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

[wheelz1200]

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 plain and simple.  Once these rediculous pump and dumps stop then these coins will all be worthless.  They buy in hopes that someone will buy higher.  Based on the doge run last year.  Happened in 2017 with a zillion masternode coins.  Now...they are all worthless and left for dead.  A new fad will pop up and meme coins will be forgotten about.

[Oceat]

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?

Stopping people from investing shit/memecoins is a very difficult thing to do...

To be honest, I'm actually quite tired of hearing complaints from people who have lost from shit/memecoins investments, but when they first wanted to put money down, they didn't want to listen to advice. The fantasy of high ROI obtained from investing shit/meme coins is very tempting but we all must be aware that it is just a fantasy, not reality.

That's one thing that makes them invest in this meme/shitcoins plus the hype that Elon created fuel these people's desire to invest. But when there's a correction and it started to dump slowly they can't do a thing and all they have to do is complain and panic or worst sell it in a low price. It did happen in the past already yet most of these people didn't learn their lesson or shall I say, they love to gamble instead of trading.

I believe newbies are always the first one that would suffer from losses when they choose to invest in alt/meme/shit coins. It keeps growing almost everyday if these random shit projects come out of nowhere.

[South Park]

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.

[milewilda]

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.

[Pejoh Asu]

I think this is because they hope for big profits in a short time, usually shit coins will pump big at the beginning, this is what makes many people fooled by the hope of big profits, and of course when they start making big profits they will add more.

[michellee]

I think this is because they hope for big profits in a short time, usually shit coins will pump big at the beginning, this is what makes many people fooled by the hope of big profits, and of course when they start making big profits they will add more.
[/quote
And they did that after they saw a lot of people before they had made a lot of big profits so they were immediately hooked and followed in their footsteps by buying coins without doing any analysis. But many of them lost their profits and losses and caused them to exit crypto by suffering heavy losses. Therefore, for people who are new to the crypto world, you should learn more before deciding to buy a particular coin. They need to dig deeper into how to purchase coins and so on so that they can avoid buying shit coins.

[Vaskiy]

This is just a form of trying their luck. Some succeed, and the success people never look for other altcoins. Then onwards they look for similar memecoins to profit. These aren't newbie investors, there are professional investors who just invest and leave it without taking it into the portfolio.

The newbies who profit out of memecoins mostly invest partial profit on other memecoins. Most of the time memecoins are very less priced which makes investors go for 10 coins, even if one pumps it'll give a massive profit.

[fullhdpixel]

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.

Waiting for a long time is not easy but you can see how your profit grows slowly by surely. If they cannot wait then they should be prepare to lose big or to lose often as investing in meme coins requires luck just like how we play gambling which also requires trial and error.

The reason why they called that get-rich-quick schemes is to attract people and do you think if they name that get-poor-quick schemes, there will be people that will invest on it? no right but I think not all people are dumb enough or have the guts to risk on those quick rich schemes but we can assume that most of the people that invest on them are just starters in that field.

[kentrolla]

Who don't want to try their luck? Users wants to see if they can become rich overnight and sometimes it works very rarely but most of the time we end up losing. I would consider myself as an example wherein I ended up investing into some shitcoins like santacoin, earthcoin and a coin named 777, guess what I gained over 300% overnight on the first day itself wherein my $45 dollars became $135 then suddenly I started losing it all and ended up $200 more and again started losing it all and my my LAtoken wallet has a balance of just $1.73.

It's better to set up a limit post which we should invest in shitcoins and memecoins else we will end up losing it all. It's like there would be 1 win day against 100 losing days.

[Sirait]

I think this is because they hope for big profits in a short time, usually shit coins will pump big at the beginning, this is what makes many people fooled by the hope of big profits, and of course when they start making big profits they will add more.

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

[sayaya17]

I think this is because they hope for big profits in a short time, usually shit coins will pump big at the beginning, this is what makes many people fooled by the hope of big profits, and of course when they start making big profits they will add more.

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

Many influencers promise us to be rich if we invest in meme coins, despite the fact that they manipulated to make the meme coins pump price,
because these influencers have already bought the meme coins they promoted before. So influencers only use their followers to generate profit
for themselves, so be careful investing in meme coins, which was created without a clear use. I agree with you, however Bitcoin is the best and
safest for investment. If we don't want to lose our money, avoid investing in meme coins, especially if we don't have good research and analysis skills,
just choose Bitcoin for investment. As long as we can be patient holding Bitcoin, profit is only a matter of time.

