Are memecoins tarnishing the image of crypto? - page 8.

jostorres

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Quote from: Peanutswar on August 04, 2023, 08:35:06 AM

Meme coins are only for the people who made an early investment in the project before it releases in the market and gets hyped by those latecomers the ones who lose most likely to their investment. The reason why newbies want to take a risk with the meme coins is because easy money, but you must need to make sure you are the first investor, I'm not getting to promote meme coins for me its part of the category if shit coins just hype. Risk at your own asset.

I always ask the same question, "Is it really worth it?", I mean, isn't it better if a newbie investing $100 in 5 meme coins and losing it all invests it all into a coin that has some potential to give him some return either in the short or long run? A lot of people say that they don't invest a lot of money in meme coins but they only start with $10, and I ask them that the total sum invested in multiple meme coins only to gain nothing could get them a good enough portfolio with potentially profitable cryptocurrencies.

We all know that there are thousands of meme coins being created and advertised all around the internet after the success of a few meme coins, but the ratio of success is way too small for people to keep wasting their money on them. In history, less than 10 meme coins managed to get enough hype to get a significant value, and all others have failed.

Mpamaegbu

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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.

Stable090

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Quote from: cute nmp on August 06, 2023, 10:16:10 AM

Not a fan of meme coins but i don't think there are tarnishing the image of cryptocurrency at all most of them are just pump and dumb usually don't have any good concept unlike other altcoins.

It’s tarnishes the image due to the current hype, it’s always getting newbies attention that don’t really know much about cryptocurrency, and as we all know meme coins are just hype, it’s going to pump when it’s being hyped, and immediately the hype dies down, it’s going to dump back. Most newbies that don’t know much about it and they decided to invest might end up investing when the hype is dying down already which it’s going to be dump on them and they will end up losing money. It might happen to them continuously and they will end up losing interest in cryptocurrency which out knowing that there are reputable coins.

Quote from: cute nmp on August 06, 2023, 10:16:10 AM

Many people have made thousands from meme coins and many have loose money due to it. one should be very careful when it comes to investing in crypto not just meme coins in general and never invest what you cannot afford to loose.

Mostly newbies are always losing money, they don’t make money from meme coins, the only people which I can say do make money from meme coins are the once that have been in cryptocurrency for a long time, and they understand how things work, but newbies will lose money which is going to discourage them.

awik p

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Quote from: molsewid on August 06, 2023, 04:56:00 PM

Quote from: cute nmp on August 06, 2023, 10:16:10 AM

Not a fan of meme coins but i don't think there are tarnishing the image of cryptocurrency at all most of them are just pump and dumb usually don't have any good concept unlike other altcoins. Many people have made thousands from meme coins and many have loose money due to it. one should be very careful when it comes to investing in crypto not just meme coins in general and never invest what you cannot afford to loose.

Indeed, it is just one of the variation of coins in crypto . It is not bad to invest in some of it, actually it is meme coin season some other go with the flow with what is in did the trend , as I just notice every year we can expect a new trend . Last year i think it is nft season and meme season right now it is still a meme season and we can say that it not tarnishing the image of crypto, we just go with the trend.

we can use it for a money printing machine, with an extraordinary pump that usually occurs and at that time seems to be able to hypnotize many people. Let's just take the example of the Shiba Inu which was popular before, until many bought it during the bullish season, until the price fell and they still have high hopes, so far it has not been proven to rise again especially with a bearish season like this time, but there are several coin memes which are popular and if we follow the trend we can speculate in it

molsewid

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Quote from: cute nmp on August 06, 2023, 10:16:10 AM

Not a fan of meme coins but i don't think there are tarnishing the image of cryptocurrency at all most of them are just pump and dumb usually don't have any good concept unlike other altcoins. Many people have made thousands from meme coins and many have loose money due to it. one should be very careful when it comes to investing in crypto not just meme coins in general and never invest what you cannot afford to loose.

Indeed, it is just one of the variation of coins in crypto . It is not bad to invest in some of it, actually it is meme coin season some other go with the flow with what is in did the trend , as I just notice every year we can expect a new trend . Last year i think it is nft season and meme season right now it is still a meme season and we can say that it not tarnishing the image of crypto, we just go with the trend.

carlfebz2

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Quote from: Baofeng on August 05, 2023, 05:23:45 PM

Quote from: Lorence.xD on August 05, 2023, 10:18:01 AM

Quote from: AicecreaME on August 05, 2023, 09:11:21 AM

It's the scammers who are tarnishing the image of cryptocurrency by using it to scam people, and those people who got scammed got to take the blame for anything so that they can vent their anger out because of their own mistake.

