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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
by sfmz 2y ago
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?
- rrr_oh_man 2y agoI see words, yet they make no sense. (Not criticising you, but rather me) If anyone cares to enlighten someone who is very far from that scene: I’d appreciate it massively.
- ggm 2y agoA 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.
- BadHumans 2y agoTranslation: 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.
- prophesi 2y agoHe also then created an "im_sorry" coin on this site, and made a few grand rug-pulling that. Then a "my_dog_lucy" coin for an additional few grand, making $50k worth total.
- BadHumans 2y agoKid made 70% of my annual salary with a few days of memes. I made a wrong turn in life somewhere.
- arcanemachiner 2y agoI guess you're just not cut out to be a piece of human garbage.
- yongjik 2y agoIf we have a service commoditizing fraud for middle schoolers to use, I'd say the human garbage is not the middle schoolers who push the fraud button, but those who made the button.
- nasmorn 2y agoI don’t understand why this is fraud. People just have stupid ideas about the depth and liquidity of the “my dog Lucy” market. I think he was just selling an entertaining live stream monetized somewhat obscurely
- l0ng1nu5 2y agoIt will clog their network, Solana routinely has outages, they can't scale. Soon they'll announce l2 solutions like eth.
- cedws 2y agoHow does a blockchain have outages? It’s not a real blockchain right?
- deleted 2y ago[deleted]
- cma 2y agoCouldn't find any stories on the car theft thing, any link to that outside of a podcast?
- sfmz 2y agoThis is not about the car theft per se, but its similar: https://www.ccn.com/news/crypto/pumpfun-memecoin-culture-dangerous-turn-too-far/ https://www.ccn.com/news/crypto/pumpfun-memecoin-culture-dan... This PumpFun dev was shooting out of his window every time his coin pumped https://x.com/AltcoinGordon/status/1860627600097366129 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."