That equation was flipped in January with the launch of Pump.Fun, which lets people release new memecoins instantly, at no cost. The idea was to give people a safer way to trade memecoins by standardizing the underlying code, which prevents developers from building in malicious mechanisms to steal funds, in what’s known as a hard rug pull.
“Buying into memecoins was a very unsafe thing to do. Programmers could create systems that would obfuscate what you are buying into and, basically, behave as malicious actors. Everything was designed to suck money out of people,” one of the three anonymous cofounders of Pump.Fun, who goes by Sapijiju, told WIRED earlier in the year. “The idea with Pump was to build something where everyone was on the same playing field.”
Since Pump.Fun launched, millions of unique memecoins have entered the market through the platform. By some metrics, Pump.Fun is the fastest-growing crypto application ever, taking in more than $250 million in revenue—as a 1 percent cut of trades on the platform—in less than a year in operation.
Blimey. So what’s the plan then, Mateys?
Murphycoin?
Squirrelcoin?
“Worstcoin” has a ring to it….
Dang! Tim won the comment section today.
MMT, or the Murphy Monetary Token perhaps.
If anyone is into podcasts there is a very good recent episode of Darknet Diaries about Pump Fun which is well worth a listen (though the guy who is featured talks waaaay too fast) – https://darknetdiaries.com/episode/152/
Let’s be fair… They’re not hiding anything, it’s in the name…
You pump digital vanity tat for .fun.. And they take 1%.
They provide the platform, you do all the hard work for them separating fools from their actual money, and they take their commission.
Right there on the tin, so it isn’t a scam, as such.
1. Achieve meme-status.
2. Be willing to massively fuck over those that support you – they’re the ones who are going to buy your meme-coin and those are the people you’re going to rug.
– Be willing to massively fuck over those that support you – they’re the ones who are going to buy your meme-
coinand those are the people you’re going to rug.Oops, sorry, I thought we were talking about politics there for a minute.
Without getting too deep, they’re all based on equations that are hard to reverse. But I think that the equation used for most coins (but not Bitcoin) is actually quite easy to tweak to create a new one.
https://youtu.be/cQyH-fOG3zs?si=x3FkYbk1_dqjlnBg
I know as little about meme coins as Harry from LotusEaters but in this video he highlights how an otherwise unremarkable young woman who makes a brief reference to fellatio, can ride her 15 minutes of fame not just to a podcast but also to starting her own crypto (or more accurately allowing others to use her as excuse to royally fleece her unintelligent followers).
The plan is Say Goodbye To Your Money Suckerzzzz Hawk Tuah.
I don’t think the spitting gobbler is clever enough to have thought of this. I suspect she’s been set up to take the fall for this swindle. Still, I’m sure she’s used to the whole pump and dump routine.
Good way to go viral is hitch a lift on another, in that vein i suggest BratWorstCoin
Suddenly I am irresistibly reminded of this https://en.wikipedia.org/wiki/OneCoin
One looks at this with a certain amount of awe. Dutch tulip bulbs as a major & growing industry. Whoever would have thunk it?