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

[ultrloa]

People who lose money to memecoins know that memecoins are 99% rugpull beforehand but they want to try their luck in a rigged system because some story about turning $1 to $1 million which probably mostly set up insipires them to achieve the same feat which actually is an empty dream.

Good to see folks aware that shitcoins might be exposed as memes or utility coins. They must have realized that memcoins are a hype trend. Uritlitycoins can be promoted as shitcoins in the same way.

Well as usual those memecoins are just riding the hype and utility coins has been associated with it, but their promotions done still didn't change the fundamentals of those coin.

Somehow market will just eventually filter those shitcoins, Also real value is not about having utility or been called as a meme, but rather if it can solves certain problems and have sustainable demands to investors. If they are just pure hype then it will die down the same as many shitcoins which exist in this space.

[Felicity_Tide]

I never knew this PSG coin was even a meme coin, I knew there was no affiliation between the project and the club but something didn't just add and I didn't bother to do much research

I think I was aware that it was going to be a memecoin, but wasn't sure if the football club itself has not hand in it. So, what the hell are people now hyping it for?, like, the very first time I came across the news, I already concluded that there is a chance that it might eventually do well, simply because I thought the club owned it, but i'm just getting to know that that's clearly not the case. Or don't you think the board must have approved it in one way or the other, considering the fact that it has a branded name of their football club?.

but there were about 5 project tokens that were trending as the league was going and that PSG in particular that was stealing attention and now seeing it flying again make sense now, they were buying because of the outcome of Bayern vs PSG, the final is going to between PSG and Arsenal. However, making coin because of these events makes crypto terrible and spoilt the fun of sports.

This just proves that certain individuals are willing to go any length, but for the fact that it has even involved football already proves that some of the individuals we have today don't even respect the game anymore.

[Kavelj22]

People who lose money to memecoins know that memecoins are 99% rugpull beforehand but they want to try their luck in a rigged system because some story about turning $1 to $1 million which probably mostly set up insipires them to achieve the same feat which actually is an empty dream.

Good to see folks aware that shitcoins might be exposed as memes or utility coins. They must have realized that memcoins are a hype trend. Uritlitycoins can be promoted as shitcoins in the same way.

Well as usual those memecoins are just riding the hype and utility coins has been associated with it, but their promotions done still didn't change the fundamentals of those coin.

Somehow market will just eventually filter those shitcoins, Also real value is not about having utility or been called as a meme, but rather if it can solves certain problems and have sustainable demands to investors. If they are just pure hype then it will die down the same as many shitcoins which exist in this space.

It might take a longtime before community realize the point how much they were dumb investing in the most riskier way. Take the example of Doge that was first created out of fun, and how it went beyond all expectations. At some stages, Doge was used as a utility coin for the cheap and fast transactions as it was a solid blockchain that can be trusted, which led many services to support it by listing Doge as an official payment methods (casinos and some online stores) and widely accepted from almost all exchange platforms. The hype started after Elon Musk tweeted supporting Doge which rose its price to more than $1 which is a surprise but a big red flag as well. I was always afraid from this coin and still believe it is a useless shitcoin.

[Stable090]

People who lose money to memecoins know that memecoins are 99% rugpull beforehand but they want to try their luck in a rigged system because some story about turning $1 to $1 million which probably mostly set up insipires them to achieve the same feat which actually is an empty dream.

Some newbies are just introduced to crypto space by the wrong set of people. When some people were introduced into crypto space, they were encouraged to invest in all this memecoins, and since they don’t have any knowledge yet, and they have to follow what the person that introduced them ask them to do, that’s how some of them end up investing in wrong coin and losing their money. I do feel bad for this particular set of people, because am not really going to blame them for the mistake.

But if you have been in the space for some time, and you understand how things work, you know the risk involved in meme coins, and you still decide to invest in them just because you are after quick money, i don’t feel sorry for people like that. I don’t know what people like this think, and I don’t know why some people don’t just have patience.

[justdimin]

Some newbies are just introduced to crypto space by the wrong set of people. When some people were introduced into crypto space, they were encouraged to invest in all this memecoins, and since they don’t have any knowledge yet, and they have to follow what the person that introduced them ask them to do, that’s how some of them end up investing in wrong coin and losing their money. I do feel bad for this particular set of people, because am not really going to blame them for the mistake.

But if you have been in the space for some time, and you understand how things work, you know the risk involved in meme coins, and you still decide to invest in them just because you are after quick money, i don’t feel sorry for people like that. I don’t know what people like this think, and I don’t know why some people don’t just have patience.

While I do understand making an excuse for a newbie when it comes to trading, I do not see the same when it comes to memecoins. There is some dude online, or even a friend, coming and telling you that there is this new crypto currency, or even an old one, called "shiba coin" or "doge coin" and convinces you that it is a good investment to make, and you fall for it? I am not even talking about smaller ones, I am talking about the biggest names, even that sounds very stupid to do.

Like if someone came up to me and said "why don't you put all your money into something called a dogecoin, even Elon musk talked about it" that would not interest me a bit. So I feel like we can't make an excuse for being a newbie, to fall for something like that.

[Cyber_warrior]

Some newbies are just introduced to crypto space by the wrong set of people. When some people were introduced into crypto space, they were encouraged to invest in all this memecoins, and since they don’t have any knowledge yet, and they have to follow what the person that introduced them ask them to do, that’s how some of them end up investing in wrong coin and losing their money. I do feel bad for this particular set of people, because am not really going to blame them for the mistake.

But if you have been in the space for some time, and you understand how things work, you know the risk involved in meme coins, and you still decide to invest in them just because you are after quick money, i don’t feel sorry for people like that. I don’t know what people like this think, and I don’t know why some people don’t just have patience.

While I do understand making an excuse for a newbie when it comes to trading, I do not see the same when it comes to memecoins. There is some dude online, or even a friend, coming and telling you that there is this new crypto currency, or even an old one, called "shiba coin" or "doge coin" and convinces you that it is a good investment to make, and you fall for it? I am not even talking about smaller ones, I am talking about the biggest names, even that sounds very stupid to do.

Like if someone came up to me and said "why don't you put all your money into something called a dogecoin, even Elon musk talked about it" that would not interest me a bit. So I feel like we can't make an excuse for being a newbie, to fall for something like that.

As a newbie that lacks knowledge about cryptocurrency and also lacks experience then we can easily fall for traps like this without even noticing because we always have trust for our friends and with them explaining how some public figure has put some funds into things like that then they easily accept the opinions and suddenly they invest in it without research or weighing the risk involved. At times we can blame this newbies but they should also try to make proper enquiry before involving their selfs into financial situations like this.

[Orpichukwu]

Those who get too caught up in meme tokens end up in a pathetic situation this is what happens in the end. You might make a profit once or twice, but then you start losing. I don't feel sorry for them at all they're doing this themselves, and they have to face the consequences. As the years go by, more meme tokens, projects, and the people behind them will face lawsuits. I don't think this can continue. The ecosystem is suffering.

How many of the memecoin creators have you seen face lawsuits, and how many of them who smoked the millions out there actually have some real face behind them, and how many are being minted every day and pushed into the market?

As long as we have those who believe memecoins are a doorway to making fast profit, they will keep patronising those scammers, and those scammers will keep coming back.