Why people keep "investing" money in shit/memecoins? Genuine question.

albon

legendary

Activity: 1890

Merit: 1537

Quote from: resonatingtopain on January 27, 2022, 10:28:25 AM

This is the "meme" rank on coinmarketcap, there's millions on deflationary tokens with no effort from the "devs" at all. Just copy/paste a code, copy/paste a whitepaper, eventually pay few bucks for a domain and that's it.
Why people fall for that, yet?

Because many beginner investors want to get rich quickly, they see meme coins as the most appropriate solution that will help them to achieve their goals. The strange thing is that anyone, even if this person is not an expert in programming languages, can easily create a meme coin and call it a popular name among influencers and lists this meme coin on CMC, CG, and pancakeswap or on any exchange platform that accepts free or small listing fees.

magneto

hero member

Activity: 1666

Merit: 753

Quote from: resonatingtopain on January 27, 2022, 10:28:25 AM

It is something that bugs me till today. Are they mostly newbies trying to find a path to enter cryptouniverse or experienced people who are just gambling to score a moonshot on luck?

This is the "meme" rank on coinmarketcap, there's millions on deflationary tokens with no effort from the "devs" at all. Just copy/paste a code, copy/paste a whitepaper, eventually pay few bucks for a domain and that's it.
Why people fall for that, yet?

If one more person tries to sell you the EMH, show them this.

But yeah, it's crazy isn't it. But it's what happens when you combine wilful ignorance with tons of debt fueled capital. Very interesting results indeed, but not at all surprising.

It's essentially a ponzi scheme, these tokens. The investor is always investing with the intention of being early and there being people after them who are willing to pay more, which is not at all guaranteed.

Botnake

hero member

Activity: 2856

Merit: 667

Quote from: Tellek Garing on February 24, 2022, 04:29:37 PM

Meme coins are not reliable investments and they are. most like the Ponzi scheme that does not have any real-life user case or utility capacity, just for speculation for easy money hunters who are willing to risk the money on a gamble without knowing what the outcome may be.

Be warned otherwise, you can lose all your money the dev team is after your money and can hype the coin just to attract you into investing and thereafter they walk away with your money, be careful not to fall victim.

They may be not reliable but definitely will give huge profits in short term. That is the mindset of those investors who keep investing in meme coins and shit coins as they believe that they could get huge profits out from hype or trends in the market. But there is no guarantee that it will happen all the time as those hype will suddenly be gone and you just end up losing your capital. I suggest stay away from meme coins and shit coins as they are very risky and not ideal for good investments. Go for those established coins that will create more chances of making profits as they have real use cases and there is demand that grows continuously.

Tellek Garing

full member

Activity: 854

Merit: 130

Meme coins are not reliable investments and they are. most like the Ponzi scheme that does not have any real-life user case or utility capacity, just for speculation for easy money hunters who are willing to risk the money on a gamble without knowing what the outcome may be.

Be warned otherwise, you can lose all your money the dev team is after your money and can hype the coin just to attract you into investing and thereafter they walk away with your money, be careful not to fall victim.

gamer4156

sr. member

Activity: 1008

Merit: 250

Betting for the pumpa and they will be going out however that is exceptionally pitiful to see that the late players will continuously be the casualty here and generally these trash poop trick image tokens utilized by whales to trick the beginners. So the Newbie favors these coins a great deal. they have limited quantity of usd to speculation so they put there usd in Meme coin. Which empowers them to purchase numerous tokens for less cash.

cabron

hero member

Activity: 2800

Merit: 595

https://www.betcoin.ag

Generally investing is close to gambling for there is a risk. But investing in memecoin is way easier to make money especially if you are among the first to have bought billions at a very lowprice. Ho many of us got thousands of USD when Doge hit $0.05 and dumped already?

But when Doge was $0.05 a lot also invest because it could go war further up and so it did. SHIB is actually a good memecoin with great plans ahead, It's branded as meme shitcoin though but many will buy it probably if it dips way low that you could get close to 10M tokens per $1.

TravelMug

hero member

Activity: 2632

Merit: 833

Quote from: romero121 on February 21, 2022, 04:56:48 PM

As said it is gambling. In other way people find it easy to invest a little amount to receive a good number of tokens. If something positive happens in the market, this will make a big change. So, it is like spending what one can afford to loss. He may be lucky, if not what he spend on specific memecoin will not hurt him financially.

And just like in gambling, there is this huge risk that is involved and they don't look at it that way. For sure, it could be their ticket to some kind of lottery, if the price goes to the month and they invested medium to huge money they the return is gong to be big. But how many investors have become millionaire from those meme coins? That is the big question and we really don't know if there are real people who turn their lives upside down by investing on some shit and meme coins.

coco23

hero member

Activity: 1974

Merit: 856

Quote from: romero121 on February 21, 2022, 04:56:48 PM

As said it is gambling. In other way people find it easy to invest a little amount to receive a good number of tokens. If something positive happens in the market, this will make a big change. So, it is like spending what one can afford to loss. He may be lucky, if not what he spend on specific memecoin will not hurt him financially.