Even though there's still a lot of FUDs in cryptocurrency because of different news, just don't mind it, because we all know that cryptocurrency is not a scam, even meme coin, since it's has a price. Not because you didn't make a profit out of a meme coin because it rug pulled doesn't mean it's a scam.

Indeed, because everyone could make a sht coins whatever they it only depends on people if they would buy it so there's no literally problem about issues maybe to the people that using it to scam right. Due to people are hyping some new coins like doge coin promoted by famous Elon Musk, some would literally take this as advantage to scam people by just simply sending link or hacking people's wallet. Many people already flipped a lot of assets on meme coins so there's no actually bad deal here. But I remember the case of squid game coin when it's trend, many people bought it as a hype then "boom" rugpulled. Maybe doing some research on the background of the coin itself to avoid this kind of scenario because money is money. You might learn from your mistake buy money is money.

And this is a already given fact, specially in 2017 and there after, because this criminals knows that there are a lot of crypto enthusiast that might fall for their trick and so instant money for them.

Same thing for meme coins, I have nothing against those who support them, but we all know that majority of them just clog the network as they don't have used case to begin with. It's all for the money grabbing, and after the hype has gone, many investors are going to bitch around in this community telling us how much they lost on this and that meme coins. But if they just did some research, they couldn't been the next victims of this meme coins.

Yes, remembering those ICO days on which is the the season or the year where tons of shit projects or scam ones did exist on that time and its true that they've seen that there are tons of people who do really

make out some careless act when it comes to investment on which it did really result into that kind of possibility that they are really that easily get hooked with some scam project and due to lack of knowledge
and that impulsive approach about investment on crypto on that time then lots ended up on bagholding some shit coin or into those coins or tokens that made out some initial pump and then die forever or
into those people who do make out investment on funding phase but ending up on getting those funds to be ran away.

Now that we do have that new trend about meme coin flooding out the space then its not really that something new for it to be having this kind of situation where
there are really still investors who do really likes on engaging on something like this which is very risky but very rewarding on the time you do hit up the right spot but of course the risks is higher
if we do compare it out on legit projects.

cute nmp

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Not a fan of meme coins but i don't think there are tarnishing the image of cryptocurrency at all most of them are just pump and dumb usually don't have any good concept unlike other altcoins. Many people have made thousands from meme coins and many have loose money due to it. one should be very careful when it comes to investing in crypto not just meme coins in general and never invest what you cannot afford to loose.

danherbias07

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Let's just say only 1 percent of meme coins being created are the legit ones. That's still a low percentage compared to the altcoins created.
IMO, one meme coin should suffice to add competition in the market. So that if investors like to compare why Ethereum and Bitcoin are better than them, they will see a big difference.
No real use case product, no company backing it up, and worst of all it's made for fun. Since when did we support an investment that is a joke? That one hell of a high-risk investment or 100 percent risk that is being camouflaged by making hype in social media networks. It's hard to understand why investors keeps on supporting it although they know how high of a risk they are taking from buying it.

dansus021

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In my opinion, is yes But we cannot stop the dev of memecoin or shitcoin to stop I mean by creating scam coin it might become their source of income even tho there is successful memcoin like shiba but the fail is dozen ton of them.

So it's not worth investing and just think that it gonna blow up in a future lot of fail rather than the success

JeffBrad12

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funnily enough, despite the fact that it tarnished the cryptocurrency somewhat considering the fact that there are many that have experienced losses with this coin, its also the sole reason of the massive influx of investors that goes towards the cryptocurrency investment, the volatility that it have attracted a whole different group that favours volatility.
there's reason why the market capitalisation of certain meme coin and trading volume is getting really high, its because its highly favoured by some people due to volatility. but we can't deny the fact that these shitcoin has been ruining the reputation of cryptocurrency along its way, therefore many assumptions that investing in cryptocurrency are the same as investing in shitcoins.

Baofeng

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Quote from: Lorence.xD on August 05, 2023, 10:18:01 AM

Quote from: AicecreaME on August 05, 2023, 09:11:21 AM

It's the scammers who are tarnishing the image of cryptocurrency by using it to scam people, and those people who got scammed got to take the blame for anything so that they can vent their anger out because of their own mistake.

