memes as if they are assets by describing them through financial jargon</strong>.</p>\n<p>This insider joke has prompted the creation of multiple projects based on an imaginary meme economy that hosts the meme market.</p>\n<p>It first showed up on a subreddit at /r/memeEconomy in 2016.</p>\n<p><strong>What is /r/memeEconomy?</strong></p>\n<p>As mentioned above, /r/memeEconomy is a forum found on Reddit where users can discuss memes and economics at the same time. </p>\n<p>This unique combination creates a space for users to “invest” in various memes. When making a decision, they mostly evaluate whether the meme has any chance of receiving the biggest amount of upvotes. </p>\n<p><strong>How does it work?</strong> Members scour the subreddit in order to find a new meme that doesn’t have many upvotes but has the potential to become the top meme sometime in the future. If the said meme is found, then the members can invest their memecoins in hopes of large gains. </p>\n<p>Additionally, community members enjoy looking for new memes to become viral. The pleasure is short-lived however since they turn into dead memes after reaching peak popularity. </p>\n<p>It’s important to keep in mind that this is fiction. Meme economy does not have a real market. The only cryptocurrency you can collect is <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-memecoin/">
memecoins which are essentially worthless. </p>\n<p>This subreddit has received some backlash in regards to taking itself too seriously. However, the majority of its members highlight the fact that this is a satirical representation of real-world cryptocurrency markets and depicts certain characteristics of traders within them. </p>\n<p><strong>What is NASDANQ?</strong></p>\n<p>NASDANQ is one of the projects that emerged after the creation of the Meme Economy. It was introduced by one of the subreddit members Darkpitt in late 2016. The idea behind it is to create an actual meme exchange. There were a couple of other members from the subreddit such as AchillesDev and Icedog68 that volunteered to develop this marketplace. </p>\n<p>NASDANQ had the basic functionalities of a trading platform such as buying and selling plus the option to set firms. Its users could exchange memes and meme accessories.</p>","level":"medium","meta_title":"What is Meme Economy? 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About","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":2,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/best-technical-analysis-indicators-for-crypto","featured_image":null,"youtube_video":null},{"slug":"what-is-candlesticks","title":"Technical Analysis: What are Candlesticks, Trendlines, and Patterns?","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":3,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-candlesticks","featured_image":null,"youtube_video":null},{"slug":"how-to-track-new-crypto-coins","title":"Crypto Tracking: How to Track Your Favorite Coins & Tokens?","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":4,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-track-new-crypto-coins","featured_image":null,"youtube_video":null},{"slug":"how-to-research-crypto","title":"Crypto Research Fundamentals & Social Signals: Your Daily Trading Strategy","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":5,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-research-crypto","featured_image":null,"youtube_video":null}]},{"id":9,"title":"Mining","slug":"mining","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/learn-crypto-mining.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-mining-101.jpg","rating":80,"sections":[]},{"id":10,"title":"Crypto Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"nextSection":{"id":886,"original_id":null,"author_id":43,"translator_id":null,"title":"What is Metcalfe’s Law?","slug":"what-is-metcalfes-law","section":"M","keyword":"Metcalfe’s Law","status":"published","definition":"is a concept explaining the increase in value for every user when a network has a growing amount of users. In essence, it describes the network’s value.","content":"<p><strong>Metcalfe’s Law</strong> <strong>explains how the telecommunications network is affected by an increasing number of users</strong>. </p>\n<p>As the internet became more popular, Metcalfe’s Law allowed description Ethernet connection.</p>\n<p>This concept was introduced by George Glider in 1993. It was then later credited to Robert Metcalfe, who played the part in the introduction of the internet, on the subject of the Ethernet. </p>\n<p>In essence, this concept works best with massive networks that have devices able to connect with each other. </p>\n<p>Let’s have a look at phones as an example. If you have a phone, but no one else does, then it brings absolutely no value to you since you can’t utilize it to its full extent. However, if there is a big number of people that use phones on a daily basis, then you lose value by not using one. When you own a phone, you’re considered to be part of a system that’s interconnected. </p>\n<p><strong>Cryptocurrencies and the Metcalfe’s Law</strong></p>\n<p>Metcalfe’s Law has been applied in the crypto sector as well. It includes <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-blockchain/">
blockchains, <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-smart-contract/">
smart contracts</strong></a>, <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-exchange/">cryptocurrency exchanges</strong></a>, and many other elements within the industry. </p>\n<p>For instance, <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin, one of the most well-known companies in the sector, is a blockchain platform, a cryptocurrency, and a network that connects it all together. The rate of adoption in regards to all these aspects influences the price of BTC.</p>\n<p>Metcalfe’s Law can demonstrate how Bitcoin prices will move in the medium term.</p>","level":"easy","meta_title":"What is Metcalfe’s Law? Definition & Meaning | Crypto Wiki","meta_description":"Metcalfe’s Law meaning: Metcalfe’s Law - is a concept explaining the increase in value for every user when a network has a growing amount of users. In essence, it describes the network’s value.","meta_keywords":null,"language":"en","created_at":"2022-04-08T13:44:34.000000Z","updated_at":"2022-05-13T14:32:24.