@Cypress
I have to agree with this. Dogecoin brought me in. I was really cautious at first. Started with a small buy, played around, and gradually became more confident as I learned how it worked.
I didn’t make as much as I could have due to my cautiousness, but I did turn a reasonable profit. The learning experience has been really valuable, and now I am involved in different coins.
@Evans
Welcome to the space, there’s plenty to learn.
@Cypress
Ah yes, that first taste of excitement leading to a risky addiction.
I should probably get going now.
@Cypress
Agreed. But they’re kind of like modern baseball cards or Beanie Babies. Let people collect things they enjoy, it’s not our place to judge their preferences.
@Cypress
I see your point, but I believe the purpose of money is to address the trade-off of wants. The only role of money is to act as the medium of exchange when direct trades don’t work.
For example: You have 5 chickens and Bob has 10 oranges. You want oranges, but Bob doesn’t want chickens. That’s where money plays a role. You establish a monetary value for your chickens and Bob does the same for his oranges. These values are seen as fair market rates. Now you can sell your chickens for money and use that money to buy oranges.
That’s all it’s for. Other uses involving money don’t change this role; they just add to its utility. The more utility a money has, the more reason there is to have and use it.
In short: Any currency, including meme coins, serves the same purpose. If anyone will accept a currency in exchange for a good or service, then that currency has utility. More utility encourages use, but keep in mind there are always rival currencies that might fulfill the purpose more effectively. Also, coins serve as money while tokens work on top of money.
@Cypress
So basically, these coins are just like drugs, got it!
@Cypress
Exactly; It’s a network of value.
@Cypress
It’s a mixed bag. Some projects have made billions this year but plenty of bad ones have ruined lives too. They’ve become like the 2017-2018 ICOs. It’s a gateway for some, but a pretty risky one.
@Ezri
Absolutely, I’m just trying to highlight a positive aspect that many haven’t considered. Not endorsing or pushing for their purchase.
@Kerry
I can only guess why SafeMoon was made, and you can too. But because it exists, DeFi has gained more attention and usage. I can’t say that happened on purpose, but it has connected a part of the public to something they might not have known about otherwise.
@Cypress
It’s pretty clear that it’s just about making money. It’s straightforward. People see others making big trades with Doge and that’s how the meme coin gold rush started. So it’s natural for other coins like SHIB and SafeMoon to follow the same path.
@Cypress
Also, the reasoning you’re using is like saying the internet was invented to create social media. The internet enabled social media but wasn’t designed with that goal.
Kerry said:
@Cypress
Also, the reasoning you’re using is like saying the internet was invented to create social media. The internet enabled social media but wasn’t designed with that goal.
I don’t think you understand my point.
I’m not justifying meme coins.
I’m not encouraging anyone to buy Dogecoin, SafeMoon, or SHIB.
I’m simply sharing a potential benefit that has come from their existence, intentionally or unintentionally.
Going back to the OP’s original question, ‘What’s the utility of meme coins?’ and not ‘What justifies their existence?’ or ‘Why were meme coins created?’.
You might compare it to how a pandemic could help the environment without advocating for human extinction. I’m just pointing out some positive aspects.
@Cypress
Sure, there’s a silver lining - but I wouldn’t classify that as utility.
Kerry said:
@Cypress
Sure, there’s a silver lining - but I wouldn’t classify that as utility.
u·til·i·ty
I really don’t want to argue. But do you genuinely believe there’s been no positive impact in the crypto space owing to meme coins?
@Kerry
Yes, I’m talking about ‘general’ utility. I’m not sure what you’re focusing on here beyond some standard copy-paste points about tokens vs. coins that don’t connect with our discussion about the (likely) unexpected benefits of meme coins attracting newcomers to crypto. Several earlier comments have affirmed this point. We seem to be at a standstill. Good luck with your investments. Cheers.
@Cypress
If only we could achieve this in a safer way!
Wynter said:
@Cypress
If only we could achieve this in a safer way!
It’s simple, just stop criticizing other people’s favorite projects. That negativity is the real issue here.
@Cypress
This is a view I hadn’t considered, well explained!
@Cypress
I was tempted to respond sarcastically, but you did a much better job, thanks!