Even though there's still a lot of FUDs in cryptocurrency because of different news, just don't mind it, because we all know that cryptocurrency is not a scam, even meme coin, since it's has a price. Not because you didn't make a profit out of a meme coin because it rug pulled doesn't mean it's a scam.

Indeed, because everyone could make a sht coins whatever they it only depends on people if they would buy it so there's no literally problem about issues maybe to the people that using it to scam right. Due to people are hyping some new coins like doge coin promoted by famous Elon Musk, some would literally take this as advantage to scam people by just simply sending link or hacking people's wallet. Many people already flipped a lot of assets on meme coins so there's no actually bad deal here. But I remember the case of squid game coin when it's trend, many people bought it as a hype then "boom" rugpulled. Maybe doing some research on the background of the coin itself to avoid this kind of scenario because money is money. You might learn from your mistake buy money is money.

And this is a already given fact, specially in 2017 and there after, because this criminals knows that there are a lot of crypto enthusiast that might fall for their trick and so instant money for them.

Same thing for meme coins, I have nothing against those who support them, but we all know that majority of them just clog the network as they don't have used case to begin with. It's all for the money grabbing, and after the hype has gone, many investors are going to bitch around in this community telling us how much they lost on this and that meme coins. But if they just did some research, they couldn't been the next victims of this meme coins.

Lorence.xD

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Quote from: AicecreaME on August 05, 2023, 09:11:21 AM

It's the scammers who are tarnishing the image of cryptocurrency by using it to scam people, and those people who got scammed got to take the blame for anything so that they can vent their anger out because of their own mistake.

Even though there's still a lot of FUDs in cryptocurrency because of different news, just don't mind it, because we all know that cryptocurrency is not a scam, even meme coin, since it's has a price. Not because you didn't make a profit out of a meme coin because it rug pulled doesn't mean it's a scam.

Indeed, because everyone could make a sht coins whatever they it only depends on people if they would buy it so there's no literally problem about issues maybe to the people that using it to scam right. Due to people are hyping some new coins like doge coin promoted by famous Elon Musk, some would literally take this as advantage to scam people by just simply sending link or hacking people's wallet. Many people already flipped a lot of assets on meme coins so there's no actually bad deal here. But I remember the case of squid game coin when it's trend, many people bought it as a hype then "boom" rugpulled. Maybe doing some research on the background of the coin itself to avoid this kind of scenario because money is money. You might learn from your mistake buy money is money.

isaac_clarke22

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

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I mean an intellectual/rational human would just think that it is not entirely fault of the system itself that causes the scams, but the people behind it at all. Scams like these also happens with the use of fiat. This also led to government banning crypto in their country, and they would think that crypto is the only thing that causes money laundering and all those scams.

Oh about meme coin, it's not all about the utility that people care at all. It's only for the quick bucks when you think about it. It's not entirely tarnishing image of crypto and in fact, since people wanted money, it might attract more to crypto although in the unintentional reasoning possible.

Quote from: AicecreaME on August 05, 2023, 09:11:21 AM

It's the scammers who are tarnishing the image of cryptocurrency by using it to scam people, and those people who got scammed got to take the blame for anything so that they can vent their anger out because of their own mistake.

This is one and another one would be FUDs all over the internet and it is quite sad considering that everything is almost digital and people would see these FUDs first.

adzino

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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.

People should be investing knowing what they are investing in. They should do some digging and research before making any kind of investment. If one actually does, he will know that those "meme" coins doesn't represent the whole market and they will also realize that around 99% of those are scam coins. They will know what most of them are pump and dump scheme. People that invest in those coins willing to get rich overnight, does deserve to lose their money since if they actually cared about their money, they would have avoided this.

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

-snip-
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.

Not sure who he is or what it is, but since he/they doesn't list the coins at the start of the project and gets listed later, I am 99.99% sure that by the time it gets listed, it is too late.

abel1337

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Quote from: AicecreaME on August 05, 2023, 09:11:21 AM

It's the scammers who are tarnishing the image of cryptocurrency by using it to scam people, and those people who got scammed got to take the blame for anything so that they can vent their anger out because of their own mistake.

Even though there's still a lot of FUDs in cryptocurrency because of different news, just don't mind it, because we all know that cryptocurrency is not a scam, even meme coin, since it's has a price. Not because you didn't make a profit out of a meme coin because it rug pulled doesn't mean it's a scam.

