Are memecoins tarnishing the image of crypto?

[cute nmp]

Not a fan of meme coins but i don't think there are tarnishing the image of cryptocurrency at all most of them are just  pump and dumb usually don't have any good concept unlike other altcoins. Many people have made thousands from meme coins and many have loose money due to it. one should be very careful when it comes to investing in crypto not just meme coins in general and never invest what you cannot afford to loose.

[carlfebz2]

It's the scammers who are tarnishing the image of cryptocurrency by using it to scam people, and those people who got scammed got to take the blame for anything so that they can vent their anger out because of their own mistake.

Even though there's still a lot of FUDs in cryptocurrency because of different news, just don't mind it, because we all know that cryptocurrency is not a scam, even meme coin, since it's has a price. Not because you didn't make a profit out of a meme coin because it rug pulled doesn't mean it's a scam.

Indeed, because everyone could make a sht coins whatever they it only depends on people if they would buy it so there's no literally problem about issues maybe to the people that using it to scam right. Due to people are hyping some new coins like doge coin promoted by famous Elon Musk, some would literally take this as advantage to scam people by just simply sending link or hacking people's wallet. Many people already flipped a lot of assets on meme coins so there's no actually bad deal here. But I remember the case of squid game coin when it's trend, many people bought it as a hype then "boom" rugpulled. Maybe doing some research on the background of the coin itself to avoid this kind of scenario because money is money. You might learn from your mistake buy money is money.

And this is a already given fact, specially in 2017 and there after, because this criminals knows that there are a lot of crypto enthusiast that might fall for their trick and so instant money for them.

Same thing for meme coins, I have nothing against those who support them, but we all know that majority of them just clog the network as they don't have used case to begin with. It's all for the money grabbing, and after the hype has gone, many investors are going to bitch around in this community telling us how much they lost on this and that meme coins. But if they just did some research, they couldn't been the next victims of this meme coins.

Yes, remembering those ICO days on which is the the season or the year where tons of shit projects or scam ones did exist on that time and its true that they've seen that there are tons of people who do really

make out some careless act when it comes to investment on which it did really result into that kind of possibility that they are really that easily get hooked with some scam project and due to lack of knowledge
and that impulsive approach about investment on crypto on that time then lots ended up on bagholding some shit coin or into those coins or tokens that made out some initial pump and then die forever or
into those people who do make out investment on funding phase but ending up on getting those funds to be ran away.

Now that we do have that new trend about meme coin flooding out the space then its not really that something new for it to be having this kind of situation where
there are really still investors who do really likes on engaging on something like this which is very risky but very rewarding on the time you do hit up the right spot but of course the risks is higher
if we do compare it out on legit projects.

[molsewid]

Not a fan of meme coins but i don't think there are tarnishing the image of cryptocurrency at all most of them are just  pump and dumb usually don't have any good concept unlike other altcoins. Many people have made thousands from meme coins and many have loose money due to it. one should be very careful when it comes to investing in crypto not just meme coins in general and never invest what you cannot afford to loose.

Indeed, it is just one of the variation of coins in crypto . It is not bad to invest in some of it, actually it is meme coin season some other go with the flow with what is in did the trend , as I just notice every year we can expect a new trend . Last year i think it is nft season and meme season right now it is still a meme season and we can say that it not tarnishing the image of crypto, we just go with the trend.

[awik p]

Not a fan of meme coins but i don't think there are tarnishing the image of cryptocurrency at all most of them are just  pump and dumb usually don't have any good concept unlike other altcoins. Many people have made thousands from meme coins and many have loose money due to it. one should be very careful when it comes to investing in crypto not just meme coins in general and never invest what you cannot afford to loose.

Indeed, it is just one of the variation of coins in crypto . It is not bad to invest in some of it, actually it is meme coin season some other go with the flow with what is in did the trend , as I just notice every year we can expect a new trend . Last year i think it is nft season and meme season right now it is still a meme season and we can say that it not tarnishing the image of crypto, we just go with the trend.

we can use it for a money printing machine, with an extraordinary pump that usually occurs and at that time seems to be able to hypnotize many people. Let's just take the example of the Shiba Inu which was popular before, until many bought it during the bullish season, until the price fell and they still have high hopes, so far it has not been proven to rise again especially with a bearish season like this time, but there are several coin memes which are popular and if we follow the trend we can speculate in it

[Stable090]

Not a fan of meme coins but i don't think there are tarnishing the image of cryptocurrency at all most of them are just  pump and dumb usually don't have any good concept unlike other altcoins.

