Memecoins: Not all that glitters is gold - page 3.

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Quote from: sokani on September 04, 2024, 06:23:52 AM

Few days ago, a memecoin investor invested a whooping $1,000,000 dollars in MBAPPE coin and within an hour, his investment was brought down to $9,200 dollars when the scammer removed liquidity causing the price to plummet. Now, this is just one of many sad stories of investing in memecoins.

I have seen many clown of celebrities launched their meme token just to make free money off their fans but Mbape didn't launch that token. What was published after investigation was that Mbape Twitter account was comprised and the token was posted by the hacker and the loyal fans went straight and bought it but immediately he got access to his account, the tweet was deleted to mitigate the further losses. It was never intentional.

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Imagine if the investor had invested in Bitcoin, no matter how deep the chart gets it will surely bounce back and there's certainty that he'll get his money back as well as some profit, but in this case his investment is gone and gone forever. My advice to newbies is that you shouldn't be carried away by memecoins because of the price swings. They are dangerous, not worth it and the risks outweigh the gains.

There is a popular saying that any thing good takes time and it's worth waiting for. The bull is around the corner, invest in Bitcoin instead and HODL.

People have choices and you can't force them. How many times have I cried over in this forum for people to stop buying meme coins but it seems the morr you tell them, the more they trend on memes because the trading volume says a put about how active people are buying meme coins. You can't change what people want no matter what, that's why I said it's their choice of investment.

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Quote from: sokani on September 04, 2024, 06:23:52 AM

Imagine if the investor had invested in Bitcoin, no matter how deep the chart gets it will surely bounce back and there's certainty that he'll get his money back as well as some profit, but in this case his investment is gone and gone forever. My advice to newbies is that you shouldn't be carried away by memecoins because of the price swings. They are dangerous, not worth it and the risks outweigh the gains.

There is a popular saying that any thing good takes time and it's worth waiting for. The bull is around the corner, invest in Bitcoin instead and HODL.

Lack of understanding and greed will always be the reason why beginners will prefer to invest in shitcoins. Some people believe if they should invest in shitcoins they can quickly realise profit but not knowing that most of the new project may likely crash in the crypto market. There is good profit investing bitcoin expecially when you buy bitcoin in the bear market and hodl it for sometime it will surely give you a better profit. Investing bitcoin is not even just about profit but Investing in an asset that is very reliable for investment.

Their is no shitcoin that increases in value overnigh, the hodling process is still applied to it and i don't know why people still feel it takes a lot of time to still make profit from Bitcoin.

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Meme coins are getting saturated lately because bitcoin is also experiencing a downward trend, so it is very natural that we speculate meme coins are no longer profitable due to poor market conditions and also a lot of fraud that occurs on memecoins which makes mem coins in my own eyes no longer attractive.

Unfortunately meme coins are easy to make, just relying on news shocks and pom-pom schemes will invite Fomo many meme retailers, and that is very dangerous, someone investing in memes whose liquidity is not locked will be more vulnerable to their money being taken away by their own development, not a few about and worse there is the case of squid games in the last cycle.

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Quote from: sokani on September 04, 2024, 06:23:52 AM

Few days ago, a memecoin investor invested a whooping $1,000,000 dollars in MBAPPE coin and within an hour, his investment was brought down to $9,200 dollars when the scammer removed liquidity causing the price to plummet. Now, this is just one of many sad stories of investing in memecoins.

So, there are people who have up to $1 million in their account, and they are still looking for more; the way that seems okay for them is by investing hugely in memecoins, not in Bitcoin. That sounds funny to behold because there are investors who are looking for ways to make little or more profits from their crypto investment with the little amount they can afford to lose, not the amount that is too big to lose. And this said investor that has A million dollars to his name is aiming for more, while many investors in this crypto space are not dreaming of having or making such money to risk in Bitcoin or altcoin. What a surprising life experience we get to see, that what you are unable to get from crypto investment, someone else has it to risk on memecoins

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Quote from: PrivacyG on September 04, 2024, 06:46:34 PM

Quote from: sokani on September 04, 2024, 06:23:52 AM

Imagine if the investor had invested in Bitcoin, no matter how deep the chart gets it will surely bounce back and there's certainty that he'll get his money back as well as some profit, but in this case his investment is gone and gone forever.

You are giving advice but wrong yourself too. Bitcoin does NOT ensure a positive end of the story 'no matter how deep the chart gets'. Bitcoin is not a savior, nor is it a miracle. It may seem like it if you look onto a historical Chart, but this does not mean it is a forever loop of turning everybody Rich. Be realistic. Bitcoin can drop any time too. Only because it never happened yet does not mean it is impossible.

Only those looking for fast links will view bitcoin as something they perform magic. It's true that bitcoin doesn't perform magic, as it's never an option for those who want to get rich quick.

