Are memecoins tarnishing the image of crypto?

[Latviand]

Not really because even if meme coin is known to be a pure scam it didn't give any big problem as a whole since many already know that there are just a scam dev take the advantage on what is the current trend in some particular season. And beside there are so many things that people would probably love about crypto and meme coin scam is just isolated cases which people can avoid if they just do there research before investing.

How sure are you though that people already know that a meme coin is a scam? Just so you know that many people are still falling for pump and dump scheme and it's easy for those scammers to pretend that they are a legitimate one. The problem with your optimism is that people will check out crypto in a more in-depth after experiencing scam is highly unlikely. Even if you say that it's isolated, news stories will still make a big deal out of it and people are most likely to associate that case to cryptocurrency as a whole.

I think what OP is trying to say is that with a lot of scam meme coins out there, it's tarnishing crypto because those are the first thing that most newbies to crypto encounters which makes it frustrating for them and crypto ends up giving a bad first impression which might discourage a lot of people from even going deeper in the cryptocurrency rabbit hole. Regarding the question that's in the title, it's not the meme coins itself that's tarnishing cryptocurrency reputation, and not all meme coins are scam per se, maybe a market manipulation toy for whales but scam is a bit far fetch.

[yhiaali3]

Of course, meme coins tarnish the image of cryptocurrencies, but meme coins listed on reputable centralized exchanges remain much less risky than those traded on DEX, especially on low-fee networks like Binance, where it is quite easy for any scrammer to create a meme token with a small amount of money and then make some liquidity and false indicators to attract victims.

Of course, this is in addition to those tokens that you can buy and then not be able to sell later, so the option remains much less risky on the central exchanges for those who want to try their luck by buying one of the worthless meme coins.

[arwin100]

But all in all, if we take out meme coins from the industry, we will have a much better and cleaner place for serious investors. These meme coins are the reason why a lot of serious investors decide not to invest in cryptocurrencies because they think they will also lose their money in scams.

I don't think serious investors would exclude whole crypto sector just because of some shitty part which is meme coins, at most they would just stay away from memecoins or may be invest little money as a gamble.

Only newbies will think about crypto is scam as a whole because they got scammed by those meme coins which they didn't even research first before they invest. But for sure once they get enough knowledge about it for sure they can separate the thoughts about scam or any negative impression on crypto and can properly separate the scam and which is not since they are aware about the schemes made by people to take advantage for their own personal gain.

[@sriyan]

Every day, thousands of memecoins are launched, and unfortunately, around 95% of them turn out to be scams. This scam epidemic is affecting many people, especially newcomers who lack experience and are more vulnerable to such scams.

The issue arises when newbies join the crypto space and fall victim to these scammers, leading them to blame all of crypto as a scam. While some memecoins have indeed damaged the reputation of the crypto industry, others have achieved incredible success, with values skyrocketing by 100 or even 1000 times.

For beginners, it's advisable to steer clear of memecoins. However, if they still want to get involved, they should consider investing in memecoins listed on reputable exchanges, even if it means earning lower profits. One example I follow is Bitget's memezone, where memecoins may not be listed at the start of their project but get listed at an early stage. Unlike DEX, these platforms provides more security, reducing concerns about being unable to sell,or removal of LPs.

The meme coins serve as a form of community building within the crypto space. They can teach newcomers to cryptos and blockchain technology. The main thing is you can earn a big amount of profits or losses from meme coins.

[Issa56]

Every day, thousands of memecoins are launched, and unfortunately, around 95% of them turn out to be scams. This scam epidemic is affecting many people, especially newcomers who lack experience and are more vulnerable to such scams.

As a newbie trying to join cryptocurrency, meme coin shouldn't be their target, the coin which they should focus on should be bitcoin, which is still the most populous coin, so any newbie that's trying to join cryptocurrency and his/her target is meme coin, then the person is just joining maybe because he/she knows people in crypto space and the person also want to jump into it, maybe looking for quick money. Bitcoin is more populous than an any coin, so if you really want to learn anything about cryptocurrency, then the first thing you will see is bitcoin. So its left for newbies to ignore bitcoin and go for meme coins.

For beginners, it's advisable to steer clear of memecoins.

Meme coins are just being hyped, they have no use to crypto space, people will just create and hype it, after making money they will decide to dump it on people that invest in it, Am sure its just for a short period of time and meme coin period will be over, you might not even hear about meme coins anymore.

