Why I don't feel sorry for people who lose money to memecoins.

[colinistheman]

Those who just want to make a profit from memecoins without research could losing money as they only follows their desire. If they can research to gets more information, they will know the memecoins to buy.

It may be comforting to hear someone call them stupid when they lose money. But the community should explain the right thing to others or at least warn them a little.

There is no doubt that personal awareness is the most important thing. However it is not right to put all the blame on the newbies at once. There is a huge asymmetry of information at work here. Newcomers to this line do not really understand anything. When big influencers and insiders heat up the market with paid promotion and FOMO, ordinary people lose everything in that shiny marketing gimmick.

I see the memecoin thing as a casino or gambling. So I try to avoid them, bet only as much as you could afford to lose. Never run back to cover losses and do not borrow money from anyone to play this game.

[Abiky]

I read an article recently that said somebody was suing Iggy Azeala because of her token, $MOTHER. As much as I would like people like this to face the consequences of reaping people off, I don't feel sorry for the people who lose money because they should have known better by now. 

For those who have the slightest idea about football, you know that PSG and Bayern Munich played a semi-final second leg in the UCL yesterday, and during the match, when PSG was winning, the price of the PSG fan token started pumping, as you can see in the image below.

Some people would make profit for sure, but a lot more will lose money and then later start looking for whom to sue for a trade they entered into of their own free will and sound mind.
This is further proof that it's all just hype and vibes. I believe the price will pump again towards the final and might just crash after that, if they don't rug pull.

It's why I've always said memes are a gamble and like gambling, the ones who have more money to bet on different project wins the most.

The developers or creators of a "meme" coin are not to blame. It's the investor himself. Before investing, people should know what they're getting into. Nowadays, investors seek some sort of compensation from the centralized exchange in which they've purchased the coin or token. I don't think CEXs should be responsible, as they only list what's most convenient for them. The person decides whenever he/she wants to buy a coin.

"Meme" coins are usually a rug pull or scam, as they often launch and disappear in an instant. Those that remain, have little or no use cases. If there's something that makes people go "rekt", that would be none other than greed. We should expect things to get worse in the long run. At least, regulators are weighting in. They can't stop scammers from launching new "memes", though. Just my two sats.

[Alpha Marine]

OMFG - $MOTHER - like come on, can people not read through the "money grab" concept of these
meme and fan coins? these arent offered as an investment for fans and followers, they are aimed
at relieving fans and followers of more money.

The joke writes itself, but somehow people don't see it. At the peak of the memecoin era in 2023 or so, even Instagram and TikTok celebrities had memecoins at one point. That time, I always wondered what people thought when they spent their money to buy those tokens. People even bought Andrew Tate's coin. I mean, what can you expect from a person like that?

The developers or creators of a "meme" coin are not to blame. It's the investor himself.

I believe the developers can be sued if their coin did not provide what was promised. Most of these meme coins promise a lot of things, especially during that period when memecoins were at their peak, and almost every celebrity had a token. They should be sued. Or at the very least, the authorities should hold them accountable for things like that. This is why I believe the memcoin market needs a lot of regulation. But at the same time, the investors need to take responsibility for their actions and face the consequences. If they had made huge profits, no one would have heard about it.

There is no doubt that personal awareness is the most important thing. However it is not right to put all the blame on the newbies at once. There is a huge asymmetry of information at work here. Newcomers to this line do not really understand anything. When big influencers and insiders heat up the market with paid promotion and FOMO, ordinary people lose everything in that shiny marketing gimmick.

The thing is, I don't blame newbies who lose money to those projects, but the majority of those people are not newbies. They are people who have been in crypto for a while and have seen that they can make "good money" from memes because they have seen or heard of someone who made it from one or two trades.
This is exactly like gambling. A lot of people gamble and hope to hit the jackpot one day because they have seen or heard of people who hit the jackpot.
When a person is new and ignorant, I can't blame them, but when a person has been in the market for a long time and continually loses money, hoping to hit it big one day, ignorance cannot be blamed for that.