But in the case share as regard the meme coin investors, the case of Bitcoin is entirely different. Here, Bitcoin provides an opportunity for the investors to recover the value of their money as long as the volume from the purchase has been sold out.

It's just a matter of time, but the price will definitely get there some day. What's just required is patience and time, not like the failed investment that the market might never even see anything close to its ATH, and in most cases those meme coins become valueless and can't be exchanged for anything else ever again.

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If we come to the realization that investing in meme coins is a kind of gambling, we would not have too much problems in this industry. It is only when we don't see it as gambling that we use huge amount of money to invest in meme coins. But if we are acknowledge investing in shit coins and meme coins as a kind of gambling, we will be very mindful of the amount of money to invest. There will the statement of investing what you are able to lose come to play.

Apart from the whales, any serious someone that is investing in meme coins should not invest with huge amount of money, especially when you don't meet it in the early stage. Meme coins investment is for higher risk takers and not for everyone.

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The profitability of new memes is over Investors are easily deceived because the people behind these memes are so good at making their memes a must-invest project They want you to be on FOMO so you are forced to invest, Yes there are stories of investors who made a lot of money from investing on memes but they are few compared to the number of investors who losses money from investing on memes.

You have to go back to the basic of doing credible research, like what is the usability of the platform and who are the people behind the platform, and is the project unique that its not a copy of a dead project, developers keeps recycling their project because they know investors have short memory .

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Quote from: Ambatman on September 04, 2024, 06:36:04 AM

Quite sad
This is why DYOR is adviced.

This will not be a case that the investor in question didn't do his research. Of course, he must've done that and knew the nature of the project he was investing into – a memetoken. For someone to have invested that much, it won't be that he didn't take some critical looking to know what's what.

It will be that he didn't have an insider information and couldn't understand that he was investing close to the time the rogue developers had in mind to dump. He was sadly made an exit liquidity. That's the most common trademark of memetokens, Pump and dump. There's a high level risk in that category.

To be profitable with meme investments one has to be timely to strike the iron while it's very hot and with insider information to navigate through. To know when to strike means to be an early investor so that as the market cap grows, one will be in profit before any eventual dump.

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Quote from: sokani on September 05, 2024, 07:06:25 AM

We are saying the same thing, crypto investment generally is risky. Investing in bitcoin has a lesser risk compared to memecoins but investing $1million dollars in a completely unknown shitcoin is absolute stupidity.

Hmm, I'm not sure what the background of the investor who invested the million-dollar in meme coin and even in a low-profiled meme coin, TBH he invested such an immense amount this indicates he owns a lot of money he can take risk. Anyway, he lost due to his own negligence and while making any kind of investment move you need to be extra conscious. In my above post, I did not say that you are not saying the same thing.

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Quote from: sokani on September 04, 2024, 06:23:52 AM

There is a popular saying that any thing good takes time and it's worth waiting for. The bull is around the corner, invest in Bitcoin instead and HODL.

Investors who already knows how the market works would never risk such heavy amount into memecoin instead would choose bitcoin as their primary goals than memecoin. Of course we know that altcoins are very tempting and could caused one to invest after reading plentous news on how they made series of dollars from buying and holding shitcoin in disguise to good coin.

The volatility of altcoin can never be quantify with Bitcoin although we know that bitcoin is also very volatile but in terms of altcoin we can't equate them together, but as investor a project you never who reliable or trusted it seems to be and pulling out a massive amount like 1m dollars to it is very crazy, I think it's greed that engulfed him thinking he would made 10x as a return without knowing that it would work as the reverse.

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Quote from: Alone055 on September 05, 2024, 06:28:13 AM

Quote from: NotATether on September 05, 2024, 03:09:31 AM

Trading memecoins is like gambling but with very high odds. You might as well leave the high leverage on because you are not seeing that money again. I don't care how many stories you tell me about people getting rich off of memecoins - most of those people are the coin developers themselves. Or perhaps the NFT minters themselves. So it always resembles a Ponzi scheme.

Well, I wouldn't say the ones getting rich off of meme coins are only their developers but it's a 1/100k sort of odds which means only 1 person out of a 100k tends to gain unreal profits from meme coins, so the odds are always against investors in this area but the fact that it does have the possibility of providing people with unrealistic returns, investors tend to go for it. You are right, it's just like gambling because it's the possibility of winning that makes people gamble.

Those who invest in meme coins need to keep in mind that the money they are using can be gone for good, so they need to use their money moderately so that they don't have to face unbearable losses.

Newbie investors don't understand these things, this is the reason why we see hundreds of people posting their failure stories over social media after investing their money in either meme coins or newly launched tokens.

