins don't tarnish any crypto image. You can hate them for all you want but their presence provides hype and excitement in the industry and invariably help draw the attention of the public to cryptos. Yes, we know most of these memecoins later become worthless but that isn't before it leaves some wealthy as it leaves others poor. Those who are usually trapped in losses are those who think they can turn the worthless coins to Bitcoin in value. If anyone has to invest in memecoins, they should know they're short term investment; usually a kind of "hit and run" thing in my local parlance.

I think that's the problem, it shouldn't really create hype, do people get hyped about tesla stocks? I mean maybe but not the same way, there is still some logic behind it. The fact that memecoins are there so that people would have fun doesn't make any sense to me.

It diminishes the value that we created in the crypto world, we took bitcoin from "drug dealers use it" and "it's fake money, you will lose it all" and made it into something that is "the huge billion dollar companies started to invest into it" and "even nations are making it legal tender". When you take sometime from that low to that high, that means that we did something right and memecoins are taking it all the way back to "this is fake money and you will lose all of it" very quickly.

Topic: Are memecoins tarnishing the image of crypto? - page 7. (Read 1822 times)