It’s tarnishes the image due to the current hype, it’s always getting newbies attention that don’t really know much about cryptocurrency, and as we all know meme coins are just hype, it’s going to pump when it’s being hyped, and immediately the hype dies down, it’s going to dump back. Most newbies that don’t know much about it and they decided to invest might end up investing when the hype is dying down already which it’s going to be dump on them and they will end up losing money. It might happen to them continuously and they will end up losing interest in cryptocurrency which out knowing that there are reputable coins.

Many people have made thousands from meme coins and many have loose money due to it. one should be very careful when it comes to investing in crypto not just meme coins in general and never invest what you cannot afford to loose.

Mostly newbies are always losing money, they don’t make money from meme coins, the only people which I can say do make money from meme coins are the once that have been in cryptocurrency for a long time, and they understand how things work, but newbies will lose money which is going to discourage them.

[Mpamaegbu]

Memecoins don't tarnish any crypto image. You can hate them for all you want but their presence provides hype and excitement in the industry and invariably help draw the attention of the public to cryptos. Yes, we know most of these memecoins later become worthless but that isn't before it leaves some wealthy as it leaves others poor. Those who are usually trapped in losses are those who think they can turn the worthless coins to Bitcoin in value. If anyone has to invest in memecoins, they should know they're short term investment; usually a kind of "hit and run" thing in my local parlance.

[jostorres]

Meme coins are only for the people who made an early investment in the project before it releases in the market and gets hyped by those latecomers the ones who lose most likely to their investment. The reason why newbies want to take a risk with the meme coins is because easy money, but you must need to make sure you are the first investor, I'm not getting to promote meme coins for me its part of the category if shit coins just hype. Risk at your own asset.

I always ask the same question, "Is it really worth it?", I mean, isn't it better if a newbie investing $100 in 5 meme coins and losing it all invests it all into a coin that has some potential to give him some return either in the short or long run? A lot of people say that they don't invest a lot of money in meme coins but they only start with $10, and I ask them that the total sum invested in multiple meme coins only to gain nothing could get them a good enough portfolio with potentially profitable cryptocurrencies.

We all know that there are thousands of meme coins being created and advertised all around the internet after the success of a few meme coins, but the ratio of success is way too small for people to keep wasting their money on them. In history, less than 10 meme coins managed to get enough hype to get a significant value, and all others have failed.

[tygeade]

Memecoins don't tarnish any crypto image. You can hate them for all you want but their presence provides hype and excitement in the industry and invariably help draw the attention of the public to cryptos. Yes, we know most of these memecoins later become worthless but that isn't before it leaves some wealthy as it leaves others poor. Those who are usually trapped in losses are those who think they can turn the worthless coins to Bitcoin in value. If anyone has to invest in memecoins, they should know they're short term investment; usually a kind of "hit and run" thing in my local parlance.

I think that's the problem, it shouldn't really create hype, do people get hyped about tesla stocks? I mean maybe but not the same way, there is still some logic behind it. The fact that memecoins are there so that people would have fun doesn't make any sense to me.

It diminishes the value that we created in the crypto world, we took bitcoin from "drug dealers use it" and "it's fake money, you will lose it all" and made it into something that is "the huge billion dollar companies started to invest into it" and "even nations are making it legal tender". When you take sometime from that low to that high, that means that we did something right and memecoins are taking it all the way back to "this is fake money and you will lose all of it" very quickly.

[AakZaki]

Memecoins don't tarnish any crypto image. You can hate them for all you want but their presence provides hype and excitement in the industry and invariably help draw the attention of the public to cryptos. Yes, we know most of these memecoins later become worthless but that isn't before it leaves some wealthy as it leaves others poor. Those who are usually trapped in losses are those who think they can turn the worthless coins to Bitcoin in value. If anyone has to invest in memecoins, they should know they're short term investment; usually a kind of "hit and run" thing in my local parlance.

memecoins that eventually become worthless are memecoins that were created only to enrich their developers and not think about their community. memecoins like this should be avoided so that the image of crypto, especially memecoin, doesn't become negative. But even so, nothing will make crypto's image worse, if memecoin is managed by scammers, then it will be abandoned. people do come to crypto because of some hype like memecoin did. invest in memecoin for the short term or long term depending on the memecoin being held. memecoins like DOGE, SHIB are quite trusted, but need to do predictions to find the right price to enter.