What people going after is they take those chances where they can possibly earn big even if they know they are in huge risk for investing on meme coin. This kind of attitude is helping those scam devs to get rich easily. That's the reason there are lots of meme coin released and people adapt it since what these people know if they join on early phase of the project they can earn a lot of profit from this tokens. But they really failed to realize that what they are looking forward to happen usually far to happen since before they think about selling. The dev of those project is finding good price and volume to exit.

I know they think about gaining the same just like what Pepe and other meme coins which pump so big. But hard to spot this and most likely we will end up getting scam for multiple times before we find this what they call gem on meme coins.

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Quote from: Ambatman on September 04, 2024, 06:36:04 AM

A reputable personality saying something doesn't necessarily mean it's true.
Pump and dump schemes are the worse but most individuals especially newbies still involve in them cause of greed.

It was a silly move. I think Mbappe's hacked X account that was used to shill the memecoin made it even more convincing because he must have thought the Madrid star was really the one behind the memecoin, not knowing his account had been taken over by a scammer. The dude eventually learnt the hard way.

Quote from: Hamza2424 on September 04, 2024, 04:17:55 PM

Hmm, I'm not sure you are aware of it or not, but meme coins is a proper category in the crypto market while Bitcoin falls into another category how a person who is investing in memes can be compared to a memecoin investor?

I'm sure those who invest in cryptocurrencies know that they are going to take risk to increase their rewards ratio, Bitcoin is reliable, but the returns compared to memes are much lower. So the whole thing depends on who much risk you can afford and what kind of strategy you are gonna apply while making investment.

My advice to newbies is you can invest in memecoins but you should know the risk, at the same time you can go for reliability and lower returns ratio with Bitcoin or in any other top coins

We are saying the same thing, crypto investment generally is risky. Investing in bitcoin has a lesser risk compared to memecoins but investing $1million dollars in a completely unknown shitcoin is absolute stupidity.

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Quote from: NotATether on September 05, 2024, 03:09:31 AM

Trading memecoins is like gambling but with very high odds. You might as well leave the high leverage on because you are not seeing that money again. I don't care how many stories you tell me about people getting rich off of memecoins - most of those people are the coin developers themselves. Or perhaps the NFT minters themselves. So it always resembles a Ponzi scheme.

Well, I wouldn't say the ones getting rich off of meme coins are only their developers but it's a 1/100k sort of odds which means only 1 person out of a 100k tends to gain unreal profits from meme coins, so the odds are always against investors in this area but the fact that it does have the possibility of providing people with unrealistic returns, investors tend to go for it. You are right, it's just like gambling because it's the possibility of winning that makes people gamble.

Those who invest in meme coins need to keep in mind that the money they are using can be gone for good, so they need to use their money moderately so that they don't have to face unbearable losses.

Newbie investors don't understand these things, this is the reason why we see hundreds of people posting their failure stories over social media after investing their money in either meme coins or newly launched tokens.

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Quote from: hugeblack on September 04, 2024, 06:57:59 AM

Quote from: sokani on September 04, 2024, 06:23:52 AM

Some of you might have come across mind blowing stories of how an investor turned few dollars into millions of dollars,

Are these stories real? Turning a few dollars into millions of dollars requires a huge price pump especially if we are talking about a short-term investment which is something that does not happen in any investment in cryptocurrencies. You can think of Memecoins in trading with small amounts and a stop loss order otherwise it is the fastest way to lose your money.

It is possible, a $100,000 worth of marketcap do turn 20 million when loads of buyers comes into a new token, imagine you are one of the early buyers? I know a guy who use $20 to invest in many meme coins, he got lucky with Bonk,Pepe and others around 2022 till 2024 and man, this guy made a lot of money, I have always advice against this idea but to my surprise it favoured him.

Still I don't have the courage to do the same, because it is gambling like, no one knows what will happen but to try, I guess that's his case, if he is ready to lose these money then it is fine, though o made a lot of losses, and that's $20 per meme coins but one good turn can make huge changes.

By all means I don't encourage this.

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Trading memecoins is like gambling but with very high odds. You might as well leave the high leverage on because you are not seeing that money again. I don't care how many stories you tell me about people getting rich off of memecoins - most of those people are the coin developers themselves. Or perhaps the NFT minters themselves. So it always resembles a Ponzi scheme.

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In most cases that occur in Memecoin investments, the investor's fate will end very badly, one example is what happened to an investor who invested $1,000k in MBAPPE coins. The glitter of Memecoin is very tempting to anyone who sees it, but not all that glitters turns into a gem, which is why I don't really believe in Memecoin because the level of manipulation is still very high. Most Memecoins are trash because the market capitalization value is very low, obviously I will not take big risks due to greed wanting to get big profits in an instant because investing requires knowledge so that the investment will be more valuable in the future.

