"Meme" coins are ruining everything | Bitcointalksearch.org

Abiky

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Quote from: Cvetik56 on May 08, 2024, 08:01:45 AM

Well, yes, but I think that a lot of people tried to enter the market through memecoins, were disappointed, lost money, and turned back. So there are two sides for this coin.

That's because people want quick results. They believe "meme" coins are the easiest way to make a lot of money. But they've got it all wrong. Crypto was always about utility from day one. Not a means to enrich ourselves. The industry is now more speculative than ever with the introduction of "meme" coins. This is all Elon Musk's fault. There are hundreds, if not thousands, of worthless "meme" coins on the market. Developers are focusing on quantity instead of quality. It will stifle innovation in the future. Just you wait and see.

I know "meme" coins help attract newcomers into crypto. But they shouldn't be the only thing we should focus on. Serious projects will be the ones that will truly shape the crypto/Blockchain industry. I'm talking about Bitcoin, Ethereum, and the likes. Hopefully, things will get better in the long run. Undecided

Rasa nanas

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Meme coin hype may increase transaction density and cause transaction fees to increase. This will definitely affect other altcoins on the same network because they are affected by increasing transaction fees.However the impact of meme coin transactions will not have a big effect on transaction fees because utility token transactions are definitely much larger than meme coins. Increasing transaction fees may be one of the negative impacts of meme coin hype, but meme coin hype also has a long-term positive impact on the crypto market because meme coin hype will attract more new investors.

laijsica

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Quote from: Cvetik56 on May 08, 2024, 08:01:45 AM

Quote from: Yey09 on May 06, 2024, 11:01:23 AM

Memecoins are the reason why a lot of people here. While im hating it, it push industry forward in some direction

Well, yes, but I think that a lot of people tried to enter the market through memecoins, were disappointed, lost money, and turned back. So there are two sides for this coin.

Meme coins is priced much lower than others in the crypto market, so many small investors lean towards it. Even the exchange charge of this coins is low but the layers of the block chain are a little weak.

Cvetik56

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Quote from: Yey09 on May 06, 2024, 11:01:23 AM

Memecoins are the reason why a lot of people here. While im hating it, it push industry forward in some direction

Well, yes, but I think that a lot of people tried to enter the market through memecoins, were disappointed, lost money, and turned back. So there are two sides for this coin.

bitcampaign

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Quote from: Abiky on May 01, 2024, 12:52:49 PM

Quote from: sotelorene on May 01, 2024, 04:09:55 AM

You are right mate, but to an extent I think memecoins are a kinda distraction to some higher investors though there are people who are actually feeding from it that's why we can't use one side to justify it. They are just like those cheap products imitation we are actually see in the market.

Of course "meme" coins are a distraction. They lure developers away from building quality projects into overhyped projects with no substance to them. Quantity has replaced quality ever since Elon Musk brought the "meme" coins craze. I'd say the only "legitimate" "meme" coin is Dogecoin. The rest are just pure garbage. Especially when they live on existing Blockchain networks.

It's easy enough to create a token on a smart contract platform these days. But building and running your own chain is a whole different story. Hopefully, people get their mind straight about investing in "meme" coins before it's too late. Who knows what the future of the crypto/Blockchain industry will be? Cheesy

I agree with you that by making Tokens easily, everyone is able to make so many meme tokens, of course they have different goals depending on what kind of concept they are implementing, because it's true that everyone has their own differences, but the goal is to fool or just look for profit, that's it. what I see from my point of view is true or not what other people think

Abiky

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Quote from: Yey09 on May 06, 2024, 11:01:23 AM

Memecoins are the reason why a lot of people here. While im hating it, it push industry forward in some direction

Of course. They drive mainstream adoption all the way to the moon. Crypto/Blockchain tech is more popular than it was before because of this. One would hope "meme" coins don't drive the industry away of what's most important.

