"Meme" coins are ruining everything - page 6.

Sayeds56

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Quote from: electronicash on March 28, 2024, 03:47:15 PM

its manipulation to the masses where memecoins attract regular people into crypto and that they are going to invest the very little they have into the market and when they see that their crypto wallet looks better like that meme above, they invite friends to invest in memecoins.

memes are convincing just like this https://www.youtube.com/watch?v=KTf5j9LDObk Grin

Certainly, the main target of meme coins are new comers in the crypto space who dream to become millionaire overnight and get attracted with their low price. However,, eventually they lose most of their investment when these meme coins become worthless after the end of their hype. This recurring pattern of meme coins underscores the true nature of these coins, as they lack any tangible utility and crafted for amusement rather than any practical use case.

In summary, 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.

yazher

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Of course, the hype won't last forever it's just like the last trend which was not successful until today because all they have been doing was only hyping their investors to buy their tokens like what happened to NFTs and other altcoin projects throughout the year, they don't have long time plan and their road maps are just bait to lure some investors and it was not really good event because after that, the trust rate for altcoins and real projects has dropped dramatically and only those who have connections and already popular are making good progress since they can backup up whatever they are saying on their roadmaps.

batang_bitcoin

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

Do you think the "meme" coins craze will move the industry away from being a utilitarian one to a speculative one?

The entire crypto market is a speculative market and that's why we're all here though. But with these meme coins craze, I can't deny that they're contributing to the entire market.

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

Will the hype last forever?

No.

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

Do you think crypto will do fine with "meme" coins in the way?

Yes. Dogecoin was there but it's made as a meme and it had stayed on the top ranks for several years. Now, it just has got its competitors and even more but still, it remains so it's just fine with many of them in existence.

Yatsan

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I don't think it is ruining everything. Memecoins has been existing for years as well and most of it are just 'hype coins' indeed however, hype means engagement still, and that is good for this industry at least. If it is with higher transaction fees then I doubt it is only because of the emergence of memecoins. The market value of Bitcoin, Ethereum and other coins of this industry have peaked recently and it would be normal if transaction fees would be higher, so I doubt it is memecoins to blame. But I'd agree that the impression from people towards memetokens could influence non- crypto investors. Memecoins are known for sudden price decline after a quick rally. Although it is a bit often to hear negative viewpoints toward this industry, the market price bevavior of memecoins could possibly push away those who are interested especially those who would generalize this technology.

kamvreto

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Quote from: Wexnident on March 28, 2024, 11:36:42 PM

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

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I'd say the only thing being ruined by meme coins would be the idea of noncrypto people about, well, crypto. Can't say much about them clogging the network, don't really know the intricate details about how it works specifically anyway. And it being utilitarian/speculative, I'd say most would consider it as speculative really.

If I were to be asked if it'd be better for there to be memecoins vs not, then I'd definitely go for not. Sadly I don't think it will because of how the culture of the internet works. Crypto is much more friendly after all compared to stocks so it's no surprise why stuff like it popped up and became famous.

The shift in the main idea of crypto is so that ordinary people only understand memecoins and they are indeed very speculative. whereas in addition to memecoins many are better investments such as Bitcoin for the long term. I like and dislike memecoin, because it benefits faster and also harms faster. It doesn't have any utility as this is just a memecoin, for speculative purposes only. Following the current flow also doesn't seem to matter as long as you understand how to do a good game in Memecoins and don't lose all your money.

o48o

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

I see "meme" coins are clogging up Blockchains and rendering them useless, as the hype shows no signs of slowing down. Blockchains like ETH, BTC, and even Polygon/MATIC have seen an increase in network fees. Even Coinbase's ETH L2 network (BASE) have been affected by "meme" coins.

This is frustrating, because there are users who want to use crypto for day-to-day payments. Not for speculating or getting rich quick. Developers are going to need to constantly improve on-chain scalability to keep fees as low as possible. That's without undermining decentralization, of course.

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.

If meme tokens are ruining everything, then the fault lays in the core of the platform itself, as the whole idea of permissionless transactions is not to control people. If you set people free, they act as they wish, not how we or you wish. It's only freedom of the people we can blame for that. No one is facing any consequences for acting immaturely or stupid, because that's build on the core of the design. I can't see why they would go away as they have just grown since start of dogecoin. So as long there are people there will be some abstract meme tokens and imho we just embrace them as a sign of freedom.

It might be frustrating, but freedom will bring in the worst and the best of people, and because majority of people are quite stupid, stupidity will overcome reason any day.

LogitechMouse

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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.