[justdimin]

For those who have the slightest idea about football, you know that PSG and Bayern Munich played a semi-final second leg in the UCL yesterday, and during the match, when PSG was winning, the price of the PSG fan token started pumping

And most of the time, if not always, these pumps are made by the token owners to create hype and FOMO. An average crypto user who has money but doesn't know how memes work usually falls for such tricks. He sees the team winning and buys the token, kind of expecting the team to win and the token price will skyrocket further lol

I've not been into the memes market of late but this new style/breed of fan tokens sounds like a new idea. Yeah, it's hard to feel bad for someone who loses money to such stuff because all they want is quick money and that has never existed.

[Odohu]

For those who have the slightest idea about football, you know that PSG and Bayern Munich played a semi-final second leg in the UCL yesterday, and during the match, when PSG was winning, the price of the PSG fan token started pumping

And most of the time, if not always, these pumps are made by the token owners to create hype and FOMO. An average crypto user who has money but doesn't know how memes work usually falls for such tricks. He sees the team winning and buys the token, kind of expecting the team to win and the token price will skyrocket further lol

I've not been into the memes market of late but this new style/breed of fan tokens sounds like a new idea. Yeah, it's hard to feel bad for someone who loses money to such stuff because all they want is quick money and that has never existed.

FAN token generally work in the way that the PSG fan token did which is why investing in memecoins is just like gambling because you can make so much money or lose everything. The only problem I see here is that those who invest in memecoins do not treat them like gambling which is why they lose most of them time, A gambler understands and accepts the risk involved and even try to mitigate them, unlike memecoins investors that think only in the direction of profits and ignore the risk involved. They are so hyped that they invest far above what they can afford to lose.

[asriloni]

I read an article recently that said somebody was suing Iggy Azeala because of her token, $MOTHER. As much as I would like people like this to face the consequences of reaping people off, I don't feel sorry for the people who lose money because they should have known better by now. 

It's good to see you have empaty for those who are losing from bought memes, but i think they would not care about that. I believe any of meme traders have agreed with the consequence when they bought tokens that have 99% potential to be rugged.

It doesn't matter how many times you're telling them to stay away. If they're tru degen traders, they won't care about that. This based on my exp when i saw my close person lost a lot in memes, but he's ignoring what others told him. It's because he believe gambling on meme is the fastest way to go to financial freedom. 

[Mpamaegbu]

It's why I've always said memes are a gamble and like gambling, the ones who have more money to bet on different project wins the most.

While I agree with you that memes carry the same gamble like nature because of their risk exposure, let me swiftly add that every business has its own risk. There's no business without risk. This is why every investor into any business should master the nature of risk associated with what they're going into. There are those who don't trade any other thing if the tokens aren't memes and degens and they're good at it. I know a few of them who profit from their activities in trading such. I've been lucky myself on a few occasions.

[uneng]

The thing is, I don't blame newbies who lose money to those projects, but the majority of those people are not newbies. They are people who have been in crypto for a while and have seen that they can make "good money" from memes because they have seen or heard of someone who made it from one or two trades.
This is exactly like gambling. A lot of people gamble and hope to hit the jackpot one day because they have seen or heard of people who hit the jackpot.
When a person is new and ignorant, I can't blame them, but when a person has been in the market for a long time and continually loses money, hoping to hit it big one day, ignorance cannot be blamed for that.

I agree with you on this. Everyone here was already newbie someday, and we made mistakes back then. However, it wasn't totally in vain, because we learned with them.

I remember having invested in cloud mining websites, which were nothing more than ponzi schemes. Even though that was a mistake, it was important for me, so I would pay more attention from that moment on in order to not fall for similar scams.

[bitbollo]

I feel sorry? No to be honest no... like a free consultancy I have highlighted the advantage of bitcoin. few understands (and I am here since 13 years now...)

I have seen many friends starting with "memecoins" stacking and not stacking anything else. "yes this is only way to get rich"
but bitcoin and crypto are not systems to "get rich" and mostly have not yet focused that this a massive part of the equation

[crwth]

In a way, I agree that, in some way, it's the fault of the people putting money into something that they thought they could earn money from. I think it's a lesson learned, and I hope it doesn't steer them away from the real reason crypto exists, which started with BTC.