It's not about speculation/hype, but rather utility. As long as developers prioritize quality over quantity, there should be nothing to worry about. Who knows how long will the "meme" coins craze last? Cheesy

Fiasem20

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I can't say memecoins are totally bad.And also memecoins didn't ruin anything.The reason why I said memecoins are not totally bad is because lot of crypto enthusiast are making money with it on a daily and same way I will say they didn't ruin BTC,not at all.BTC is a prominent coin that's reliable and trustworthy for long term.

Cytro enthusiast who will say memecoins are totally frustrating to trade/invest are those that I've been scammed by scam projects and because they failed to carry out research before carrying out whatever.

Hanadawa

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Quote from: Abiky on March 28, 2024, 11:42:13 AM

What's your opinion on this? Do you think the "meme" coins craze will move the industry away from being a utilitarian one to a speculative one? Will the hype last forever? Do you think crypto will do fine with "meme" coins in the way?

Your input would be greatly appreciated. Thanks in advance.

I honestly don't like meme coins. I prefer if the coin or token is something that can be used in real cases. I see meme coins do not have any fundamentals but are just speculative coins. What makes meme coins still popular today is because of the narrative that someone can get rich overnight from meme coin projects. There are several cases where someone can earn millions of dollars from meme coins. But that is very rare and should be an early stage investor. Meme coin projects can be created by anyone because it is very possible for fraud or scams to occur. The price is also simply community driven and will be useless once pumped.

Yey09

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Memecoins are the reason why a lot of people here. While im hating it, it push industry forward in some direction

Abiky

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Quote from: peter0425 on May 03, 2024, 04:46:41 PM

Lots of people tend to choose memecoins over bitcoin or ethereum when making small payments or transactions because they are cheap and as well as their transaction fees. This is something the top coins need to address but in the meantime this is probably one of the things memecoins are useful for.

That's the only thing they're good for. Cheap and fast transactions. This only applies for "meme" coins living on L2 networks or their own blockchain network. Those built on existing chains (Shiba Inu, Floki Inu, etc) often require the user to pay a high gas fee in return (subject to current network congestion). The more popular a "meme" coin is, the higher fees you'll need to pay.

At least, we have plenty of options to choose from. Considering that crypto/Blockchain tech is open source, who are we to blame the "meme" coin craze? Hopefully, developers start taking things more seriously as investors continue to pour money on the market. We can't predict the future, so lets hope for the best. Cheesy

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Quote from: peter0425 on May 03, 2024, 04:46:41 PM

Quote from: Abiky on May 03, 2024, 10:30:54 AM

For day trading or micropayments, "meme" coins does wonders.

Lots of people tend to choose memecoins over bitcoin or ethereum when making small payments or transactions because they are cheap and as well as their transaction fees. This is something the top coins need to address but in the meantime this is probably one of the things memecoins are useful for.

well to be fair the other top coin such as BNB with its binance smart chain already spare people from overpaying for fees anyway I think its pretty much settled moreover there are existence of ethereum L2 where it takes off the transaction from the main blockchain to side chain and the fee usually also ridiculously low just few cents, overall its already solved problem more or less its a bit complex yes but I don't think meme coin wins in this regard not to mention that most of meme coin doesn't even have their own blockchain the one meme coin i know that has blockchain is doge coin and thats it, shiba deployed in ethereum as a token, other in solana and so on.
so I don't think the advantage you mentioned really an advantage.
meme coin only good if you try to find speculation since other meme coin holder are also speculating with their meme coin i think thats the only purpose and sole reason of existence of these meme coins.

FanEagle

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Ruining the people who believe them, but not us really. I do not think that they hurt the general market, I used to believe that the money that goes into them could have gone to other stuff and would have made crypto market stronger. But, I started to realize that if people who invests into memes right now, did not have meme projects, they would invest into other shitcoins instead.

