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Showing posts with the label pump fun

Pump Fun livestreams spark backlash from disgusted traders

Pump Fun is facing calls to disable its livestream feature after a weekend of chaos saw, amongst another things, a man hold a goldfish at gunpoint, a kid threaten to murder his family, and another man promise to relieve himself while trapped in a dog cage.  The token creation website was hit with very public backlash on X by shocked users. Among these was Pudgy Penguins’ safety project manager, who posted, “Shut down the livestream feature. This is out of control.” A core engineer for Eigen Labs also voiced their displeasure, saying, “Pump fun is going to screw over the entire industry.”  Even before the weekend began, Pump Fun co-founder Alon stressed, “With the live streaming meta in full force, there have been many people that came forward with some very legitimate concerns regarding what content is allowed on the platform.” He added, “Moving forward, we will try to be more transparent about the rules ,” and noted that Pump Fun does engage in moderation. However, de...

Behind Fox News republican Caitlyn Jenner’s crypto cash grab

Caitlyn Jenner launched a crypto meme coin on Memorial Day, but it was hard to tell if it was legitimate or a hack. The Fox News contributor, ex-reality TV star, and former Olympian posted multiple endorsements to two social media accounts, Instagram and X, but her fan base quickly flagged the videos as possibly fake. First, fans questioned the irregular quality of her video endorsement, which she soon remedied with a more authentic-looking video. Second, they questioned the website linked in her endorsement, Pump.fun. The website is a gambling-oriented kickstarter for meme coins. It gamifies the initial coin offering (ICO) of a token on Solana using a bonding curve for initial distribution.  Up-only bonding curves ( and they are always up-only in crypto ) force buyers, in the absence of a real bid/ask market, to pay ever-higher prices for each subsequent purchase. BitClout was the first mainstream crypto project to popularize bonding curves, forcing fans to pay ever-higher prices ...