Meme coins might be a very risky investment, but I still believe that it isn't ruining "everything"

Meme coins are always being created under a particular blockchain meaning that increases the day-to-day transaction under that blockchain which is a good thing. I know that most of the meme coins right now will come and go, but there are still benefits of meme coins especially for those who got huge profits into it already. Well as for the gas fees, I believe that the Dencun upgrade of Ethereum focuses on the gas fees of other L2 networks, and while not all are affected by it, the most popular ones are like Polygon, Optimism, and I believe even zkSync.

There's no such thing as "forever hype" when it comes to crypto. P2E got it's hype way back in 2021, and it went down as the months pass by. Same with Meme coins way back a few years ago. Now the meme coin is getting hyped again. Most new meme coins will pump in price, but in the next months, it's price might go down even though we are in a bull run. I believe that meme cons will be fine. I mean we've seen meme coins like DOGE, SHIB, FLOKI, PEPE, and others that are becoming more popular, and the crypto space is working just fine. Meme coins are here to stay that's for sure.

Sayeds56

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Quote from: Ben Barubal on March 28, 2024, 01:34:53 PM

Thanks, OP, for making this issue in this section about that. In my personal understanding of thinking, I think this is also the bull we are facing, and it looks like meme coins today.

It is just a matter of observations. If 2017 had been an ICO season, it would have been a period of playtoearns or defigames, metavers and NFTs, and now meme coins. So as I see it, it doesn't seem like the meme is ruining some of the crypto. The development of the Sol Network is just as good as the development of the Sol Network, so many memes are usually under SOL because the fees are cheap.

Certainly, some meme coins, such as Doge and Shiba are likely to endure because of the internet culture and backing of Influencer like Elon Musk and Vitalik Buterein (Founder of Ethereum), and most of them are likely to fail in the long term due to absence of any real life use case.

Certain crypto enthusiasts perceive meme coins as stress test for block chain networks due their high volumes of transactions. DYOR

atamism

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Quote from: Kelward on March 29, 2024, 01:14:50 AM

Quote from: goldkingcoiner on March 28, 2024, 05:55:28 PM

Meme coins and NFT's are part of cryptocurrency, whether we like it or not. They are simply too popular with whatever this generation is. I think we should avoid them in order to avoid financial ruin. They are not serious investments.

I think that memecoins is a trend now, and going into the bull run many newbie investors are lured into investing in hyped get rich quick schemes projects, so I don't see memecoins going anywhere soon, they're part of cryptocurrency whether we like it or not. We have a few reputable memes like dogecoin and Shiba Inu, but majority of them are scams, still people will gamble their funds to buy, another scam that I don't understand is NFT, but they're still thriving in the crypto space, I'll just stick with Bitcoin and reputable altcoins.

Yeah, before memecoins arise like dogecoin and Shiba, they are one of the annoying things that comes to the picture, but now they gain some reputation and now have a good run. Yes, a lot of memecoins are scams and everyone should know that there's no future to those coins and should stick to the main or top coins in the market to avoid lose.

wheelz1200

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Quote from: Zaguru12 on March 28, 2024, 06:26:14 PM

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?

Seriously I will say the hype will continue to raise over time for memecoins because the number of investors looking for those memecoins to get rich quick are definitely growing and currently they are more than those investors in this space than people solely investing for the utility sake. When you look at the whole trend of memecoins coming into a new ecosystem you will notice that some of this memecoins are incorporated just to generate more attention to that ecosystem just like how the Solana ecosystem is gaining a massive turnover by meme coin hunters.

I think developers will continue to tweak their ecosystem protocol to actually allow or accommodate the memecoins so yes this space will definitely do fine even if they continue to increase the number of memecoins

Memecoins are a zero sum game. Some people yes will male money but they are useless and when something better comes put people will sell this crap so fast that people are going to lose millions of dollars in missed opportunity. There are tons of memecoins last bull run and most of them are worthless even though they pumped at one time. If you lose money in that game you kind of deserve it.

wxa7115

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

I see "meme" coins are clogging up Blockchains and rendering them useless, as the hype shows no signs of slowing down. Blockchains like ETH, BTC, and even Polygon/MATIC have seen an increase in network fees. Even Coinbase's ETH L2 network (BASE) have been affected by "meme" coins.

This is frustrating, because there are users who want to use crypto for day-to-day payments. Not for speculating or getting rich quick. Developers are going to need to constantly improve on-chain scalability to keep fees as low as possible. That's without undermining decentralization, of course.

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.

As long as scammers and speculators can make money with meme coins, we should expect the current situation to continue, after all we cannot really hope those people to give up on their main way to make money out of newbie investors.

So when will this change? When newbie investors finally realize there is no hope for them to get the results they want out of those coins, then and only then we could see an improvement, unfortunately I do no think this will happen soon, and in fact it is going to get worse as the bull run gains strength during the next months.

