Meme Coins

I watched some Youtube video by Zac Rios about how silly meme coins aare. Some crypto currency based around memes. I was in stitches of laughter over people losing $10s and $10s of k on “Hawk Tuah” coins and “Shiba Inu” and “Doge” coins. These coins are pumped and dumped and then people “rugpull” them flooding the market and making the coins worthless.

How can anyone be so dumb, its a scam and gambling. I know they are not real “coins” but they are crypto, yet people make physical coins of them too like the Hawk tuah girl coin and ones with Doge, Donald Trump and other American memes.

Have any of you ever bought or invested in a meme coin?

In the past I have made several hundred to a few thousand dollars on meme coins. Its a matter of timing, spread, and margin. It can be done but is difficult to do repeatedly and its always a gamble whether or not you are going to be left holding the bag.

Cryptocurrency itself has become a bit of a meme in recent years. I honestly believe that it had a purpose for hidden transactions or transfer of funds outside of traditional banking networks which could be beneficial in a high risk area or for sending funds to people in other countries where bank transfer/wire fees would be destructive. 

Now, the crypto market is overinflated and practically useless for 99% of people. Crypto is the get-rich-quick of todays world.  Bitcoin and Ethereum are like gold and silver, Fun to own, hard to spend and the rest of cryptocurrency, LINK, DOT, DOGE, XRP, XLM, whatever else, are just copycats trying to make something out of nothing.

Thats amazing that you invested in that stuff, fascinating. Kind of like the NFTs of 2021/22, those were a scam peole paying money for an image on a blockchain, yet anyone could just download a picture by right click. Some were borderline racist like Gorillas and Chimps wearing bling bling and Gucci bags etc.

I know about Bitcoin, we have a machine that you can buy bitcoin, but it takes $20 notes and you get a piece of paper saying you own like 0.0001 of a Bitcoin or something.

Moneytane

Thats amazing that you invested in that stuff, fascinating. Kind of like the NFTs of 2021/22, those were a scam peole paying money for an image on a blockchain, yet anyone could just download a picture by right click. Some were borderline racist like Gorillas and Chimps wearing bling bling and Gucci bags etc.

 

I know about Bitcoin, we have a machine that you can buy bitcoin, but it takes $20 notes and you get a piece of paper saying you own like 0.0001 of a Bitcoin or something.

NFTs were less of owning the image and more of owning the rights to the image. Like occupying a house vs owning the rights to the house. 

NFTs have a huge upside of used properly. Especially in video games where you may find an item and then be able to use that item across multiple games and multiple publishers since it's tied to your digital wallet and not the game itself. It could be quite cool if implemented correctly. Though the damage is done and nothing can wipe the grime away now