If ever it were about investing in one, I think what is important for me is seeing the following

• Liquidity pool
• Market cap size

Making sure there is liquidity and that it's not imaginary or manipulated, because I may want to exit the position unexpectedly and want to know if there are enough buyers for that.

There are red flags with memecoins; being categorized as one is already a problem. So better be careful with that.

I don't want to blame anyone who loses money unfairly. Like being told to buy and expect something else. It should be because you want to, not because you're forced. It's hard because I think there are people who experience things like that.

[coin-investor]

It's why I've always said memes are a gamble and like gambling, the ones who have more money to bet on different project wins the most.

If they don't understand how memes work and have used their savings to invest, and have received warnings not to invest, then I also don't feel sorry for their losses. They are greedy and envious of people who made a lot from memes, when in fact very few people made money from investing in memes, and many of these are collaborators and whales.
If you do not know how memes work or how risky they are, it's better to invest in Bitcoin; earnings may be slow but guaranteed.

[batang_bitcoin]

They are on their own, if they haven't been reminded first then people would feel pity on them. But if it's second, third or more than the time that they have been suggested to avoid investing into meme coins and yet they continued. Everyone won't feel sorry about them no longer and that's because they have been stopped and reminded but they have their decision to pursue and it's not only the losses that they have to take but also people who have told them to avoid it will start fleeing away from them. No one wants to continue caring for people that don't even listen to a piece of their advice.

[o48o]

I read an article recently that said somebody was suing Iggy Azeala because of her token, $MOTHER. As much as I would like people like this to face the consequences of reaping people off, I don't feel sorry for the people who lose money because they should have known better by now.  

For those who have the slightest idea about football, you know that PSG and Bayern Munich played a semi-final second leg in the UCL yesterday, and during the match, when PSG was winning, the price of the PSG fan token started pumping, as you can see in the image below.


Some people would make profit for sure, but a lot more will lose money and then later start looking for whom to sue for a trade they entered into of their own free will and sound mind.
This is further proof that it's all just hype and vibes. I believe the price will pump again towards the final and might just crash after that, if they don't rug pull.

It's why I've always said memes are a gamble and like gambling, the ones who have more money to bet on different project wins the most.

Is this some sort of self reflection, where you wonder why don't you feel sorry for them? I mean you don't have to, but are you using that same reasoning for everything else?

Do you feel sorry for people losing to scammers in general? For people losing to hackers, con men, other altcoins and utility tokens waiting for a rug pull?

They fall under same logic. Ignorant people never know that they are ignorant, so non tech-savvy people don't know the level of their exploitability. Combine that to gullible people, or people with poor social skills. They could be easily exploited via social engineering, as you don't even have to be idiot to fall in that.

I mean most of the scams are based on lack of awareness and knowledge. That free will is easily exploited by someone smarter then you with bad intentions, because you think you are safe from dangers you don't see. I consider it to be stealing, when someone is misleading you to get your money, no matter if it's an altcoin dev doing that.

[monetizator4]

Do you feel sorry for people losing to scammers in general? For people losing to hackers, con men, other altcoins and utility tokens waiting for a rug pull?

They fall under same logic. Ignorant people never know that they are ignorant, so non tech-savvy people don't know the level of their exploitability. Combine that to gullible people, or people with poor social skills. They could be easily exploited via social engineering, as you don't even have to be idiot to fall in that.

I mean most of the scams are based on lack of awareness and knowledge. That free will is easily exploited by someone smarter then you with bad intentions, because you think you are safe from dangers you don't see. I consider it to be stealing, when someone is misleading you to get your money, no matter if it's an altcoin dev doing that.

Interesting question. I think there’s a small but important difference between different categories of victims.

Practically anyone can become a victim of scammers or social engineering. Sometimes all it takes is answering a phone call, clicking a link in an email, or trusting the wrong person at the wrong moment. Elderly people and children are especially vulnerable, but even smart and educated adults get manipulated when fear, urgency, or emotions are involved. In those cases, I mostly see it as straightforward theft.

