Print Page - [DEBATE] Are meme coins ruining cryptocurrencies?

Hello,

I got involved with Bitcoin back in 2015 after reading about the revolutionary technology blockchain and it's use cases, and after couple of years later i started reading about the scalability issues of Bitcoin and how segwit2x would change that, so i started researching about BCH, Dash, LTC, ETH as each of those alts brought new ideas that solved certain issues like block size and transaction speed or anti-asic coins, it was a gold rush for better technologies and new ideas, then DOGE came and it changed everything imo, everyone who spent their time brain storming better ideas for new coins saw the success of this new coin that the only thing they offered was "funny" memes and untraditional methods to promote their coin and nothing about technology or improvements, this opened the gates of hell for more cringe worthy low effort Idiocracy type of coins that offered no value which imo made cryptocurrencies stagnant and changed the perspective that Crypto is a technological revolutionion to ponzi scheme like investement asset where we reward cringe instead of rewarding new technologies or ideas. so what do you think about this topic and if i am right or wrong and is there a way out of this.

I didn't mean to make this topic to attack any alts but as an open honest conversation.

Altcoins which bring new features, solutions and ideas to crypto market aren't neglected because of meme coins. It's actually due to the bearish market we are right now.

They still have importance and will grow as top currencies, while meme coins will fade with their temporary hype, so I think it's not necessary to worry about it. On long term only what really matters is able to survive and bitcoin is proof of that. Keep investing on solid currencies (mostly bitcoin) and just ignore meme coins. That is my opinion.

Originally I was okay with meme coins before and in fact I was even thinking of investing in DOGE back in the days, but I just didn't manage to do so as I prefer being just a hodler of Bitcoin until few more meme coins just made it stupid and unnecessary. Meme coins could at least add a little bit of humor and a little bit of investor's.... interest.
I agree in the part that you mentioned that " opened the gates of hell for more cringe worthy low effort Idiocracy type of coins that offered no value", though I wouldn't say that it ruins crypto. It is just there to say that people are capitalizing these memes to milk more money from some investors as well as running out of unique ideas of their own, just like some shit businesses popping up near my area.

Obviously there would be no way out of this as people are free to create their own coins. Maybe if only people would stop buying these meme coins, but I highly doubt people would listen.

If you thought those coins you mentioned are truly solving many essential features of cryptocurrencies, and the majority of people aren't batting an eye into it. I think it is safe to assume that the whole idea of itself simply failed and isn't worth mentioning. Yet in another hand, there is a whole different aspect within the technical underlying level, and I believe the majority of people aren't digging enough into what each cryptocurrency does and trying to solve.

The chance that copycat tokens, meme tokens/coins, and scam motivated creations to obsolete within this space is unlikely. People love something fun and I don't see scams getting obliterated in many aspects of our lives, they just have been simply existing.

Useless projects are meant to be in this market, because many are greedy and think about easy money that’s why many choses to create a project which their main purpose is to scam people. Meme tokens are not here to ruin cryptomarket, but to make money out of the investors, well at least now they have a less exposure and most of the investors already learn their lesson. Meme tokens still provide good number of investors before, that could be the only benefit of meme tokens.

Yes, they have negatively impacted the blockchain industry. Now there so many and useless projects calling themselves doggy, mojjy etc and have no use whatsoever. But i think with time they would be filtered out. Some people are going to loose investments in them and then learn it the hard way but most intelligent users would stay away from such projects.

Quote from: MrSolo on April 13, 2022, 06:57:56 PM

then DOGE came and it changed everything imo, everyone who spent their time brain storming better ideas for new coins saw the success of this new coin that the only thing they offered was "funny" memes and untraditional methods to promote their coin and nothing about technology or improvements, this opened the gates of hell for more cringe worthy low effort Idiocracy type of coins that offered no value which imo made cryptocurrencies stagnant and changed the perspective that Crypto is a technological revolutionion to ponzi scheme like investement asset where we reward cringe instead of rewarding new technologies or ideas. so what do you think about this topic and if i am right or wrong and is there a way out of this.

I totally agree with your last sentenced that i quote here because feel the same. I mean i was still kinda OK with Doge back then because i don't think it hurts a market if there is one meme-coin that is getting some traction and media attention. I also don't think that Doge immediately changed everything once it came out. I think the sole reason for that whole shit-coin hype that we had to witness in the last few months was because Elon Musk made tweets about Dogecoin. That was enough to make the Dogecoin price rise like crazy and this then lead to the shit-coin flood because a lot of people wanted to create fast and easy money without any effort. I think this took away attention and also trading volume from a lot of good projects.
Thank god the shit-coin hype is slowly but surely dying now and i hope that in a few months only a handful of them will be left, because most of them are dead within a few days now.

