Are memecoins tarnishing the image of crypto?

[SOKO-DEKE]

Since many of these memecions were developed to defraud people and to help their creators become rich, rather than for any real social good, memecions are seriously damaging the reputation of the cryptocurrency sector. Therefore, those who frequently participate in these memecions, especially beginners, easily lose their money. As a result of all these misconceptions, some people who are unfamiliar with cryptocurrencies mistakenly believe that even Bitcoin operates in the same manner. Many people began to lose interest in the cryptocurrency market after hearing the news that some people had lost their money in the industry by investing in certain projects.

Before that, the cryptocurrency sector did not have many memecions, it is unlikely that you have heard that people have lost money in the field. To prevent being taken advantage of as a newcomer in the bitcoin market, you must have serious information and stay away from memecions until you have more knowledge that enables you to conduct appropriate research and be able to distinguish the coins with a solid reputation, you should only to invest in Bitcoin first with you basic knowledge.

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[Rabata]

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.

Memecoin is now the favorite of many after seeing some significant investment profits in the past. Some investors believe that Meme coin is the only one that can take them to their destination. As a result, they try to invest most of their money in memecoins. It is also true that during the last bull market memecoins gave the highest profits to the investors. But there is no doubt that most of the Meme coins that are constantly coming to the market and after a certain period of time they will scam. Maybe temporarily there will be good trading value but after some time all those memecoins will disappear. Investors must choose the right asset if they do not want to lose money.

[Peanutswar]

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.

[irhact]

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.

Yes memecoins are tarnishing the image of the crypto market because alot of individuals are losing to this scam projects more than those making money from them. Majority of the memecoins are scam but they still get hyped by the influencers because they're been paid to do this and this mislead those following this influencers in hopes of getting good altcoins for them to research on and invest. Memecoin has done more worst than good to the industry.

Individuals it has made rich are flexing their wealth to get attention and others believe they can get same wealth if they invest in other meme coin and that's when the scammers profits as they can create multiple scam projects and sell the scam tokens to investors.

[348Judah]

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.

Memecoins are not targeted as scamming people, but scammers uses them to penetrate in and scam others interested in their investment, it is not also advisible for newbies to go with investing on those coins and tokens because there are scam projects among them and it will be very difficult to know any, the more these coins were being launched the more the tendencies of having some to be scam among them.

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.

As a newbie, you're not expected to just jump into any cryptocurrency and invested, you need time to know how things works and how to differentiate from the ones to invest and the ones not to, you have to do tour own research on that and not every newbies may be able to know how to conduct a thorough research on crypto projects before investing.

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.

It's part of the tricks they use to hype the coin value and market cap to deceive potential investors, when scam like this occur, it takes away part of the trust people have with cryptocurrency and it's reputation.

[justdimin]

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.

Memecoin is now the favorite of many after seeing some significant investment profits in the past. Some investors believe that Meme coin is the only one that can take them to their destination. As a result, they try to invest most of their money in memecoins. It is also true that during the last bull market memecoins gave the highest profits to the investors. But there is no doubt that most of the Meme coins that are constantly coming to the market and after a certain period of time they will scam. Maybe temporarily there will be good trading value but after some time all those memecoins will disappear. Investors must choose the right asset if they do not want to lose money.

I do not understand the logic of it, why did it become so much interesting all of a sudden? I get that it is not going to be something to be shocked about it and that should be the important case here. I get that not a lot of people actually do that badly, I understand that some people made some money but that doesn't change the fact that it is not really a needed thing at all.

I believe that it is not that shocking at all. I hope that people can make the difference between the two and could make a profit in the end. If you could just focus on it as just a meme project then you are not going to end up with any profit at all. Hopefully it will get better, but looks like it may not and it may crash very hard in the near future.

[stomachgrowls]

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.

Memecoin is now the favorite of many after seeing some significant investment profits in the past. Some investors believe that Meme coin is the only one that can take them to their destination. As a result, they try to invest most of their money in memecoins. It is also true that during the last bull market memecoins gave the highest profits to the investors. But there is no doubt that most of the Meme coins that are constantly coming to the market and after a certain period of time they will scam. Maybe temporarily there will be good trading value but after some time all those memecoins will disappear. Investors must choose the right asset if they do not want to lose money.

I do not understand the logic of it, why did it become so much interesting all of a sudden? I get that it is not going to be something to be shocked about it and that should be the important case here. I get that not a lot of people actually do that badly, I understand that some people made some money but that doesn't change the fact that it is not really a needed thing at all.

I believe that it is not that shocking at all. I hope that people can make the difference between the two and could make a profit in the end. If you could just focus on it as just a meme project then you are not going to end up with any profit at all. Hopefully it will get better, but looks like it may not and it may crash very hard in the near future.

We cant really be that conclusive when it comes to this matter considering that even if tons of people who had lost up their investment on meme coin venture but we cant really deny the fact that it is really just needed up

a little bit mix of luck when choosing up a particular coin/token on which on the time that you do able to hit up the right coin and been pumped out. Even with the minimal investment or few bucks could really be resulting
into life changing amount. Lottery or pure luck based? Possible but this is something that more faster or having that lesser risks or having that huge chance that lottery itself.This is why its not really that shocking that there are tons of people who are really that fan on dealing up with meme coins despite of the risks that it do really impose.Ive been there on which did really have those kind of impulsive approach into meme coins
but on the time that i have seen that ive been spending that much on it, then i did really stop but there are occasions on which if i do see that it does have the potential due to some those common analysis approach
then i might throw some few bucks but im not really that expecting much and this is how should other be people on doing so because if you are that expecting too much then you would really be finding yourself
on possible huge trouble in terms of finances spending.

[bitgolden]

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.