[Oilacris]

But all in all, if we take out meme coins from the industry, we will have a much better and cleaner place for serious investors. These meme coins are the reason why a lot of serious investors decide not to invest in cryptocurrencies because they think they will also lose their money in scams.

I don't think serious investors would exclude whole crypto sector just because of some shitty part which is meme coins, at most they would just stay away from memecoins or may be invest little money as a gamble.

Only newbies will think about crypto is scam as a whole because they got scammed by those meme coins which they didn't even research first before they invest. But for sure once they get enough knowledge about it for sure they can separate the thoughts about scam or any negative impression on crypto and can properly separate the scam and which is not since they are aware about the schemes made by people to take advantage for their own personal gain.

First impression would really be like this on which it is really that true on which on the time that they would be experiencing some rugpull or totally deplete out investment due to scam projects then they

would really be having those common words or lines that crypto is a scam without even trying out to look at that the only scam is the project that they had invested into due on because they had become that greedy. This is why it would really be that wise that you should really know on what you are dealing with. Memecoins or altcoins then it would really be just the same which there would really be scam developers would really be tending on creating one. This cant really be stopped and as long that there would be people letting themselves getting scammed and lose up money then this would be a continous thing here on this space.

This is why it would really be always that wise that you should really know and make out your own research before diving in.Usually this is always the error of someone who doesnt really
do his assignment or step first on making investment and just hurriedly making out actions without even trying out to think whats ideal or whats risky.

[lalabotax]

Every day, thousands of memecoins are launched, and unfortunately, around 95% of them turn out to be scams. This scam epidemic is affecting many people, especially newcomers who lack experience and are more vulnerable to such scams.

Actually, not only meme coins but other shit coins. Because every time there will be money hype that makes so many new projects with the tokens they offer. And most of them are shit tokens. There is no long term hope for them usually, it's just very small and it also won't be safe, in this case it's high risk.

But I wouldn't say that it's Doge, Doge coin has existed for a long time and indeed this is the most recognized meme coin. But for the others, I think it's just following the Doge trend as a meme coin that has gone viral because of the fantastically high price.

[libert19]

Every day, thousands of memecoins are launched, and unfortunately, around 95% of them turn out to be scams. This scam epidemic is affecting many people, especially newcomers who lack experience and are more vulnerable to such scams.

I'm sure there is no data about the numbers you mentioned, ie. Thousands and 95% (5% is very generous, in my knowledge there are there meme projects surviving which are: Doge, Shiba and Pepe). Better to not give definite numbers when you don't know.

Actually, not only meme coins but other shit coins. Because every time there will be money hype that makes so many new projects with the tokens they offer. And most of them are shit tokens. There is no long term hope for them usually, it's just very small and it also won't be safe, in this case it's high risk.

Meme coins is just new trend in terms of shitcoins. We saw Bitcoin forks, icos, defi and now meme coins. In each of these few coins survive in long.

But I wouldn't say that it's Doge, Doge coin has existed for a long time and indeed this is the most recognized meme coin. But for the others, I think it's just following the Doge trend as a meme coin that has gone viral because of the fantastically high price.

No one cared about doge until shiba came and shuffled the memecoin market.

[AakZaki]

The meme coins serve as a form of community building within the crypto space. They can teach newcomers to cryptos and blockchain technology. The main thing is you can earn a big amount of profits or losses from meme coins.

Teaching newcomers about crypto?
Do learn to take a lot of losses due to crazy price fluctuations with hype at the beginning and will dissipate by the end of the trip. Memecoin is very risky and not recommended for beginners, if they are not prepared to lose. Memecoin is indeed a form of community building, but the community that is built really needs to be solid, not just for the benefit of the memecoin developers. There are many goals that can be achieved, so that the memecoin can be useful and grow.

[kingvirtus09]

Not really because even if meme coin is known to be a pure scam it didn't give any big problem as a whole since many already know that there are just a scam dev take the advantage on what is the current trend in some particular season. And beside there are so many things that people would probably love about crypto and meme coin scam is just isolated cases which people can avoid if they just do there research before investing.

How sure are you though that people already know that a meme coin is a scam? Just so you know that many people are still falling for pump and dump scheme and it's easy for those scammers to pretend that they are a legitimate one. The problem with your optimism is that people will check out crypto in a more in-depth after experiencing scam is highly unlikely. Even if you say that it's isolated, news stories will still make a big deal out of it and people are most likely to associate that case to cryptocurrency as a whole.