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Quote from: Ambatman on September 04, 2024, 06:36:04 AM

Quite sad
This is why DYOR is adviced.
A reputable personality saying something doesn't necessarily mean it's true.
Pump and dump schemes are the worse but most individuals especially newbies still involve in them cause of greed.

Unfortunately even with these evidence and experiences most would still continue
Believing they would be different.
Mind you people become millionaires from it
But how many and what happened to the funds at the end.

People still insist to invest because of greed. And where there is greed, that’s when they rush into decison without proper analysis and thinking. Lucky are those who still made short term profits with meme coins, but as we say not all that glitters is gold, meme coins in the end eventually lost its value and end up as dead coins. That only goes to show that meme coins have actually no real potentials to succeed in the future, they may be good for short term hodling but for long term, it’s always been bitcoin and nothing else.

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Quote from: sokani on September 04, 2024, 06:23:52 AM

Few days ago, a memecoin investor invested a whooping $1,000,000 dollars in MBAPPE coin and within an hour, his investment was brought down to $9,200 dollars when the scammer removed liquidity causing the price to plummet. Now, this is just one of many sad stories of investing in memecoins.

And often a strong panic occurs and the person ends up selling on an incredible loss, then the Price recovers and they purchase less. Then it is an awful cycle that seemingly never ends. Psychology is hard to beat during unexpected stress. But this should all be expected I believe. They must have been simply deluded to put that much Money into a Shit Coin and not expect the possibility of something bad happening.

Quote from: sokani on September 04, 2024, 06:23:52 AM

Imagine if the investor had invested in Bitcoin, no matter how deep the chart gets it will surely bounce back and there's certainty that he'll get his money back as well as some profit, but in this case his investment is gone and gone forever.

You are giving advice but wrong yourself too. Bitcoin does NOT ensure a positive end of the story 'no matter how deep the chart gets'. Bitcoin is not a savior, nor is it a miracle. It may seem like it if you look onto a historical Chart, but this does not mean it is a forever loop of turning everybody Rich. Be realistic. Bitcoin can drop any time too. Only because it never happened yet does not mean it is impossible.

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Quote from: nakamura12 on September 04, 2024, 04:42:11 PM

Quote from: Ojima-ojo on September 04, 2024, 04:21:39 PM

Why should anyone invest in a coin simply because it is being said to have been sponsored by a player's and promoted my his Media handles when we know how social media and fake identity work's, I think people need to be more guided on the kind of things they Believe in on social media most especially when it comes to cryptocurrency investment.

People shouldn't believe what people share on social medias especially those streamer or content creator because many of them are unbiased on what they uploaded on the social media as long as they completed what they are going to do in order to get paid by the social media plus getting paid by the platform like casinos for example. In my country, there are lots of social media influencer but enever bother doing own research because this person includes a gambling site that is called 1xbet until to this day that's why I said people shouldn't believe all that they will see on social media.

I have also noticed similar ways of advertising here in my country also, must of the online gambling sites here have content creators and any social media influencers in they pay roll and for that those casinos advarts Plays in between their video and each time you stream they channels, those Casino's advert are out into our faces.

Some we know them as known scam partner such as 1xbit and 1xbet, while 1xbit is a well known cryptocurrency casino scam, the other versions is a fiat online casinos, and both have similar ways of operations and template which make us believed that, their are own and run by same set of team Same thing goes with altcoins investment most especially following the trend and the hype.

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Quote from: Ruttoshi on September 04, 2024, 09:32:56 AM

Quote from: Ambatman on September 04, 2024, 06:36:04 AM

Quite sad
This is why DYOR is adviced.
A reputable personality saying something doesn't necessarily mean it's true.
Pump and dump schemes are the worse but most individuals especially newbies still involve in them cause of greed.

There is no amount of research that you will do to know a new coin that is not a scam because you will still not know if it is or not. So many meme coins are out as usual and the devs are creating them to rug pull their investors. This is why I don't like investing on them but only bitcoin.

Anyone that feels he loves to try this new projects should only invest with the amount that he can afford to lose because you are gambling, so that you don't regret and lose your funds like the guy OP talked about.

DYOR would make you realize how risky such tokens are.

Exactly, I find it hard to believe someone would invest a million dollar on a shitcoin project
That's just having balls of steel.

Quote from: Samlucky O on September 04, 2024, 04:30:32 PM

Such an amount shouldnt have been invested in shitcoin at the first place. But anyway we learn everyday.

Unfortunately experience is not an affectionate teacher.
Imagine the benefit they would gain from doin DCA in bitcoin through the month of Sept.
But alas we want to get rich or in this case wealthy in an hour.

Topic: Memecoins: Not all that glitters is gold - page 3. (Read 909 times)