These are the people who want to make 1000x and actually believe that they could somehow do that, which is insane when you think about it but the reality. Which is why I think it's clear that we are not going to get anything good in that regard, we should avoid these people and let them carve up their own part of the market and deal with their stuff there.

peter0425

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Quote from: Abiky on May 03, 2024, 10:30:54 AM

For day trading or micropayments, "meme" coins does wonders.

Lots of people tend to choose memecoins over bitcoin or ethereum when making small payments or transactions because they are cheap and as well as their transaction fees. This is something the top coins need to address but in the meantime this is probably one of the things memecoins are useful for.

Abiky

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Quote from: Kezacky on May 02, 2024, 02:04:54 PM

Meme coins are just pump and dumps hoping they will catch on with enough people and keep their scam going longer. while the meme coins may offer the illusion of easy money, the reality is far more sobering, better to avoid taking risk in such speculative assets.

You've got that right! Why would anyone want to invest in "meme" coins for the long-term? After all, they're "pumps" and "dumps". The only ones who benefit are none other than whales and developers. The rest ultimately get "rekt" as market prices go all the way down the drain in an instant.

You'd only invest in a "meme" coin if you know what you're doing. For day trading or micropayments, "meme" coins does wonders. If you're looking for something serious, choose BTC or ETH instead. Hopefully, popular blockchain networks increase on-chain scalability to avoid being clogged up by "meme" coins. The future can't be predicted, so lets hope for the best. Cheesy

bitdonation

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Bureau

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Quote from: tengui on May 02, 2024, 08:26:16 AM

It makes sense because the growing hype for meme coins means that meme coin transactions also continue to increase, and this results in network fees also increasing. and of course utility altcoins are also impacted by the increase in transaction fees. In my opinion, this is a problem that cannot be avoided because one of the disadvantages of cryptocurrencies is that transaction fees often change (depending on transaction density).

High transaction fees wasn't a periodic issue before meme coins hype. For example the Bitcoin network a few days back was completely congested due to ordinals meme coins. The fee went so high that it was impossible to make small amount transactions. Thankfully it has gone down considerably but the issue still prevails and happens periodically. I saw the same problem happening on Solana. They are facing the same network congestion problem due to meme coins.

Kezacky

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Meme coins are just pump and dumps hoping they will catch on with enough people and keep their scam going longer. while the meme coins may offer the illusion of easy money, the reality is far more sobering, better to avoid taking risk in such speculative assets.

DiMarxist

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Memecoins are just in the system to worry the network and they are coming every day and most of them are just in the internet doing nothing. Some of them are there to increase the number of coins in the ecosystem.

Quote from: tengui on May 02, 2024, 08:26:16 AM

It makes sense because the growing hype for meme coins means that meme coin transactions also continue to increase, and this results in network fees also increasing. and of course utility altcoins are also impacted by the increase in transaction fees. In my opinion, this is a problem that cannot be avoided because one of the disadvantages of cryptocurrencies is that transaction fees often change (depending on transaction density).

Not everyone benefits from Memecoins. Many when they are created, they would increase rapidly in price And Market cap but later reduce to zero and everything got burned. Many of them have been in the ecosystem marketplace but they are not developing.

tengui

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It makes sense because the growing hype for meme coins means that meme coin transactions also continue to increase, and this results in network fees also increasing. and of course utility altcoins are also impacted by the increase in transaction fees. In my opinion, this is a problem that cannot be avoided because one of the disadvantages of cryptocurrencies is that transaction fees often change (depending on transaction density).

yazher

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The problem with Meme coins is they create fake developments to lure their investors without any hope of continuing it later and they are just doing it right now to attract more investors also there are lots of them right now because they are the most trending investment in altcoins since Doge and Shiba Inu have been successful for the last years and people wanted to do the same thing hunting for those new Memecoins hoping to buy the right one and sometimes they even spent a huge amount of money that is not appropriate in such kinds of investment. they need to know at the same time scammers are also in the same boat with them and luring them as well to invest in their projects disguised by some god to be true roadmaps that will never be reached in the future.

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