I think what OP is trying to say is that with a lot of scam meme coins out there, it's tarnishing crypto because those are the first thing that most newbies to crypto encounters which makes it frustrating for them and crypto ends up giving a bad first impression which might discourage a lot of people from even going deeper in the cryptocurrency rabbit hole. Regarding the question that's in the title, it's not the meme coins itself that's tarnishing cryptocurrency reputation, and not all meme coins are scam per se, maybe a market manipulation toy for whales but scam is a bit far fetch.

You know if there are other investors here in the crypto space who are investing in memecoins, it is because they are participating in a small amount that they can time that there is a potential for the value to increase in the future, as happened with Pepecoin, Shiba inu, and dogecoin they can advance in life immediately. And we can't stop it if it's their choice of decision. Especially since they are willing to lose the capital they will use for meme coins. And I also think that this mentality will not disappear from other people in the crypto space, who knows if the era of meme coins will come.

[justdimin]

Of course, meme coins tarnish the image of cryptocurrencies, but meme coins listed on reputable centralized exchanges remain much less risky than those traded on DEX, especially on low-fee networks like Binance, where it is quite easy for any scrammer to create a meme token with a small amount of money and then make some liquidity and false indicators to attract victims.

Of course, this is in addition to those tokens that you can buy and then not be able to sell later, so the option remains much less risky on the central exchanges for those who want to try their luck by buying one of the worthless meme coins.

I feel like the risk people are taking would be higher so if they are trading on CEX  that doesn't just tarnish crypto, but it tarnishes the exchange as well. I mean look at Binance, they are super rich and make billions and they are still listing some meme projects just because it has volume.

I get it, because the trading volume is high, that makes it more profitable to list since they will make money based on the trading fee and that's why it's a risk, but I believe nobody should do it like that, people should end up using it a lot better. Binance should be above all of this, they have enough money and they do not need some more just from memecoins. When they do list them, I just feel "you have enough, why drop yourself to memecoin level?".

[Cookdata]

Every day, thousands of memecoins are launched, and unfortunately, around 95% of them turn out to be scams. This scam epidemic is affecting many people, especially newcomers who lack experience and are more vulnerable to such scams.

The issue arises when newbies join the crypto space and fall victim to these scammers, leading them to blame all of crypto as a scam. While some memecoins have indeed damaged the reputation of the crypto industry, others have achieved incredible success, with values skyrocketing by 100 or even 1000 times.

For beginners, it's advisable to steer clear of memecoins. However, if they still want to get involved, they should consider investing in memecoins listed on reputable exchanges, even if it means earning lower profits. One example I follow is Bitget's memezone, where memecoins may not be listed at the start of their project but get listed at an early stage. Unlike DEX, these platforms provides more security, reducing concerns about being unable to sell,or removal of LPs.

Let's take a minute and look into some things, from your first paragraph, you said 95% are scams which I myself can attest to, they are frauds hiding behind the hype to milk money from onena be investors of altcoins we have in cryptocurrency, they don't do research or any sort of background information before they threw money into this crypto projects and you know what, I'm very confidence that when another hype comes around, many will buy into the scams and cry later, the only thing they understand is loss and they never learn.

Following your second paragraph, is there actually a meme coin that is still profitable till today, apart from the norm of Elon tweets to make massive candles on doge coins, even Shiba Inu is struggling for survival, most people even bought it at ATH and they are all sitting on the same bench with high hope that it will bounce again to the moon but if Meme hype doesn't return by next bull run, then they are as good as wasted projects.

My third observation on your third paragraph, from now on till before the next halving, as long as we don't have a new trend in crypto, the current meme coins hype and the scam is the only profitable thing developers do just like when we had ICO time back then in 2018, meme will also last for the same months until there is another fast opportunity to make money in crypto but at the same time, I'm skeptical about what the new trend will be in the next bull run.

[mvdheuvel1983]

There are good memecoins and there are bad memecoins. And yes they tarnish cryptocurrency image. The team behind these coins that intrinsically has no value are only after the money. They will wait until a lot of people invest in it and the price appreciates only for them to pull the rug. The naive investors who didn't do their research and who cannot different memecoins from others will eventually call Bitcoin and other honest crypto project a scam, tarnishing it's image.

[Taskford]

Not really because even if meme coin is known to be a pure scam it didn't give any big problem as a whole since many already know that there are just a scam dev take the advantage on what is the current trend in some particular season. And beside there are so many things that people would probably love about crypto and meme coin scam is just isolated cases which people can avoid if they just do there research before investing.