Sunderland

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Soon or later the memecoin trend will definitely die, it will happen when people/bad actors can no longer profit from the scheme.
All these new memecoins are like legalized ponzis because everyone can buy them on legal exchanges.
And the creators will not be subject to legal action if one day their coins suddenly become worthless.
So, as long as this scheme remains profitable - new memecoins will always be born every day.

Bureau

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Quote from: coiningz on March 31, 2024, 04:45:12 AM

All that meme coins hype is cancer and harmful thing, people outside of the industry thinks that this is some kind of shit for kids and rugpulls

I agree with your thoughts but meme coins have been trending from 2021. In 2024 with a span of just 3 years there are too many meme coins that are being traded on big CEX like Binance. Earlier there were only two that were listed. Since people are investing in meme coins because of the hype the exchanges are listing them. Rug pull are common in any crypto project it is not that it is happening in meme coins only.

Bushdark

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Quote from: moneystery on March 31, 2024, 03:05:49 AM

i don't have a problem with meme coins, because everyone is free to develop what they want, but the problem is when it disrupts the bitcoin network like some time ago. it's not just them who make transactions, but there are still many more people who want to make transactions but are prevented from doing so by unreasonable fees. meme coin developers should be aware that they should develop their coins on their own network where only their community uses it, not interfere with the core network where there are more people who use it.

Meme coins are not responsible for increase in network fee. We need to understand the market and how things works because not all projects are going to be listed on many of the popular blockchains so there are other too that are trending with easy access.
Meme projects are very good to hold that is why I don't discriminate all but just few that are bad to hold.
There are some that can give us amazing profits holding for frew days or weeks.

coiningz

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All that meme coins hype is cancer and harmful thing, people outside of the industry thinks that this is some kind of shit for kids and rugpulls

Bureau

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Quote from: moneystery on March 31, 2024, 03:05:49 AM

i don't have a problem with meme coins, because everyone is free to develop what they want, but the problem is when it disrupts the bitcoin network like some time ago. it's not just them who make transactions, but there are still many more people who want to make transactions but are prevented from doing so by unreasonable fees. meme coin developers should be aware that they should develop their coins on their own network where only their community uses it, not interfere with the core network where there are more people who use it.

I do remember that time when the transaction fees went sky-high due to meme coins on the Bitcoin network. Everyone here and on other forums was not happy with the way these coins were congesting the network and causing the transaction fees to go high. At the moment most of the new meme coins are avoiding blockchains where the fees tend to go high due to congestion and they are opting of Solana. I think we might not see such a situation happening again on the Bitcoin network in the future.

moneystery

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i don't have a problem with meme coins, because everyone is free to develop what they want, but the problem is when it disrupts the bitcoin network like some time ago. it's not just them who make transactions, but there are still many more people who want to make transactions but are prevented from doing so by unreasonable fees. meme coin developers should be aware that they should develop their coins on their own network where only their community uses it, not interfere with the core network where there are more people who use it.

Belarge

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Quote from: goldkingcoiner on March 28, 2024, 05:55:28 PM

Meme coins and NFT's are part of cryptocurrency, whether we like it or not. They are simply too popular with whatever this generation is. I think we should avoid them in order to avoid financial ruin. They are not serious investments.

In our financial runs, ensure you're always one step ahead of others, that's giving them the lead. When we don't make the appropriate decisions in the market, we stand a chance of ruining everything and that's skeptical because of our rush actions. We have investments in the market, we ought to face them and ensure we're having one of the basic movements in the space. Cryptocurrency, we should be careful when dealing with this space because it's never a solid stands but for the heavy duties, straight targets are known.

Churchillvv

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I thought everyone would be ready for this since we know how manipulative this memecoins can be in the market, the hypes are always over exaggerated and hence cause a lot of tx fees to rise.

Perhaps they're not worth holding for long term because eventually a 70% is going to die off the market because they are most pump and dump coins so just a few will survive and at this point I don't really see them as useless because in anyway they still provide food on our tables although I'm not into memecoins but I know a lot are benefitingvfrom it.

Definitely this madness has a limited time and it's going to be over soon, and when it's done transactions will keep it's stands again people will be free to use crypto as regular means of payments.

Mate2237

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Really what you observe is the truth. All thees memecoins and airdrops are just disturbing the cryptocurrency ecosystem market and also the networks. Till today I am still confused of what really happened to my purchase of Ethereum last two weeks. I bought Ethereum and the transaction was even almost bigger than the amount I received. And before then I have been trying to get some Solana but the network was over congested. So these days almost all the networks are congested. Even bitcoin network is still high because the last time when I made a transaction of 0.0043 and the transaction fee was $4.89 and that is not the normal transaction fee I new in bitcoin when I started this investment.

They said it is the ordinals that are disturbing the bitcoin network now my question always is the developers of bitcoin can't stop the ordinals from the network and this network issue of bitcoin is the one making the other Meme coins to have population.

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