I don't think that they are running the crypto market, Doge has been with us for many years and up to this day are still meme coins. It's that the ecosystem has change a lot and investors find a way to make a quick money out of this meme coins but it doesn't mean that we don't have a good project. Maybe the market is just saturated with many ideas that should solved potential issues but it didn't happen and that project is now dead or remain just a meme coins.

Quote from: kaka_Shipai on April 13, 2022, 10:05:19 PM

Meme coins are not ruining the cryptocurrencies but they are certainly ruining the people's money. People invest in meme coins to make money quickly but most of the time we see that people are stuck in such coins. There is usually a hype that makes its price rise and once the hype is over the coins dump fast, giving many investors a big loss.

Quote from: virasog on April 13, 2022, 11:10:10 PM

Quote from: kaka_Shipai on April 13, 2022, 10:05:19 PM

Perhaps those who invested in meme coins are noobs in crypto market trying to think that they can make a quick and fast and easy money thru meme coins but then they got stuck inside and can't get out because they tend to be greedy and looking for more.

But I do agree that it is not ruining the crypto, but rather it open doors for many investors to join, but it is not as easy as it looks like. Earning money with this meme coins requires a lot of patience, luck and timing, and then rinse and repeat the process after you make money and look for the next meme coins.

But don't get me wrong, a lot of solid project are still in the altcoin market, offering new tech and solutions.

Quote from: virasog on April 13, 2022, 11:10:10 PM

Quote from: kaka_Shipai on April 13, 2022, 10:05:19 PM

they maybe are giving negative light on crypto but we can't deny the fact that some people are learning crypto via these meme tokens/coins. it is now on users' prerogative whether to get involved with this type of project or not. they need to do their own homework because no one will do it for them. as we can't avoid the existence of these meme projects, what we can do is avoid crappy projects and invest only in valuable ones.

Giving bad impression yes, because there’s a lot of scam meme tokens and they victim a lot of newbies in this market that’s why they are not good in the market but of course we can’t do anything about it and just accept that meme tokens are also here to stay. Some are able to make money with meme tokens, while others are not its just that, meme tokens are seasonal and they can’t pump always.

Meme tokens were good when there was only doge coin but after a huge pump on doge coin and the meme token ecosystem has become a very crazy ecosystem, bunch of scammers and so many victims. You must also remember that the best marketing ways to hear from people to give positive opinion about crypto to others and from this i wanna say that if meme tokens are hurting the ecosystem. So many money got stolen by scammers and this is also ruining the crytocurrency as well.
I think that's clear if meme token just like plague for the cryptocurrency.

It's exactly the opposite.

MEME coins are basically a gateway drug for entering this space. Consider a friend of mine who was always asking me about DOGE and requesting that I give him a T.A. ::). And, based on my observations, memecoime like DOGE or SHIB are the ones that grab the attention of my university friends for the ridiculous reason that it's their chance to buy a huge volume of stocks and wait for the price to climb before selling" ::)

But, because to memecoins, people I know who previously had no interest in crypto have become aware of the opportunities and significant use cases that crypto has to offer. It's just that there are other people who got unlucky in this space.

Quote from: reil2014 on April 14, 2022, 05:23:48 AM

Why invest on meme coin. When theres a lot of good token with great utility.
Simple DYOR is needed.
Try #LEOS

Simply because Meme coin has high volatility which can make small investors an instant rich or poor whichever comes first. Some of the Meme coin already prove this high volatility profitability like what happened to Doge, Shiba and Floki. Most the small investors that invest money on it got a huge profit if they hold until ATH.

This kind of proof what makes meme coin more popular on normal trader. In general meme coin is a useless coin and there's only small chance that you can buy profitable meme coin.

Conclusion: Meme coin is the Ponzi of crypto!

The coin meme has no practical utility, but it works to promote adoption. It could be a market coin that offers no real value other than superstar manipulation. So far I don't own any memes. It is exaggerated with mockery of how they are made, it is ironic that they are giving the opportunity to be manipulated and abused by some rich people. Lol

AFAIK Doge came before 2015. Before ETH came, there is already doge which we keep using in casinos. For the mots part I lose most of it and it wasn't considered a meme coin, the users here are just calling altcoins being shitcoins.

But its true though that memecoin are coming like typhoon which every platforms are developing just to test the scalability. ETH has already tons of memecoins and so does ADA. I'm sure there are also on some that is unknown here but they do have their own community. Some of them are just airdropping on social media accounts.