Well it's been that way since crypto popularized. If you are not wise enough, you will get burned by those scammers lurking around and been doing a lot of things just to scam people. Scammers are just doing it repetively with different approach. Imagine every trend we have on crypto is there are always this scammer who will lunch his own sh*t and scam people. The fact is we can't get rid of those scammers even how much effort we do, anonimity is one aspect of crypto and I know scammers are thinking that it's easier to scam using cryptocurrency than fiat.

AicecreaME

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It's the scammers who are tarnishing the image of cryptocurrency by using it to scam people, and those people who got scammed got to take the blame for anything so that they can vent their anger out because of their own mistake.

Even though there's still a lot of FUDs in cryptocurrency because of different news, just don't mind it, because we all know that cryptocurrency is not a scam, even meme coin, since it's has a price. Not because you didn't make a profit out of a meme coin because it rug pulled doesn't mean it's a scam.

yudi09

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

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.

First you suggest to avoid with memecoin. Next you offer the option to consider investing in memecoin.
Just the same. Memecoin is not an option for investing but an option for accumulating money that can potentially be lost even if it is done on an exchange that is considered trusted.

Instead of piling up money in memecoin in investing, divert that money to invest in Bitcoin with the condition that you don't save it on an exchange.

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.

This is different again. Above you gave advice to beginners to avoid. Here you tell people to follow you, which I think is promoting a new product.

Mauser

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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.

There are scams around is every day that try to steal our money. For example, I receive scam mails, text messages and even phone calls every week of people that have special deal for me. We need to be cautious in every aspect of life, crypto currencies are just one of many. That is why it's so important to teach people more about the crypto world, only educated people can evaluate the risks correctly and not fall for scam projects. Another thing is that for any beginner it shouldn't be about buying meme coins as their first investment. It would be much better to start with a bitcoin investment before buying more exotic coins. When buying the leading crypto currency, it offers a protection against sudden price movements. Also, who teaches the beginners about the meme coins in the first place? I don't expect friends and family to recommend meme coins for a new trader, and why would you listen to a stranger from the internet that recommends a particular coin? It's better to make up our own mind and not blindly buy coins recommended by someone else.

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Quote from: bitgolden on August 04, 2023, 03:20:31 PM

Quote from: kingvirtus09 on August 03, 2023, 04:54:29 AM

You know if there are other investors here in the crypto space who are investing in memecoins, it is because they are participating in a small amount that they can time that there is a potential for the value to increase in the future, as happened with Pepecoin, Shiba inu, and dogecoin they can advance in life immediately. And we can't stop it if it's their choice of decision. Especially since they are willing to lose the capital they will use for meme coins. And I also think that this mentality will not disappear from other people in the crypto space, who knows if the era of meme coins will come.

I think the mentality will eventually go away. There are a lot of people who are still making mistakes after mistakes and I believe that it will cause a rift between people and meme coin investors will end up losing a lot more money then they assume they would. This is going to be something that is important.

I believe that if they keep doing this then they are going to end up losing and that should be the important part of it. I hope that it should be something that would be an important key factor here. I know that it will take some time but that doesn't mean that we are going to end up being something that is much more important. The situation would be as great as it gets and that should be the important part in this situation

people will learn on their own time. so let them explore their opportunities with meme projects. they will soon learn quick once they start losing money on this market. they may give unfavourable image to crypto but once people are educating themselves, they will understand that it is the people behind it are the ones ruining the crypto image. but the technology itself is not to be blamed by those fraudsters.

bitgolden

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Quote from: kingvirtus09 on August 03, 2023, 04:54:29 AM

You know if there are other investors here in the crypto space who are investing in memecoins, it is because they are participating in a small amount that they can time that there is a potential for the value to increase in the future, as happened with Pepecoin, Shiba inu, and dogecoin they can advance in life immediately. And we can't stop it if it's their choice of decision. Especially since they are willing to lose the capital they will use for meme coins. And I also think that this mentality will not disappear from other people in the crypto space, who knows if the era of meme coins will come.

I think the mentality will eventually go away. There are a lot of people who are still making mistakes after mistakes and I believe that it will cause a rift between people and meme coin investors will end up losing a lot more money then they assume they would. This is going to be something that is important.

I believe that if they keep doing this then they are going to end up losing and that should be the important part of it. I hope that it should be something that would be an important key factor here. I know that it will take some time but that doesn't mean that we are going to end up being something that is much more important. The situation would be as great as it gets and that should be the important part in this situation

Topic: Are memecoins tarnishing the image of crypto? - page 8. (Read 1813 times)