People buy those coins for a quick gamble alright. It's like a lottery ticket, maybe it goes 1000x or most likely it goes to 0
I also think that the low price per token somehow has a huge psychological effect that draw people to those coins. You can then fantasize "What if the coin goes to $1?". Personally I find it ridiculous when you can buy so many coins with a handful of dollar that you can't even pronounce it anymore Roll Eyes

Finestream

hero member

Activity: 3052

Merit: 606

Quote from: romero121 on February 21, 2022, 04:56:48 PM

As said it is gambling. In other way people find it easy to invest a little amount to receive a good number of tokens. If something positive happens in the market, this will make a big change. So, it is like spending what one can afford to loss. He may be lucky, if not what he spend on specific memecoin will not hurt him financially.

Exactly, they invest because of the hype and hope that they will make a decent profit.

If you look at the performance of DOGE during the bull run, you'll certainly be attracted to invest if you don't know the real reason why it's pumping. That bull run made an impression to the newbie that meme coin is a good investment as they are more profitable compared to the coins which have real utility.

South Park

hero member

Activity: 2884

Merit: 794

I am terrible at Fantasy Football!!!

Quote from: milewilda on February 13, 2022, 08:09:54 PM

Quote from: South Park on February 13, 2022, 06:27:27 PM

Quote from: seleme on February 04, 2022, 04:29:15 PM

The reason is simple, get quick rich schemes still keep busy minds of new investors who keep investing in meme altcoins. Several years ago only ICO was used to scam the other people's money, now NFT and meme coins are there for exact same reasons. I doubt these assumptions will change soon since people ignore the recommendations by pro traders and go for quick money making methods.

This, if a person was willing to take their time and reach their goals in a decade then they will easily see that bitcoin is still one of the best investments they can make as its potential is still huge and its popularity and adoption do nothing but to go up as time goes on, but people do not want to wait for that long, they want profits and they wanted them now, and the only way they can see themselves getting those profits is by investing in those meme coins, not understanding that get-rich-quick schemes are in fact get-poor-quick schemes for the majority of people that invest in them.

Not all would really be that patient which is really just normal i would say which a very common motive to have as an investor even though you are fully aware on how these meme coins
do works or even simply with those altcoins then they do love to play with risk even they are aware of that just let them be since its their money to use and not ourse.
If they could really bare that risk then so be it, we do have our own calls and decisions to make whether we do engage on meme coins or not then its
on someones choice.

But that is precisely the issue, they believe they can handle the risk, but they think that because they believe they will obtain profits with their investments, but once they realize this is not going to be the case they blame the market and point their fingers at anything and anyone except themselves, basically they are trying to paint themselves as the victims of a ruthless market while at the same time they try to give up any kind of responsibility when it comes to protecting their capital, something that runs contrary to the principles behind this market.

romero121

legendary

Activity: 3234

Merit: 1214

DGbet.fun - Crypto Sportsbook

As said it is gambling. In other way people find it easy to invest a little amount to receive a good number of tokens. If something positive happens in the market, this will make a big change. So, it is like spending what one can afford to loss. He may be lucky, if not what he spend on specific memecoin will not hurt him financially.

Fivestar4everMVP

legendary

Activity: 2422

Merit: 1083

Leading Crypto Sports Betting & Casino Platform

Quote from: resonatingtopain on January 27, 2022, 10:28:25 AM

It is something that bugs me till today. Are they mostly newbies trying to find a path to enter cryptouniverse or experienced people who are just gambling to score a moonshot on luck?

This is the "meme" rank on coinmarketcap, there's millions on deflationary tokens with no effort from the "devs" at all. Just copy/paste a code, copy/paste a whitepaper, eventually pay few bucks for a domain and that's it.
Why people fall for that, yet?

Well, everyone is in need for quick wealth, and from what dogecoin and Shiba inu has done, most people, which I believe majority of them are newbies, believe that memecoins are the only way they can get some really quick wealth.
And again, this shit memecoins are always very cheap, with as little as $10 box, one can afford millions and sometimes even billions of the coin, newbies who don't know exactly how this things work yet count on those numbers, without realizing that the total supply of the coin itself is over inflated which is the reason why they could buy such number of coins at such a price.

So in my personal opinion and conclusions, I have two reasons why I think many people which I believe most of them are newbies, opted to invest in meme shitcoins instead of a worthy and quality project.
1. They are super in a hurry for some quick money.
2. The cheapness of this shit memecoins attacks many people mostly newbies because with very little amount of money, they can afford millions or even billions of the coin or token.

famososMuertos

legendary

Activity: 1960

Merit: 3107

LE ☮︎ Halving es la purga

Speculation? or scam? but it's not a mirage... just don't fall like a dummies.

It happens in the real world, there is no difference, in any type of business, for example, it does not bother you that there are thousands of copies of your favorite brand that someone has a Rolex identical to your original,but the other person gets it for just $10.

The issue is that you are the important one in the situation, it is you who must be informed and understand the crypto mirage that exists, then after you understand it, how it seems that you do it, you invest correctly, it is easy, when you understand.