I think the mentality will eventually go away. There are a lot of people who are still making mistakes after mistakes and I believe that it will cause a rift between people and meme coin investors will end up losing a lot more money then they assume they would. This is going to be something that is important.

I believe that if they keep doing this then they are going to end up losing and that should be the important part of it. I hope that it should be something that would be an important key factor here. I know that it will take some time but that doesn't mean that we are going to end up being something that is much more important. The situation would be as great as it gets and that should be the important part in this situation

[AmoreJaz]

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.

I think the mentality will eventually go away. There are a lot of people who are still making mistakes after mistakes and I believe that it will cause a rift between people and meme coin investors will end up losing a lot more money then they assume they would. This is going to be something that is important.

I believe that if they keep doing this then they are going to end up losing and that should be the important part of it. I hope that it should be something that would be an important key factor here. I know that it will take some time but that doesn't mean that we are going to end up being something that is much more important. The situation would be as great as it gets and that should be the important part in this situation

people will learn on their own time. so let them explore their opportunities with meme projects. they will soon learn quick once they start losing money on this market. they may give unfavourable image to crypto but once people are educating themselves, they will understand that it is the people behind it are the ones ruining the crypto image. but the technology itself is not to be blamed by those fraudsters.

[Mauser]

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.

   

There are scams around is every day that try to steal our money. For example, I receive scam mails, text messages and even phone calls every week of people that have special deal for me. We need to be cautious in every aspect of life, crypto currencies are just one of many. That is why it's so important to teach people more about the crypto world, only educated people can evaluate the risks correctly and not fall for scam projects. Another thing is that for any beginner it shouldn't be about buying meme coins as their first investment. It would be much better to start with a bitcoin investment before buying more exotic coins. When buying the leading crypto currency, it offers a protection against sudden price movements. Also, who teaches the beginners about the meme coins in the first place? I don't expect friends and family to recommend meme coins for a new trader, and why would you listen to a stranger from the internet that recommends a particular coin? It's better to make up our own mind and not blindly buy coins recommended by someone else. 

[yudi09]

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.

First you suggest to avoid with memecoin. Next you offer the option to consider investing in memecoin.
Just the same. Memecoin is not an option for investing but an option for accumulating money that can potentially be lost even if it is done on an exchange that is considered trusted.

Instead of piling up money in memecoin in investing, divert that money to invest in Bitcoin with the condition that you don't save it on an exchange.

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.

This is different again. Above you gave advice to beginners to avoid. Here you tell people to follow you, which I think is promoting a new product.

[AicecreaME]

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.

[abel1337]

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.

Well it's been that way since crypto popularized. If you are not wise enough, you will get burned by those scammers lurking around and been doing a lot of things just to scam people. Scammers are just doing it repetively with different approach. Imagine every trend we have on crypto is there are always this scammer who will lunch his own sh*t and scam people. The fact is we can't get rid of those scammers even how much effort we do, anonimity is one aspect of crypto and I know scammers are thinking that it's easier to scam using cryptocurrency than fiat.

[adzino]

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.

People should be investing knowing what they are investing in. They should do some digging and research before making any kind of investment. If one actually does, he will know that those "meme" coins doesn't represent the whole market and they will also realize that around 99% of those are scam coins. They will know what most of them are pump and dump scheme. People that invest in those coins willing to get rich overnight, does deserve to lose their money since if they actually cared about their money, they would have avoided this.

-snip-
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.

Not sure who he is or what it is, but since he/they doesn't list the coins at the start of the project and gets listed later, I am 99.99% sure that by the time it gets listed, it is too late.

[isaac_clarke22]

.

I mean an intellectual/rational human would just think that it is not entirely fault of the system itself that causes the scams, but the people behind it at all. Scams like these also happens with the use of fiat. This also led to government banning crypto in their country, and they would think that crypto is the only thing that causes money laundering and all those scams.

Oh about meme coin, it's not all about the utility that people care at all. It's only for the quick bucks when you think about it. It's not entirely tarnishing image of crypto and in fact, since people wanted money, it might attract more to crypto although in the unintentional reasoning possible.

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.

This is one and another one would be FUDs all over the internet and it is quite sad considering that everything is almost digital and people would see these FUDs first.

[Lorence.xD]

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.

[Baofeng]

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.

[JeffBrad12]

funnily enough, despite the fact that it tarnished the cryptocurrency somewhat considering the fact that there are many that have experienced losses with this coin, its also the sole reason of the massive influx of investors that goes towards the cryptocurrency investment, the volatility that it have attracted a whole different group that favours volatility.
there's reason why the market capitalisation of certain meme coin and trading volume is getting really high, its because its highly favoured by some people due to volatility. but we can't deny the fact that these shitcoin has been ruining the reputation of cryptocurrency along its way, therefore many assumptions that investing in cryptocurrency are the same as investing in shitcoins.

[dansus021]

In my opinion, is yes But we cannot stop the dev of memecoin or shitcoin to stop I mean by creating scam coin it might become their source of income even tho there is successful memcoin like shiba but the fail is dozen ton of them.

So it's not worth investing and just think that it gonna blow up in a future lot of fail rather than the success

[danherbias07]

Let's just say only 1 percent of meme coins being created are the legit ones. That's still a low percentage compared to the altcoins created.
IMO, one meme coin should suffice to add competition in the market. So that if investors like to compare why Ethereum and Bitcoin are better than them, they will see a big difference.
No real use case product, no company backing it up, and worst of all it's made for fun. Since when did we support an investment that is a joke? That one hell of a high-risk investment or 100 percent risk that is being camouflaged by making hype in social media networks. It's hard to understand why investors keeps on supporting it although they know how high of a risk they are taking from buying it.