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-metcalfes-law"},"prevSection":{"id":881,"original_id":null,"author_id":42,"translator_id":null,"title":"What is Mining as a Service (MaaS)?","slug":"what-is-mining-as-a-service-maas","section":"M","keyword":"Mining as a Service (MaaS)","status":"published","definition":"a service that provides users with the ability to mine cryptocurrencies without dealing with physical hardware.","content":"<p><strong>Mining as a Service (MaaS)</strong>, also known as <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-cloud-mining/">cloud mining</strong></a>, provides users with the possibility of mining crypto without dealing with physical hardware. You would need to invest in powerful mining equipment and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-mining-pool/">mining pools</strong></a> if you want to mine crypto. Cloud mining is one of the options if you <strong>don't want to make the investment but still want to be a part of such an exciting market</strong>.</p>\n<p>You can buy processing power used to mine cryptocurrencies like <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin and <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-litecoin-ltc/">LiteCoin through cloud mining. The coins can then be exchanged for <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-fiat/">fiat money</strong></a> or another <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-cryptocurrency/">cryptocurrency. This feature provides you with some cool benefits:</p>\n<ul>\n<li>You have <strong>complete control over how long you want to mine </strong>and can turn it off at any moment.</li>\n<li>Since it's a pay-as-you-go plan, you won't have to worry about large upfront fees because you'll be charged based on how much processing power you utilize.</li>\n<li>Since the service provider <strong>maintains all of the hardware and software required for mining</strong>, you won't have to worry about downtime.</li>\n</ul>\n<p>Some cloud mining businesses even provide contracts for the coins you've mined that will be delivered in the future. You can lock in an exchange rate this way ensuring your returns, without <strong>the risk of hardware or software failure</strong>.</p>\n<p>However, cloud mining also has some drawbacks:</p>\n<ul>\n<li>The first issue with cloud mining is that the expected profit fluctuates continuously because mining isn’t stable. Cryptocurrencies are extremely <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-volatility/">volatile, and their <strong>value</strong> can drop dramatically overnight. Even if you've been promised a certain amount of money every day, there's no assurance you'll get it in full or at all.</li>\n<li>Because of the nature of their business, cloud mining businesses must rely on outside sources <strong>for hardware and maintenance</strong>. The issue is that most cloud mining businesses do not disclose who their service providers are or other vital information whatsoever. This makes determining whether or not you can trust them pretty difficult.</li>\n<li>Cloud mining services have been known to <strong>go offline unexpectedly</strong>, leaving all of their customers without compensation or explanation. Many platforms claim to offer high-yield investing opportunities, but they might not be genuine.</li>\n<li>A cloud mining service <strong>doesn't have the greatest mining algorithm</strong> and the users aren't allowed to pick their own algorithm. This means that, regardless of your preferences, you are obligated to mine what the company chooses for you. Even if you do mine coins that you are interested in, there is no guarantee that you will ever see those coins in your <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-wallet/">wallet because of the difficulty rate that is involved.</li>\n</ul>","level":"medium","meta_title":"What is Mining as a Service (MaaS)? Definition & Meaning | Crypto Wiki","meta_description":"Mining as a Service (MaaS) meaning: Mining as a Service (MaaS) - a service that provides users with the ability to mine cryptocurrencies without dealing with physical hardware.","meta_keywords":null,"language":"en","created_at":"2022-04-08T07:51:00.000000Z","updated_at":"2022-05-13T14:32:24.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-mining-as-a-service-maas"},"currentChapter":"M","currentSection":"what-is-meme-economy","chapterTitle":"M","readingLevel":"medium"},"url":"/crypto/learn/crypto-terms/what-is-meme-economy","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0"> Crypto Terms: Letter M
What is Meme Economy?
Meme Economy MEANING:
Meme Economy -
is a type of satirical concept where internet memes are considered to be valuable assets.
Let's find out Meme Economy meaning, definition in crypto,
what is Meme Economy,
and all other detailed facts.
Meme Economy is a term used to describe a subculture on the internet where users look at memes as if they are assets by describing them through financial jargon.
This insider joke has prompted the creation of multiple projects based on an imaginary meme economy that hosts the meme market.
It first showed up on a subreddit at /r/memeEconomy in 2016.
What is /r/memeEconomy?
As mentioned above, /r/memeEconomy is a forum found on Reddit where users can discuss memes and economics at the same time.
This unique combination creates a space for users to “invest” in various memes. When making a decision, they mostly evaluate whether the meme has any chance of receiving the biggest amount of upvotes.
How does it work? Members scour the subreddit in order to find a new meme that doesn’t have many upvotes but has the potential to become the top meme sometime in the future. If the said meme is found, then the members can invest their memecoins in hopes of large gains.
Additionally, community members enjoy looking for new memes to become viral. The pleasure is short-lived however since they turn into dead memes after reaching peak popularity.
It’s important to keep in mind that this is fiction. Meme economy does not have a real market. The only cryptocurrency you can collect is memecoins which are essentially worthless.
This subreddit has received some backlash in regards to taking itself too seriously. However, the majority of its members highlight the fact that this is a satirical representation of real-world cryptocurrency markets and depicts certain characteristics of traders within them.
What is NASDANQ?
NASDANQ is one of the projects that emerged after the creation of the Meme Economy. It was introduced by one of the subreddit members Darkpitt in late 2016. The idea behind it is to create an actual meme exchange. There were a couple of other members from the subreddit such as AchillesDev and Icedog68 that volunteered to develop this marketplace.
NASDANQ had the basic functionalities of a trading platform such as buying and selling plus the option to set firms. Its users could exchange memes and meme accessories.