[$crypto$]

Memecoins don't tarnish any crypto image. You can hate them for all you want but their presence provides hype and excitement in the industry and invariably help draw the attention of the public to cryptos. Yes, we know most of these memecoins later become worthless but that isn't before it leaves some wealthy as it leaves others poor. Those who are usually trapped in losses are those who think they can turn the worthless coins to Bitcoin in value. If anyone has to invest in memecoins, they should know they're short term investment; usually a kind of "hit and run" thing in my local parlance.

You could say there are negatives and positives to the existence of these "worthless" memecoins. On the negative side, we must be the same that there will be users who are deceived by them, and most of them are beginners. While the positive side is that maybe they will know the existence of cryptocurrency because of the hype memecoin, that's something that is very likely to happen out there.

Although at first they were deceived by memecoin, they will be more familiar with cryptocurrency, and it is very possible that they are interested in deepening their knowledge of this crypto space.

We can't always see the positives, but we also have to see the negatives, and vice versa. There must be a balance in everything.

[Oilacris]

Memecoins don't tarnish any crypto image. You can hate them for all you want but their presence provides hype and excitement in the industry and invariably help draw the attention of the public to cryptos. Yes, we know most of these memecoins later become worthless but that isn't before it leaves some wealthy as it leaves others poor. Those who are usually trapped in losses are those who think they can turn the worthless coins to Bitcoin in value. If anyone has to invest in memecoins, they should know they're short term investment; usually a kind of "hit and run" thing in my local parlance.

memecoins that eventually become worthless are memecoins that were created only to enrich their developers and not think about their community. memecoins like this should be avoided so that the image of crypto, especially memecoin, doesn't become negative. But even so, nothing will make crypto's image worse, if memecoin is managed by scammers, then it will be abandoned. people do come to crypto because of some hype like memecoin did. invest in memecoin for the short term or long term depending on the memecoin being held. memecoins like DOGE, SHIB are quite trusted, but need to do predictions to find the right price to enter.

How we would be able to avoid?
How we would be able to detect out those shitty devs?

We know that on the time that they would be launching up their meme coins then most of them would definitely be hyping out their project on getting investors as much as possible.
There would really be a time that it would really be boggling up your mind on which coin you would be choosing specially if the trend or hype of a certain meme name will really be created
Ex. Mini, 2.0, Baby and other name attachments on which these coins would be using.

As a newbie investor or trader then you wont really be boggling yourself on making some indepth research like on renounced contracts, honeypot checking or whatsoever that deals up with that potential
scam or fraud on which it is really that something needs to be looked up or check upon. If you do make yourself that careless then you would really be might ending up on losing tons of money
and ending up on holding that tons of meme coins on your stash.

[Kelvinid]

Memecoins don't tarnish any crypto image. You can hate them for all you want but their presence provides hype and excitement in the industry and invariably help draw the attention of the public to cryptos. Yes, we know most of these memecoins later become worthless but that isn't before it leaves some wealthy as it leaves others poor. Those who are usually trapped in losses are those who think they can turn the worthless coins to Bitcoin in value. If anyone has to invest in memecoins, they should know they're short term investment; usually a kind of "hit and run" thing in my local parlance.

Those who come early before the hypes will become wealthy but those who come late will the suffer the consequences and lose their money. Meme coins become famous and draw attention because of Dogecoin and Elon Musk and you are right, none of them I see would stay healthy and still on hype,
in fact, they are started to decline and gain attention no more. This year 2023 I'd say it was their time but probably not next year. However, people will still remember their names but it was just the name, yet, they never hold any from them.

[Captain Corporate]

Personally, I dislike almost all of them, although I do find them amusing, they are not good for investing for me. I get that some people like to do so because its fun to invest in them, sometimes things are not just about money but a symbol, and they consider meme coins as an act of rebellion towards how things are done around here. We do invest normally, into projects that make sense and do the same thing, and here it is, a bunch of coins that do absolutely nothing and are worth absolutely nothing and they are just having fun by making it go up and down. Plenty of folks lost their entire savings along the way which is the only downside to it, don't invest if you do not realize that this is just for fun.

[arwin100]

Memecoins don't tarnish any crypto image. You can hate them for all you want but their presence provides hype and excitement in the industry and invariably help draw the attention of the public to cryptos. Yes, we know most of these memecoins later become worthless but that isn't before it leaves some wealthy as it leaves others poor. Those who are usually trapped in losses are those who think they can turn the worthless coins to Bitcoin in value. If anyone has to invest in memecoins, they should know they're short term investment; usually a kind of "hit and run" thing in my local parlance.

