[DEBATE] Are meme coins ruining cryptocurrencies?

[MrSolo]

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.

[uneng]

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.

[isaac_clarke22]

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.

[vv181]

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.

[Johnyz]

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.

[kaka_Shipai]

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.

[Jackl87]

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.

[cryptomaniac_xxx]

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.

[virasog]

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.

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.

[Yaunfitda]

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.

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.

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.

[AmoreJaz]

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.

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.

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.

[Scripture]

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.

[Psynthax]

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.

[reil2014]

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

[MrDave]

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

[5W-KILO]

Meme coins have been in existence for a long time, they are community backed projects, meme coins aren't the faulty ones here all blame should be on devs that are copying meme coins because of types, if it was something else that Elin musk supported in 2021 many more shit coins will copy it's use case to make money.

[Maus0728]

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.

[Beparanf]

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!

[ivankoh]

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

[bittraffic]

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.