How sure are you though that people already know that a meme coin is a scam? Just so you know that many people are still falling for pump and dump scheme and it's easy for those scammers to pretend that they are a legitimate one. The problem with your optimism is that people will check out crypto in a more in-depth after experiencing scam is highly unlikely. Even if you say that it's isolated, news stories will still make a big deal out of it and people are most likely to associate that case to cryptocurrency as a whole.

I think what OP is trying to say is that with a lot of scam meme coins out there, it's tarnishing crypto because those are the first thing that most newbies to crypto encounters which makes it frustrating for them and crypto ends up giving a bad first impression which might discourage a lot of people from even going deeper in the cryptocurrency rabbit hole. Regarding the question that's in the title, it's not the meme coins itself that's tarnishing cryptocurrency reputation, and not all meme coins are scam per se, maybe a market manipulation toy for whales but scam is a bit far fetch.

You know if there are other investors here in the crypto space who are investing in memecoins, it is because they are participating in a small amount that they can time that there is a potential for the value to increase in the future, as happened with Pepecoin, Shiba inu, and dogecoin they can advance in life immediately. And we can't stop it if it's their choice of decision. Especially since they are willing to lose the capital they will use for meme coins. And I also think that this mentality will not disappear from other people in the crypto space, who knows if the era of meme coins will come.

But that scenario achieve by the meme coins mentioned is not happen all the time with other meme coin since majority of those is built for scam and to bad for the investors if they believe that there's similar will happen to the coins or tokens they hold but they just end up being scammed. Much better if they do more extra careful on their investments and maybe holding meme coins should less on their priority. Best for that coin is for temporary investment since to risky to decide for holding it.

[carlisle1]

Of course, meme coins tarnish the image of cryptocurrencies, but meme coins listed on reputable centralized exchanges remain much less risky than those traded on DEX, especially on low-fee networks like Binance, where it is quite easy for any scrammer to create a meme token with a small amount of money and then make some liquidity and false indicators to attract victims.

Of course, this is in addition to those tokens that you can buy and then not be able to sell later, so the option remains much less risky on the central exchanges for those who want to try their luck by buying one of the worthless meme coins.

I feel like the risk people are taking would be higher so if they are trading on CEX  that doesn't just tarnish crypto, but it tarnishes the exchange as well. I mean look at Binance, they are super rich and make billions and they are still listing some meme projects just because it has volume.

I get it, because the trading volume is high, that makes it more profitable to list since they will make money based on the trading fee and that's why it's a risk, but I believe nobody should do it like that, people should end up using it a lot better. Binance should be above all of this, they have enough money and they do not need some more just from memecoins. When they do list them, I just feel "you have enough, why drop yourself to memecoin level?".

And with a simple logic, CEX or DEX both are after with the potential earnings with a high volume there are lots of money that involves
making sure the fees will be converted to profits.

Memecoins are tarnishing the image as newcomers who think that they can be lucky and will have that chance to earn money just by
simply investing and trading this kind of projects without doing any research.

Early traders who ride before the crash / dump will take that chance, but most of them who invest last will suffer.

[carlfebz2]

Not really because even if meme coin is known to be a pure scam it didn't give any big problem as a whole since many already know that there are just a scam dev take the advantage on what is the current trend in some particular season. And beside there are so many things that people would probably love about crypto and meme coin scam is just isolated cases which people can avoid if they just do there research before investing.

How sure are you though that people already know that a meme coin is a scam? Just so you know that many people are still falling for pump and dump scheme and it's easy for those scammers to pretend that they are a legitimate one. The problem with your optimism is that people will check out crypto in a more in-depth after experiencing scam is highly unlikely. Even if you say that it's isolated, news stories will still make a big deal out of it and people are most likely to associate that case to cryptocurrency as a whole.

I think what OP is trying to say is that with a lot of scam meme coins out there, it's tarnishing crypto because those are the first thing that most newbies to crypto encounters which makes it frustrating for them and crypto ends up giving a bad first impression which might discourage a lot of people from even going deeper in the cryptocurrency rabbit hole. Regarding the question that's in the title, it's not the meme coins itself that's tarnishing cryptocurrency reputation, and not all meme coins are scam per se, maybe a market manipulation toy for whales but scam is a bit far fetch.

You know if there are other investors here in the crypto space who are investing in memecoins, it is because they are participating in a small amount that they can time that there is a potential for the value to increase in the future, as happened with Pepecoin, Shiba inu, and dogecoin they can advance in life immediately. And we can't stop it if it's their choice of decision. Especially since they are willing to lose the capital they will use for meme coins. And I also think that this mentality will not disappear from other people in the crypto space, who knows if the era of meme coins will come.