The basic thing about this.

When someone we called as a newbies has found a meme tokens from his friend but he known nothing about this meme token. his friend was promisnig a big return for him to invest in the meme token and he was doing his friend's advice to invest in the meme token then meme token was disappear and he was loosing his money. This means if he was also getting triggered caused by losing his money.

That newbie will be starting to blame the crypto caused by he was losing his money and he will call crypto as a scam.

The negative sentiment towards memecoin is that most of them have just played with the price which provoked traders to come and then manipulate the price and drop the price in a very irrational way. Whereas in general, the crypto market has not moved that badly. In fact, memecoin is more likely to be considered a shitcoin for reasons of a cruel degree of price manipulation that is detrimental to many traders. It is worth remembering that loss is more like a kind of gambling, so it does not align with the purpose of cryptocurrencies in the market.

meme coins ruin the crypto ecosystem?
yes, but not only that all tokens are also included. basically projects using smart contracts are damaging the crypto ecosystem. 99% of projects released in the past to date that use smart contracts end up as scam projects, get forgotten or even die. all those projects are damaging the crypto market and harming investors. surviving projects are projects that use a private blockchain. they are actually developing the project and not just aiming to profit from investors.

I'm not against meme coin ideas and if dogecoin can make it this far then any community base crypto project is welcome, the problem with most projects isn't the use case but the people behind the project, to figure out which teams are serious is very hard, because dogecoin became big thanks to Elon many meme coins are created, it's obvious and clear that they are here to take the advantage of dogecoin success.

I don't think it's damaging as long as the meme coin has good utility and ecosystem. After all, the meme Coin is also one of the hype and it contributed to the pump in the crypto market last year. and I think that what is destroying the crypto market is the coins that come from fraudulent projects. it is these coins that lower investors' confidence in investing in the crypto market. such as past market crashes resulting from the many fraudulent projects being released. at that time the market was really chaotic and it took a long time to recover

Quote from: Teraboy on April 14, 2022, 07:05:38 AM

When someone we called as a newbies has found a meme tokens from his friend but he known nothing about this meme token. his friend was promisnig a big return for him to invest in the meme token and he was doing his friend's advice to invest in the meme token then meme token was disappear and he was loosing his money. This means if he was also getting triggered caused by losing his money.

That newbie will be starting to blame the crypto caused by he was losing his money and he will call crypto as a scam.

In the same way, this beginner can lose his money, even if he chooses an altcoin that has certain goals and declared usefulness. Thus, if you do not conduct a comprehensive analysis of coins for investment, then the risk of losing your money will be very high.

Quote from: Findingnemo on April 14, 2022, 10:51:06 AM

It is completely useless coin but it can survive as long as it has volatility because most people uses cryptocurrencies as investment so basically they don't really care about the technology they just look at the price growth chart before making investments that's it.

I think good and long projects have been given as much damage by these memes and Shit coins, No other factor did this . They completely change the way of investing. Before This investor first researched well in project and then selected a best suitable project for long term but when meme trend come , everybody just looking for Zero . The more zero in coin the higher chances the investor will buy it. They did research who's behind the team and what is vision of project but invested blindly.

Quote from: MFahad on April 14, 2022, 11:25:19 AM

Quote from: Findingnemo on April 14, 2022, 10:51:06 AM

For some reason it really change the perspective of investor as checking the good coins they going to invest since these meme scam coins create huge awareness that not every hype coins are good to invest. That's why at this moment we can see more speculators and good advices from new people towards this trading talks here if there's a newbie asking for certain tokens also with coins they wish to trade.

Meme coins are just coins that has no use case and sometimes doesn't have any benefits to the investors.
I think meme coins aren't that necessary but not to the point that they are ruining the crypto market and one thing more is that, meme coins will always be there whatever happens so... yeah lets just live with it.

TBH, this is kinda subjective because it will depend on the investor that you will ask. Probably for some, it ruins other crypto because they lost money investing into it but for somebody that hasn't touch any meme coins they might disagree with this or maybe no comment at all. I also invested into meme coin once (SAFEMOON) and I lost money to it but it was a small amount only and I'm ready losing it.

