Memecoins (II): A threat to financial freedom?

1 Jun 2023

Originally Posted On Publish0x

Memecoins are cryptocurrencies based on internet memes, i.e. humorous images or phrases that are spread through social networks. Some examples of memecoins are the Dogecoin, the Shiba Inu, the Coshi or the Dogelon. These coins were created as a joke or an experiment, but have reached a surprising popularity and value, thanks to the support of celebrities like Elon Musk or speculation by investors eager for quick profits.

👁‍🗨 Previous Articles: Memecoins (I): The illusion of worthless coins

However, what is behind these seemingly innocent projects? Could they be part of a plan to manipulate the masses and frighten them into not having confidence in cryptocurrencies and delay or prevent their adoption? Could they be a tool so that the traditional financial and economic system controlled by governments and banks is not endangered and people do not achieve financial freedom and autonomy?

The answer could be yes. There are indications that memecoins are a strategy to discredit and destabilize the cryptocurrency market, which represents a threat to the established power. Let's look at some arguments that support this hypothesis:

📌 They have no intrinsic value and no real purpose. They are based on humor and novelty, but offer no technological or financial solution to the world's problems. This makes them extremely volatile and unpredictable, which generates uncertainty and distrust in the crypto sector. Moreover, by having an unlimited or very high supply, they cause inflation that devalues the value of other more serious and useful cryptocurrencies.

📌 They are a distraction and a waste of time and resources. By attracting the attention and money of investors and users, memecoins detract importance and visibility from other more innovative and relevant projects that could boost the development and adoption of cryptocurrencies. Thus, slowing down the advancement of the crypto sector and favoring the maintenance of the status quo.

📌 They are one of the methods of manipulation and social control. Being influenced by public figures, media or online communities, investors and users act irrationally and follow fads without questioning them. This makes them vulnerable to deception, scams or cyber attacks that can cause them to lose their money or personal information. In addition, being exposed to constant mood swings and emotions creates a sense of insecurity and helplessness that affects their mental and physical health.

📌 They are a form of money laundering and tax evasion. Having an obscure and non-transparent origin, memecoins can be used by criminal or corrupt groups to hide or move illicit funds without leaving a trace. This facilitates money laundering, terrorist financing or tax evasion. This harms the real economy and society in general.

These are some of the arguments why memecoins could be part of a plan to sabotage the cryptocurrency market and prevent them from becoming a viable alternative to the traditional financial system. Therefore, it is important to be alert and not get carried away by euphoria or fear. Cryptocurrencies are an opportunity to create a fairer, freer and more inclusive world, but only if they are used responsibly, judiciously and ethically. What do you think?

NOTE: The image in this article is not in motion, it is only an"ILLUSION".

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Author's Note: The opinion expressed here is not investment advice, is provided for informational purposes only, and reflects the opinion of the author only. I do not promote, endorse or recommend any particular investment. Investments may not be right for everyone. Every investment in the market and every trade you make involves risk, so you should always do your own research before making any decision. I do not recommend investing money that you cannot afford to chair, as you could lose the entire amount invested.

“Everyone has their own forms of expression. I think we all have a lot to say, but finding ways to say it is more than half the battle" - Criss Jami.

"Everything we hear is an opinion, not a fact. Everything we see is a perspective, not the truth" - Marcus Aurelius.

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