I love that we're at the stage of crypto where we are commoditizing rug pulling. Pump.fun is literally the pickaxe store. The creators saw a lot of people making money with rugpulls and thought to themselves: "the real money is in selling the rugs"
A fat middle-schooler used pump.fun to create "Gen-Z Quant" -- this site requires four inputs: coin-name, issuance quantity, animated-gif, deposit of Solana for the tx fee; he then rugged to the tune of $30k and flicked everybody off on the pump.fun's integrated livestream saying "thanks for the bandos" (bando = $1k)
The addendum to the story is that the attention it generated caused degens to ape into 'Gen-Z Quant" pumping its market price where for a time that $30k would have been worth millions... and the rest of the story is still more interesting...
Since it got so much attention, people started doing crazy things on the livestream to pump their coins -- one guy made something along the lines of crime-spree coin and livestreamed himself stealing cars -- promising to continue doing so until he was arrested in order to pump his coin.
This activity caused pump.fun to disable their integrated livestreaming feature.
The story was featured on last week's ( nov 30) Bankless Friday roundup.
The final point I wonder about is -- won't this degen activity ( ~100 coins are created per minute on pump.fun ) -- clog Solana's network -- their major selling point is that they have a huge number of tx/s, but if you fill it with spam ?? what does that mean for the network?
Translation: A middle school aged kid made a cryptocurrency using a website called pump.fun that lets people create easily create a cryptocurrecny with a few inputs and a Solana wallet. He then pump and dumped that currency and made off with $30,000. This story caused more people try to create pump and dump coins doing more and more absurd things like stealing cars on livestream if people promised to buy their cryptocurrency.
A kid made other people give them money for a specious investment based pretty much on the south sea bubble.
They then took the money and cashed out. Some of the other people who had bought in, then made the investment temporarily worth many times more than the original, which the kid who took the money had to watch because they had cashed out. Then it went silly.
Probably a few people made a lot of profit and most people didn't.
Everything about this was vaguely off, criminal and bad, but one person actually made that a feature and was committing other crimes on camera until the website got worried about their liability and shut it down.
Also just words. Some of them are terms of art back to the 18th century and before, rigging investment markets.
"But troublingly, Solana’s team has been painfully quiet on the matter, and there’s probably a good reason why. As it stands, Pump.fun transactions account for more than half of all monthly transactions on the Solana network."
Because they think they are smarter than everyone else. Everyone knows it's a scam, that's why it's a meme. No one believes they will be the one holding the bag when the music stops.
When I hear "intrinsic value", I these days want to talk about what exactly this is.
Cryptocurrencies are an important invention, and it looks like it needs to go through the period of when many don't know what to do and how to deal with it. Reminds me electricity in XIX century.
Readit News
Maybe give it an acronym?
The addendum to the story is that the attention it generated caused degens to ape into 'Gen-Z Quant" pumping its market price where for a time that $30k would have been worth millions... and the rest of the story is still more interesting...
Since it got so much attention, people started doing crazy things on the livestream to pump their coins -- one guy made something along the lines of crime-spree coin and livestreamed himself stealing cars -- promising to continue doing so until he was arrested in order to pump his coin.
This activity caused pump.fun to disable their integrated livestreaming feature.
The story was featured on last week's ( nov 30) Bankless Friday roundup.
The final point I wonder about is -- won't this degen activity ( ~100 coins are created per minute on pump.fun ) -- clog Solana's network -- their major selling point is that they have a huge number of tx/s, but if you fill it with spam ?? what does that mean for the network?
If anyone cares to enlighten someone who is very far from that scene: I’d appreciate it massively.
They then took the money and cashed out. Some of the other people who had bought in, then made the investment temporarily worth many times more than the original, which the kid who took the money had to watch because they had cashed out. Then it went silly.
Probably a few people made a lot of profit and most people didn't.
Everything about this was vaguely off, criminal and bad, but one person actually made that a feature and was committing other crimes on camera until the website got worried about their liability and shut it down.
Also just words. Some of them are terms of art back to the 18th century and before, rigging investment markets.
This PumpFun dev was shooting out of his window every time his coin pumped https://x.com/AltcoinGordon/status/1860627600097366129
"But troublingly, Solana’s team has been painfully quiet on the matter, and there’s probably a good reason why. As it stands, Pump.fun transactions account for more than half of all monthly transactions on the Solana network."
https://en.wikipedia.org/wiki/Greater_fool_theory
or possibly casino chips?
I think it’s the adrenaline rush that they’re playing on.
Cryptocurrencies are an important invention, and it looks like it needs to go through the period of when many don't know what to do and how to deal with it. Reminds me electricity in XIX century.
Which is the case for pretty much all crypto.