Topic: Are meme/NFT investment really worth the hype they're getting?. - page 4. (Read 600 times)

For new trends then its just normal to have that kind of reaction on where the community would really  be having those impressions or thoughts on making money in short time because when its really be shilled and been hyped up then you would really expect that it would really make out some price increase since the interest would really be on the rooftop which there are people whom do really love to play with fire for them to make out some gains and this isnt a surprising kind of act and this would continue everytime there are something new that would exist or available in the market.People presume that it could really be a big thing that might
really make up some tons of profits but of course risk is always there.

The problem stems from the erroneous ideology that crypto is all about "getting rich quick", these investors are aware of "lottery" coins that have given massive profits (through luck) to one or two investors in the short period, but Bitcoin on the other hand is a long term project, thus this investors do not have the patience to invest in a coin that actually has a use case and that will give ROI with time, they rather want to go for pump and dump coins and hope they get in at the right time and make profits when it pumps, but unfortunately, that's not always the case, as they most times lose their funds.

Having said that, the inability of investors to do a good research on what they intend to invest in is also a problem and a cause of mistakes people make, I'd actually not blame most of these prominent individuals, if people handle their investment matters independently, then this rich people would not have anyone to make money out of.

To be sincere, people have been warned to make their own research before investing in any project but most people believes it is better to follow whatever an Influencer says thus don't bother making any sort of research while forgetting that those influencers do not care about anyone but themselves and their pockets, some are even paid in a different coin but will promote another coin to their followers. During the height of the Meme coin trend, a lot of Influencers did that, and today they have started with another, and most of their followers will still not learn, so that is just the issue, lack of research and so on.
In the case of NFT, i believe they have been around for a long time, but it is just that they started getting recognition this time around hence the pump, however I think there is more to NFT such as Gamified tokens although I stand to be corrected, but in the issue of people who are spending such amount on some NFT arts, is what I can't really figure my head around.
Lastly, if NFT and/or gamified tokens are not really worth it, I don't think Binance will launch an NFT marketplace, I just think it is another aspect of this space people are exploring and it needs a bit of time, however that doesn't mean people will not carry out their own due diligence, or understand what actually they are doing.

Yes, I think so. Why people don't research themselves and just follow these richer people blindly. There are hundreds of trusted and strong projects where we can get good profit. These meme coins have always given me loss. I suggest those who are looking for shitcoins, which can give them profit. You should take a look on some trusted projects such as, FTT, MATIC, ADA, Bitcoin, Ethereum and there are many more.

basic psychology and stupidity

Most people looking to make a quick buck in the cryptoworld will follow whatetever a person with enough authority like Elon Musk or any other big cryto influencer has to say about X or Y coin/nft. This is called authority bias. By doing this they (general public) don't have to bother to make their own research about the asset they want to invest in, they simply follow the influencer's advice, learn he basics and proceed to "invest" then wait for the alleged profits in the short-term which 99% of the time means losing most of your money/getting stuck holding worthless bags of cryptopoop

But, don't assume that the entire crypto community is the one falling for these traps. A big part of it has been through these type of schemes for a very long time and knows how to sniff out the obvious traps from the whales trying to manipulate the market. It's mainly the newcomers who fall for it and start injecting a bunch of capital into the market which then translates in massive spikes in the price (FOMO) and later trying to exit the market (panic selling) when the big boys decide it's time to cash out and charts are nothing but red arrows

All in all, you underestimate the power these rich bastards/influencers have and how easy it is for them to manipulate the general public during something like the ICO boom a few years ago or the NFT boom this year

No one is misguiding anybody, if the talk is about NFT then it's no joke just make sure the NFT project is a well know or atleast well established then you will be fine, NFT isn't overhyped like DeFI projects it's something that works so well that's why they are successful.

Wise words, and unfortunately, I have to say that people in altmarkets actually already know this deep down. Even most newbies probably kind of know this but ignore the signs of common sense and get bought into the hype, and then try to do the same to others. They think they can be part of the top pyramid and play the game hoping to exit before others do.

Some never learn the lesson because they do not accept the lesson.

So before you post this, NFT and meme are not an investment material in terms of profitability. NFT are meant for collection and meme coin is just shitting investor. The main purpose of this is not fit for investment so don't invest your money on it if your focus is to gain only. You will be lucky if you buy an NFT that will in demand in future but considering how many NFT minting everyday. Its so hard to spot a real gem. As for meme coin, don't consider touching any of it. Its a pump and dump coin.

That is so true.
Scammers will most probably use social media influencers to pool a lot of money before running away.
These NFT craze with some useless "art" sold for thousands of dollars is also caused by the hype the social media influencers has been doing.
Influencers and scammers are both getting the money.

The same goes for the NFT games that has been coming out of nowhere after the Axie Infinity big hit. YouTubers are so quick to make reviews about P2E blockchain games. They want to create a hype so they could make a huge profit once the game becomes a hit.

you can always dca, or stake some of your money to other famous chain such as bnb, cake, etc. nft and stuff like that definitely has some purpose and value, but it is being overhyped. i do believe we will never learn from something like this, at least not in the near future. just repeat again and again (from ico, airdrop, nft, etc).

Investing in the crypto will always force you to deal with teh risk. You may right if people have so many options to pick the legit coin but can small fish make profit from the bitcoin right now?
They are investing in the new project as they are believing it. How much someone can earn with only $100 from invest such amount in bitcoin?
It's not all of the NFT were garbage tokens.

First! the influencer or famous people doesn't give any shit about their follower.

Try to take an example from "Faze Clan" and search on youtube now they got a scandal P&D/Scamm shit token! almost getting sue or maybe "SEC" can discover what they're doing the past last month from promoting shit token to his follower and dump the token after get the token.

There are people ready to misguide others, I am afraid. If people think that everyone is their friend in a market which is so prone to manipulation and unregulated that even a simple false information is enough to make it crash some thousand marks, I am afraid this will continue.

However, you can look at this in a different perspective:

There are people who are making sure they profit from the chaos. They are ones who are creating more hype behind the veil and making sure to sell their "shitcoins" to the naive newbies. They are making a lot off the false sense of profit that the newbies get. Even if hundreds of us oldies come to explain to them that they are making a mistake, they will not budge. This happens with every new trader and they will learn the lesson but at a cost.

The altcoin market runs on hype and the context of the hype only changes every few months. Rest remains the same. Before ICOs we had vaporware projects mining then came ICOs followed the the STO/IEO and other Initial Offerings. None of these are security tokens and they will all fail one day. But if the ones buying them are none the wise, then nobody can help them.

Sometimes I begin to wonder how it's easy to misguide the members in this community. The rich has made so much money form their investment in crypto and other aspect of investing now they just want to have fun by playing with meme investment like Elon musk. Without understanding that, we now see that decision of theirs as an investment opportunities and go putting all our money in a joke.

The rate at such a stupidity is what make me believe, we still have a long way to go in this industry. We don't understand the rich are messing with our heads in this industry. How can someone bindly buy an Art fir such high amount all in the name of participating in NFT. We don't learn form our mistakes in this industry. Isn't it same way we had thousands but fICO in the past and they mostly scam their investors which the presale participate profited.

Why risk it all on meme and NFT when you can simply buy Bitcoin or other legit coins and profit in the future. We have to stop giving this rich bastard and scammers the room to scam us and ripoff of our money. Stop this worthless investment and Invest in the right things to secure a bright future.