But people losing money on shady altcoins or obvious rug pulls are a bit different. Unlike someone who got tricked by a fake bank call, they first had to actively enter a highly speculative market and buy those assets. And usually the main motivation was the hope of quick profit. That doesn’t justify fraud, obviously, but it does mean they should understand that high returns come with high risks.

So yes, deception is still deception. But there’s a difference between someone being ambushed through manipulation and someone knowingly walking into a casino-like environment hoping to multiply their money fast.

[jossiel]

I remember having invested in cloud mining websites, which were nothing more than ponzi schemes. Even though that was a mistake, it was important for me, so I would pay more attention from that moment on in order to not fall for similar scams.

This shows that our experience is our best teacher. We won't fall for scams that are likely we've been through.

But those who have been a victim before and still never learn, we don't say that they deserve it but that gives the idea that OP is no longer sorry for them.

As they say 'once is enough, twice is too much'.

[Abu-Naim]

It's why I've always said memes are a gamble and like gambling, the ones who have more money to bet on different project wins the most.

You are right, meme coin traders are gamblers, they used hype to make their money; they used hype from social media to target the price of coins to buy and sell when they make profits; they do lose money when the market go against them while make good profit when their target hits.

It’s a game of risk, and they should blame no one if they lose money because they will not tell anyone if they make profits, so I see no reason why they should report or sue any project owner because they force no one to invest in their projects, they believe that for you to invest in their project, it means you have read through their white paper and has agreed to invest in the project based on your satisfaction.

[Stable090]

It may be comforting to hear someone call them stupid when they lose money. But the community should explain the right thing to others or at least warn them a little.

It has been said here multiple times that people should avoid meme coin, but no matter what you say, some people won’t still listen, they going to go ahead to invest in the meme coin, and when they lose, they will end up regretting. Meme coin isn’t what we should invest in, lots of people that do end up investing in meme coins are just desperate to make quick money, and they believe meme coin is the easy way to achieve that.

How will a coin be named PSG, and someone in his right senses will still go ahead to invest in a coin like this, you should know that a coin like this is just temporary, and it’s not going to stay in the market for long time.

[Accardo]

They are on their own, if they haven't been reminded first then people would feel pity on them. But if it's second, third or more than the time that they have been suggested to avoid investing into meme coins and yet they continued. Everyone won't feel sorry about them no longer and that's because they have been stopped and reminded but they have their decision to pursue and it's not only the losses that they have to take but also people who have told them to avoid it will start fleeing away from them. No one wants to continue caring for people that don't even listen to a piece of their advice.

Memecoin is a joke, it's created with no hassle at all, the buyers who hold it shouldn't go for a law suit when the price goes down, when did that start. Were they expecting a skyrocketing price increase? memecoin holders are to be blamed for not being observant of where they lay investment foundation.

[Rabata]

Some people would make profit for sure, but a lot more will lose money and then later start looking for whom to sue for a trade they entered into of their own free will and sound mind.
This is further proof that it's all just hype and vibes. I believe the price will pump again towards the final and might just crash after that, if they don't rug pull.

If a person does not understand his own good, It is his own responsibility. Those who invest in memecoins only for profit are the ones who suffer the most. In the past few years, such types of coins  has been widely hyped. Some people think that investing in memecoins can quickly increase wealth several times, but in reality, the opposite happens. If you cannot choose a good coin while investing, it is not possible to profit from the investment. If you invest in tokens that depend only on hype, there is a high possibility of losses. I am not saying that memecoins cannot be invested, but in the case of investment, the investor must acquire sufficient knowledge and review various issues and make investment decisions.

There are some investors who do not buy when the price of memecoins is low in the bearish market or when the market is bullish, but when the market is bullish, they take risks and buy coins. Such a situation definitely exposes that person to losses. When making an investment, one should always make a decision after proper analysis.

[goldkingcoiner]

I do not feel sorry for people who get burned by memecoins and then continue to buy memecoins.

But newbies who did not understand what memecoins are or why they are so dangerous to your financial health should be felt sorry for. They learned a painful lesson and may even turn away from cryptocurrency altogether because of said memecoins. We should encourage them that not every coin is trash. I think we have all been in their shoes at some point or another when we ourselves were newbies...