But that scenario achieve by the meme coins mentioned is not happen all the time with other meme coin since majority of those is built for scam and to bad for the investors if they believe that there's similar will happen to the coins or tokens they hold but they just end up being scammed. Much better if they do more extra careful on their investments and maybe holding meme coins should less on their priority. Best for that coin is for temporary investment since to risky to decide for holding it.

Never ever consider on holding some meme coin because most of them would really be having just that 1 time pump then eventually dies which the dev or owner of such coin would just simply create another one and trying out to hype it and the cycle would continue and this had been always the case on which its never been that ideal to have that kind of approach specially on meme coins unless if you are dealing with some legit projects then you could really be able to hold up for long term but for meme? Nah, better not to have that kind of consideration.

Not all the time we would really be making money or profits with meme knowing that it could really be considered to be a gamble most of the time. If we do try to look around on how fast these meme coins been created then it would be just the same on how fast they would vanished out on thin air. Lots of things needs to be checked around before you do proceed because if you arent really that careful then it would
definitely be making you lose tons of money and realization would really be coming at the end and this is something that you should have avoided earlier.

[tvplus006]

...The issue arises when newbies join the crypto space and fall victim to these scammers, leading them to blame all of crypto as a scam. While some memecoins have indeed damaged the reputation of the crypto industry, others have achieved incredible success, with values skyrocketing by 100 or even 1000 times...

The problem with fraud concerns not only meme coins, but also the entire cryptocurrency as a whole. And of course, in such a number of meme coins are not issued daily, as you write about it. Nevertheless, you should carefully choose coins for investment, since any mistake can eventually lead to the loss of money.

[wxa7115]

I feel like the risk people are taking would be higher so if they are trading on CEX  that doesn't just tarnish crypto, but it tarnishes the exchange as well. I mean look at Binance, they are super rich and make billions and they are still listing some meme projects just because it has volume.

I get it, because the trading volume is high, that makes it more profitable to list since they will make money based on the trading fee and that's why it's a risk, but I believe nobody should do it like that, people should end up using it a lot better. Binance should be above all of this, they have enough money and they do not need some more just from memecoins. When they do list them, I just feel "you have enough, why drop yourself to memecoin level?".

Because at the end binance like any other business was created with a single goal in mind, which is to make a lot of money for their owners, any other stated goal besides that is nothing but a corporate lie conceived to deceive their clients about the true goal of any bussines, so Binance is unwilling to not list a meme coin with high volume as they know that if they do not do it then another exchange will do so.

And while Binance is the biggest exchange at the moment, it is also known that no business can remain at the top forever, and disregarding huge opportunities to make money is something they cannot afford to do or some other exchange will eventually catch up to them.

[armanda90]

Because at the end binance like any other business was created with a single goal in mind, which is to make a lot of money for their owners, any other stated goal besides that is nothing but a corporate lie conceived to deceive their clients about the true goal of any bussines, so Binance is unwilling to not list a meme coin with high volume as they know that if they do not do it then another exchange will do so.

And while Binance is the biggest exchange at the moment, it is also known that no business can remain at the top forever, and disregarding huge opportunities to make money is something they cannot afford to do or some other exchange will eventually catch up to them.

Binance take care about business and fees listing commission only without care how profitable about some memecoins listed on their exchange market, we know how much expensive listing fees on Binance exchange and owner of memecoins get public interested with their coins after announcing listed on Binance. All kinds of memecoins not promising for long term investment how ever get guarantee with Binance or other exchange for listing, get hype on the early moment listing then will drop drastically and Binance kick out or delisted with many kinds of meme coins in their exchange due less transaction volume in daily day. For memcoins lovers, not wrong investing there but entry in the early and sell as soon possible when price pumping without hold for long term.

[TheUltraElite]

Obviously they bring a bad name to crypto and I could say that the fault lies in the newbie for investing in that coin but the biggest marketing occurs for these shitcoins only because Bitcoin does not need any.

Even so there are people who make money from shitcoins like the ones who promote them but definitely the ones who invest and trade, earn less. They are planned scams and hence the ones who are part of the scam are the biggest winners and not the ones who play with the fire.

To be honest, we can debate this at length but to keep new traders safe, I suggest to stay away from shitcoins and memecoins as much as possible.