Those who come early before the hypes will become wealthy but those who come late will the suffer the consequences and lose their money. Meme coins become famous and draw attention because of Dogecoin and Elon Musk and you are right, none of them I see would stay healthy and still on hype,
in fact, they are started to decline and gain attention no more. This year 2023 I'd say it was their time but probably not next year.

Maybe early adopter may be gain profit on early investment on meme coins but we can't also deny that there are people who lost their money, because they didn't think about the other consequences and just invest on meme coins while its hyped without even thinking the risk. We see a lot of it before and I think there will be more people caught up by meme scams since recently there are are other got a big hit and people got hype with some result.

But also I don't think it affect or tarnish the whole crypto reputation since this is minimal incident only on crypto space.

[Awaklara]

Personally, I dislike almost all of them, although I do find them amusing, they are not good for investing for me. I get that some people like to do so because its fun to invest in them, sometimes things are not just about money but a symbol, and they consider meme coins as an act of rebellion towards how things are done around here. We do invest normally, into projects that make sense and do the same thing, and here it is, a bunch of coins that do absolutely nothing and are worth absolutely nothing and they are just having fun by making it go up and down. Plenty of folks lost their entire savings along the way which is the only downside to it, don't invest if you do not realize that this is just for fun.

memecoin is mostly created only for profit for the owner. while those who want to trade and also invest there more will be trapped. it really doesn't make sense when there are new traders or investors who put hundreds or even thousands of dollars into memecoin. hoping to get a good multiplier.
those who want to try their luck on memecoin should use smaller money. there is no guarantee the owner will not leave their coins in the trash.
there is nothing to invest in there. and never cook yourself.

[wxa7115]

Personally, I dislike almost all of them, although I do find them amusing, they are not good for investing for me. I get that some people like to do so because its fun to invest in them, sometimes things are not just about money but a symbol, and they consider meme coins as an act of rebellion towards how things are done around here. We do invest normally, into projects that make sense and do the same thing, and here it is, a bunch of coins that do absolutely nothing and are worth absolutely nothing and they are just having fun by making it go up and down. Plenty of folks lost their entire savings along the way which is the only downside to it, don't invest if you do not realize that this is just for fun.

I suppose that in the early days this motivation of going against the system could have been part of the spirit of those that invested in meme coins, but as time has passed I do not think this is true anymore.

Those that invest in those coins now do not have such thoughts in their minds, what they are after is the big profits they believe they can obtain with those coins, and while a minority can in fact get the profits they are looking for, the majority of those which try fail at realizing their goals.

[crwth]

Having those memecoins are somewhat a double-edged sword where you have these following positive things for the cryptospace

• Exposure that there is the technology already "cryptocurrency"
• People start to learn about it

What we cannot control are the memecoins that rugpull investor's money and just going crazy. That's the negative thing and there's always going to be cons in any investment. It's just up to the people to fact check and see the legitimate ones that are worth owning. It's just that they need to put in some time understanding it in the first place.

[tvplus006]

...memecoin is mostly created only for profit for the owner. ..

Let's be really honest with ourselves, because we know perfectly well that this is the main goal not only of the creators of the meme coins, but also of most altcoins. After all, most crypto projects work fine without their own coin, but at some point the team realizes that you can literally make millions out of thin air.

[bangjoe]

In his vision, all projects definitely want profit for the developer and share the benefits, but the memecoin project is made for entertainment, nothing more than that, for people who want to buy it, it is their right, the problem is why many people at night make memecoin an investment asset and trading will get crazy profits from meme coin even though it's just a mirage that looks beautiful but it's very far away and almost impossible, the pumps are done by whales that make it a hope to increase wealth, but a few days later coin meme in left by the big holders who made the pumps and took away people's money who didn't know anything that they were being trapped, that's where the meme coin tarnished its image, but I don't think it really matters much, what matters more is from altcoins who have large capitalization then they commit fraud and bankrupt themselves.

[Cryptomultiplier]

Meme coins are simply just being meme coins. Original is always distinct from fake. That's why anyone investing in meme coins is advised not to stay long in it. The volatility is high but the profit from trading them is what attracts traders, because for old timer coins like BTC, it is more durable and have been time tested, but the profit from investment in a trade is lower.

What meme coins is doing, is being a good competition to the originals. Else, how would innovation arise.
It also serves to enable upcoming or newbie traders learn how to trade seeing the ease of buying some of these meme coins.
Meme coins,  although it is not advisable to invest huge funds in them, they more than help create awareness for crypto.