[tippytoes]

I think this is because they hope for big profits in a short time, usually shit coins will pump big at the beginning, this is what makes many people fooled by the hope of big profits, and of course when they start making big profits they will add more.

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

Unfortunately, that's the truth. When a new user loses such an investment several times he start to wonder what happened and why he did not manage to earn. Then he starts to learn and discover that he has simply fallen for marketing tricks. Do not trust the promises of quick profits, because even if you earn once, without proper knowledge, you will lose everything in a moment by investing in another not researched project.

If you want to invest in meme coins, you know that it is only for short-term profits. Because they won't survive long. As they are mostly handled anonymously, most teams behind such project have only one goal, to rip off those naive buyers. They don't care where you got your funds, if it is your retirement savings or money for your basic needs, so long they can get it from you, they will. And getting early on this type of coin is not always profitable, as most of them will die not even seeing the light of trading platform.

[jossiel]

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

[Silberman]

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

Exactly, meme coins or any shitcoin for that matter do not even need to promise huge profits, investors deceive themselves, they think that since the coin is new and it has a low price then if it happens to grow then the potential profits they will get are enormous, and while they are not wrong in thinking that, they do not take the time to consider how likely is it the scenario they are expecting? Because if they did it and they realized that their chances of making money with those coins were so low, then they will not waste their time with those coins anymore.

[rodskee]

Because all they wanted to earn quicker and not minding how risky this is or sometimes they are just being fooled by their desires to gain easier , this mentality is favoring the manipulators to victimize people like them
Imagine putting  your money in a project that has no real future but instead wanting to be a GEM but in the end to become a Copper.
try not to engaged in not futuristic project and just invest in legit and long running currency in which at least we can be assured of our funds being safer.
that is the true essence of crypto investing.

[Findingnemo]

Probably their marketing strategy, people will fall for the words than actual product so they don't care about the utility what they are doing is just seeing someone investing on the project followed by more and more along with the name everywhere so they are also get into that trap.

[jossiel]

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

Exactly, meme coins or any shitcoin for that matter do not even need to promise huge profits, investors deceive themselves, they think that since the coin is new and it has a low price then if it happens to grow then the potential profits they will get are enormous, and while they are not wrong in thinking that, they do not take the time to consider how likely is it the scenario they are expecting? Because if they did it and they realized that their chances of making money with those coins were so low, then they will not waste their time with those coins anymore.

The idea has been built in their minds that whenever they buy meme coins or any other altcoins, the profit will just come after to them.

But they don't realize that there are too many folks that have been deceived and thought wrongly about it. Instead of buying the right coins, still, they're putting hope that they'll become better from investing with those.

[QueenVera]

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?

Both, we have experienced users trying to get on the next Dogecoin or Shiba Inu while newbies hearing that memecoin have given so much profits are just trying thier luck to be a part on the nex, I made thousands from investing in memecoin. Nevertheless, people are still making money from this jokes and it will be continuing for sometime.
You just have to be careful and not go investing in scam projects that will rug pull and make you lose all your investment. Look for those that do not have the highest coins in developers wallet and research on them before investing.

[Kelvinid]

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?

Both, we have experienced users trying to get on the next Dogecoin or Shiba Inu while newbies hearing that memecoin have given so much profits are just trying thier luck to be a part on the nex, I made thousands from investing in memecoin. Nevertheless, people are still making money from this jokes and it will be continuing for sometime.

They have been influenced by other people who always keep saying that meme coins give fortune. They came up with the basis that many people had made a huge profit (likely being rich instantly) and that is the reason why they will try also. However, they didn't know the risk that they are facing now upon investing these coins, they are in higher chances to lose especially when they are holding long-term. I suggest that if they have them now, selling is the best thing to do than to wait for hopeless bounce of price.

[imamusma]

I think this is because they hope for big profits in a short time, usually shit coins will pump big at the beginning, this is what makes many people fooled by the hope of big profits, and of course when they start making big profits they will add more.

It's like a trap that some people are not aware of so they always expect big profits and forget to take huge risks too, and usually beginners who are in the crypto space are always early to get trapped and some others leave with their profits because they had time enter at first.