Opinion on Memecoins?

26-10-2018, 07:18 PM

jaywjay03 Wrote: Opinion on memecoins like Dogecoin, Garicoin, Tuxcoin?

I'm quite adverse but I wonder what you think.

Yeah, me as well... the vast majority of cryptos out there don't serve any real actual purpose, contain zero lines of unique code, and pretty much just exist for the sake of existing and making easy money for the creators... in some ways it's a bit like photocopying monopoly money onto different coloured paper and people gobbling them up anyway. Dogecoin was actually originally created as a parody of all the altcoins flooding into the market:

Quote:When I jokingly created Dogecoin in late 2013, it was a parody of the multitude of alternative cryptocurrencies, or ?altcoins, flooding the market at the time. I never imagined that the tongue-in-cheek cryptocurrency I'd just brought into the world would still be around in the year 2018, let alone reaching a $2 billion market cap when the software hadn't even been updated since 2015.

Most altcoins are kind of like penny stocks, but on crystal meth... ridiculously speculative/high-risk assets within a market that's highly speculative and high-riskitself. The potential for people to make big bucks a day trader is certainly there, but I think any long-term prospects for all but a few are virtually non-existent...

Of the ones you mentioned, Doge is the only one that isn't already deadin the water andstill has a market capitalization of ~$500bil... I've gotten bar tabs higher than TUX's current market cap though, haha.