Many mecoins or shitcoins were already existing for more than years now yet we still see cryptocurrencies and some projects making progress, meaning people are still into cryptocurrencies. So I believe memecoins are not ruining the crypto space but those people who got involved on those because of course they just lost their money investing on such. And we should accept that there will always be things like this in any kind of space whether it is crypto or not. But it will not ruin the space it belongs and I'm sure of it

The presence of meme coin has changed people's view of the cryptocurrency market because most people have to accept losses after investing with some of these meme coins, before meme coins entered the crypto market, many people think and believe that crypto is a very good investment place for the long term but After the coin meme appeared, everything just changed and made some people have doubts about the future of cryptocurrencies.

Quote from: MrDave on April 14, 2022, 05:36:46 AM

Yeah, maybe giving some negative impacts on cryptocurrencies but anyway i am not fond of any meme coins.

You can try to find meme tokens easily on CMC based on its total supply. Mostly of meme tokens were using multi billions as total supply and you can't even calculate it without the help from the calculator. i can easily mention some of them like dogelon, safemoon and many more. These meme tokens are still exist in the crypto market. It was giving very big impact to create so many fear around the crypto users especially for newbies that are newly coming to the crypto. Meme tokens are just a plague for the crypto users.
If you are not investing your money carefully and you will be rug pulled and by the way meme tokens are destroying the reputation that already built in the past

Quote from: kidbounty on April 14, 2022, 09:55:29 AM

I don't think it's damaging as long as the meme coin has good utility and ecosystem.

I think all meme coins don't have any utility.

Quote from: kidbounty on April 14, 2022, 09:55:29 AM

After all, the meme Coin is also one of the hype and it contributed to the pump in the crypto market last year. and I think that what is destroying the crypto market is the coins that come from fraudulent projects. it is these coins that lower investors' confidence in investing in the crypto market. such as past market crashes resulting from the many fraudulent projects being released. at that time the market was really chaotic and it took a long time to recover

Meme coins are both beneficial and harmful, as you say after all the hype mostly happens around memecoins and thanks to these hype has attracted a large number of new investors into the market. But besides that, a lot of scammers have taken advantage of memecoin to scam and cause damage to investors, especially newbies, making them lose confidence in the cryptomarket.

IMO, I believe it is because in the very beginning those meme coins are just like experiments that's why it has no clear development plan at all, but as we all know that cryptocurrency is a very competitive industry that's why you must have a clear roadmap for its development including utilization and use cases to sustain or create the demand that can drive the price of its coin or token shortly, but mostly in meme coins those important ideas are absent that's why most of it is just die in the process and burn the investor's money, so let us think twice before investing in meme coins unless you are a risk-taker then it is fine for you.

That just opens up more ideas to come by interpreting it to cryptocurrencies, even the stupidest things like meme and viral things could be the next cryptocurrency that touches the market. Who knows we might see some good project on crypto from the weirdest ideas you could ever thought, we don't know what is coming next in terms of new technology and stuff so I'm more excited into this kind of stuff although there are always some downside that ruins the new cryptocurrency project.

Quote from: LogitechMouse on April 14, 2022, 12:46:09 PM

If a meme coin never gets listed and they only grab money, yes but for the meme coins that stays a little bit longer, investors gets a benefit with it as long as they are early to invest. They aren't necessary because we already have lots of cryptos on this market but like it or not, there will still be new meme coins that we will see because of those greedy coin developers.

An investor can complain and can say that all cryptos are a scam after they got scammed by a meme coin, this ruins the reputation of other coins but meme coins is the root of all of this, if only there are no meme coins, no investors will lose and they will give a positive impression towards this market.

Of course, they do. I mean we are talking about losing all of the credibility of crypto at one project and then you are expecting it to gain it with another.

People who made 200% returns on doge, will not look at bitcoin as a serious thing, they want to join in the "fun" of making money. That is what they caused, they turned money making into something fun, which is awesome if sustainable but as we can see it is not, if it was something people kept doing forever, then I would be fine with it, but since it ended, people can't find fun anywhere and that causes them to look at wrong memecoins where they lose their money. If this keeps up, I do not think that we could recover from it.

Quote from: Findingnemo on April 14, 2022, 10:51:06 AM

trend and hype, that is be the reason why alot investors investing in shiba and i think they were not wrong with this decision as long as we remember the goal investing in crypto was about profits and profits. no one care about utility right now , joining at hype and trend for most traders now be easiest way to earn money. just look at poject that have utility, some of them even have no trading volume and price stuck in a range.

