[DEBATE] Are meme coins ruining cryptocurrencies?

[shinratensei_]

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

[bussybuddy]

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.

[adzino]

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.

[amishmanish]

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..

[Tony116]

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.

[danherbias07]

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.

[litepool.ru]

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.

[Kunnu]

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.

[Flexystar]

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.

[justdimin]

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.

[lobo13hf]

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.