There are so many scams now!

[Stacey]

If you have been following crypto, even if it was just this year alone, you will see a HUGE growth in scam coins. Most of these are dubbed "meme coins" and 95% of them are scams. They rope people in and then just pull the rug out when the main holder has seen enough growth in his own shares. It makes my skin crawl when people do this kind of stuff. 

Do you avoid meme coins for this reason like I do or do you take the gamble in coins like DOGE hoping for a huge payout?

[James]

I only play with the big players. Been around the internet block a few times and with any new innovation comes new scams. The funny thing is, it is just the same scam but slightly different. Back in the days of e gold, intgold, and other internet golds there were so many scams going around. 

Launching a new coin is not that hard and some google/youtube searching can show you the way. So its all about adoption if you don't want to get sucked into pump and dumps. 

If it sounds to good to be true it likely is. 

In investing and gambling never play with money you cant afford to lose. The higher the risk the bigger the reward but that greed is what scammers feed on. 

[Sophia]

All stocks and investments are gambling but there is smart gambling, and just plain old gambling! These "meme coins" as they call them are just a form of gambling. That is it. It is more of a risk than an actual reward. I don't know a whole lot about this stuff, only what my husband and I talk about. He does some investing in this and that, not sure what he has but he will not take the risk on these sorts of coins. He was made though that he listened to me about doge. I told him it is stupid and don't waste his money on it. This was back in January. Oops! haha

[Stacey]

I have seen people saying they don't know what to think about these coins because DOGE did so well for a lot of people. I have seen plenty of people fall for the scams because of it. I don't think there is a way of cracking down on it either, at least not yet. 

[James]

Do we really want more regulation though? 

I don't know it sucks when people get scammed but at the same time people need to stop chasing greed. One of my favorite methods of learning is through doing so you get scammed enough times you likely can figure out why if you look at it objectively. 

As a guy that has had his primary enterprise pretty much regulated out of business by the US government anytime I hear the word it makes me cringe a bit. I understand keeping the consumers safe but at the same time business needs room to play. 

I used to play online poker for a living about 12 years ago but the US government decided they needed a piece of that pie and we have not had legitimate online poker in the United States for a long time. It is all the shady sites that popped up that scammed people when the sites that pulled out of the market were legit enough (other then full tilt). 

People just need to be careful and use some common sense. 

Money, success, anything that is worth it will never come easy. If someone is telling you it will they are lying to you. It takes dedication, hard work, sacrifice, a strong sense of why to reach whatever that goal is you desire. It is going to take time. 

There will always be scams and at some point we need to let people be accountable for their actions or they will never learn. 

[Sophia]

Yeah, I am with James on that. You don't want more regulation or more control over the market or you will just end up with Wall Street 2.0! Remember back in 2010 I think it was when people were protesting that mess? This was down to banks screwing over people and they were able to do this through regulations.