Scam meme tokens are usually making bad impact to the people's mind. They are generalizing if crypto were full with scam after being scammed caused by their own choice to trade on the meme token. This is always happening so many times. People have no clue about what they have bought and this is the bad thing from the meme token if this is giving a bad impact to the mentality. too many scam in the meme token was also making people being scared to invest in the cryptocurrency and this is giving negative impact that was affecting the reputation of whole crypto in the market

I personally am completely neutral about it. The problem with some participants is that they are not positioning themselves with knowledge of this market. Many people mistakenly believe these trends and are drawn into pump/dump teams. This space, which is becoming increasingly accessible, is also a way for bad actors to exploit greed and limited knowledge among participants. We can't blame anyone, when we ourselves have made mistakes. It creates a junk market, but over time and with lessons learned, other people also look in the same direction. Be positive to know what is really right for you, especially when looking at the benefits and risks of this market.

They aren't ruining anything. They are only ruining the "lives" of the people that are investing in those meme coins hoping to get rich overnight. Even they are aware that they are taking a huge risk and will lose everything, yet they still invest in those scam coins and encourage those scammers to create more shit coins.
There are literally thousands of meme coins and there will be more. Just ignore them. They will die eventually, as usual.

It reminds me of quacks of 19th centuries who were selling belladona poison as medicine. But every poison if given in right dose is a medicine and medicine if given more than needed can be toxic.

What I mean to say here is that some coins are technologically superior to the already existing ones and in long run will benefit the market, such alk coins like Dash and others will make market better. But yes i doubt memecoins, they are just a fad..

They're really useless just shark's manipulation tools, but they don't really destroy cryptocurrencies. The cryptocurrency market has grown to where it is today in part thanks to the hype of memecoins.
They are famous for their thousands of% growth and this attracts the interest of many new investors entering the market.
I don't think memecoins will go away and they will be an integral part of the market.

It helps a bit so I guess it's not entirely ruining cryptocurrencies.
They make trends because of their cheap price where investors could buy millions in amount then support it by means of social media.
Because of that, there's a chance Bitcoin will be seen. Trying to be optimistic.
But there's also the bad side of it. Meme coins with the sole purpose of scam that may lead to ruining investor's capital and may not try again with other currencies but instead look for different ways to invest his money. Two sides of the coin.

Everyone's approach is different, so we can't see it in a completely negative light. I still see positive traction to drive this market, but the reality is that things are happening with problems that are easy to create products for, so a lot of developers have created this junk. Maybe people will gradually realize its value. With such things popping up in the space, in the long run, we will only see MLM patterns and the creation of dangerous financial bubbles.

I think meme altcoins are making crypto currencies more popular around the world which is obviously a positive sign as we know there are lot of meme altcoins in crypto market and few of them are well established in market for example doge, shib and some other if these meme altcoins were ruining crypto market then they would have disappeared because people are not interested in them.

I think meme coin is just another stream in the crypto space out of hundred. I mean there hundreds of different projects out there and everyone serve different purpose here. I mean some of them are based on financial systems, some are gaming based, some are promoting the arts, some are just to scam, and some are like meme coins and many more. Its like saying are NFT's helping prospering the crypto currency market or whether NFT is ruining the crypto space? You get my point here? Meme are meme's with their specific portfolio such as low value, diluted market, unlimited supply, just there to joke on social network and use their funny pics. The value rises based on pump and dump volume rather than its use case. So it's either flourishing in its own universe or downgrading itself. But as whole crypto remains unhampered with it.

Quote from: Flexystar on April 16, 2022, 07:18:35 AM

Its like saying are NFT's helping prospering the crypto currency market or whether NFT is ruining the crypto space? You get my point here? Meme are meme's with their specific portfolio such as low value, diluted market, unlimited supply, just there to joke on social network and use their funny pics. The value rises based on pump and dump volume rather than its use case. So it's either flourishing in its own universe or downgrading itself. But as whole crypto remains unhampered with it.

It is not the same thing really, when you are using NFT, you could use it differently, or you could simply do an "art" scam thing that is understandable and you can't say NFT is bad by default, or you could have some other thing that you could discuss if it is good or bad and there will be some who use it good, and some who use it bad.

But, memecoin as a concept is bad, there is no scenario where a memecoin could be something decent, they may not be a scam, like doge is not a scam, I get that but you do not have to be a scam to ruin crypto. You could be just a meme that ruins peoples financials because they are focusing on "fun" part when money is not to be joked about.

Meme token was just another short term trend that already passed. This was also ruining the crypto market. So many scam meme tokens were fooling the newbies. So, it doesn't matter how big or small amounts that already scammed but the reputation of crypto was being destroyed caused by this trend. it's simply to call that meme token as a scam trend that was creating so many new scam tokens in the market with so many non sense thing like deflationary and many more.
It was ruining the cryptocurrency.

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