Note that some time ago in my local board we talked about it and I made this capture, it is very possible that they are already double.

https://i.imgur.com/KtmdFLe.jpg
Data january 2022. / Shiba

wheelz1200

legendary

Activity: 3780

Merit: 1418

Quote from: resonatingtopain on January 27, 2022, 10:28:25 AM

It is something that bugs me till today. Are they mostly newbies trying to find a path to enter cryptouniverse or experienced people who are just gambling to score a moonshot on luck?

This is the "meme" rank on coinmarketcap, there's millions on deflationary tokens with no effort from the "devs" at all. Just copy/paste a code, copy/paste a whitepaper, eventually pay few bucks for a domain and that's it.
Why people fall for that, yet?

Greed pure and simple. Peoe hear stories of someone lucky enough to hit on their able and everyone wants in. Break all these down and you are right it's just copy/paste garbage. Eventually all these gamers will learn the hardware crypto is unforgiving to the greedy and will lose their entire position.

Kocret02

sr. member

Activity: 1190

Merit: 250

Buzz App - Spin wheel, farm rewards

Quote from: ?? on ??

The answer to this question is very simple: everyone wants to earn money, and last year was the best place to earn investing in meme coins. Now you just have to follow this trend. Certainly, many meme coins will earn a lot of money, but it is not known which. I believe in Dogecoin forever!

Dogecoin can be a good choice when the market is experiencing a bullrun, but if the market doesn't experience a significant increase then there won't be much money to be made from it, but in general Dogecoin is a good choice than other memes right now.

Sirait

full member

Activity: 1890

Merit: 101

Quote from: jossiel on February 16, 2022, 12:34:37 PM

Quote from: Sirait on February 14, 2022, 04:24:19 PM

shitcoin promises a higher ROI than bitcoin and that is what traps many people into being tempted to buy it Cheesy

. I have some friends who keep telling me that meme coins will make him rich quick but so far he has never experienced that (he always loses), Bitcoin is always the best and most rational asset, unlike shitcoins or meme coins

Most of them promise nothing.

It is the mindsetting of every investor that have been chasing meme coins that they'll have a faster and higher ROI.

Those who got in early in these meme coins, they're the only ones that can make a lot of money from it. But the rest, who just invested newly, they should accept the fact that it's quite hard for them to recover.

it is true that early buyers have a great opportunity to profit from memecoins, but those who buy during the hype will only lose due to their greed and FOMO nature. until now I'm sure many of them are still hoping and even praying hard for Doge or shiba to return to ATH Cheesy

molsewid

hero member

Activity: 2170

Merit: 530

Quote from: ?? on ??

yep, I also saw that. this is all for the purpose of getting rich quick. well, just imagine, when we get coins like doge and shiba whose increase is so high. even invest 1-10 million coins, it can make us rich in no time.
people may think that way, so until today, many are still investing in memecoin. To be honest, in my country too many people make crypto projects, well I see the price is equivalent to memecoin, and supporters hope the price of the coin can reach $1.

Actually, the first I heard about Doge or Shiba I didn't take this two coins that important well it's because this two coins were known as shit coins or meme coins but since Doge was been shilled by Elon and even Shiba the soaring of market value of these two token started. So yeah, one of the reason why people keep investing money in shit/memecoins is that they are aiming for an instant high profit that the recent investors of Doge and Shib achieved when the market soar high.

imamusma

hero member

Activity: 1386

Merit: 731

Leading Crypto Sports Betting & Casino Platform

Quote from: ?? on ??

Circumstances like this always benefit the memecoin makers because when ordinary people or new people catch a glimpse, the coin is good.
but they couldn't tell that it was a coin meme.

It won't be profitable right away either, because usually new people won't dare to put a lot of money on new coins they know, and if the percentage of new people buying meme coins with big investors who often buy in large quantities, they still lose to one person, so Dev's side won't be easy to make money with this either.

peter0425

sr. member

Activity: 2618

Merit: 439

Quote from: Benefactor on February 17, 2022, 05:34:34 AM

Which empowers them to purchase numerous tokens for less cash. So these tokens are extremely famous among Newbies. Since they don't know about the dangers about these. Truly, of the numerous financial backers, a large portion of them lose cash from the shitcoins game. It's as though the crypto world is supportive of them, and the picture of digital currencies is seriously discolored in view of the shitcoins.

There are many currencies in which not Meme coin that also valued very cheap so this is not the reason why they wanted to buy Meme coin maybe they are seeking for speed income ? because Meme coins are mostly used as manipulated currency.
like what Dogecoin and Shiba Inu does last year/.

turbo_trader0101

newbie

Activity: 134

Merit: 0

https://gt-protocol.io/ global launch will be massive. I would call it DeFi platform 3.0. It can be really big in coming months
Trading pools, Longterm portfolio investment pools, NFT investment pools, IDO projects allocations pools, GameFi pools, Nodes investment pools.
All powered by GTP token. IDO is on the way!
https://global-traders-protocol.medium.com/gt-protocol-binance-partnership-details-aaf62fcde838

Topic: Why people keep "investing" money in shit/memecoins? Genuine question. (Read 745 times)