This year, there are two killer applications in the crypto space; one has already been targeted by the FBI, and the other is on its way to being targeted.
Written by: shushu
In May of this year, Pump.fun launched its live streaming feature for the first time, but it did not gain the expected popularity. In November, the official team promoted the feature again, successfully sparking a trend of "live streaming with memes." However, within less than a week, Pump's live streaming began to spiral out of control. Due to inadequate content moderation on the platform, streamers resorted to various extreme behaviors to attract attention, even posing direct personal threats to others, plunging this killer application in the Solana ecosystem into legal and regulatory risks.
From "Crypto Kuaishou" to "Crypto Dark Web"
If the token's market value does not reach 1 million, he will shoot his dog.
If the token's market value does not reach 1 million, he will hang himself.
A young couple beats their 3-year-old child every 4 minutes until the token's market value reaches a certain target.
A 12-year-old child claims he will kill his entire family with a shotgun if the token's market value does not reach the target.
Naked live streaming, human-animal battles, locking oneself in a cage as a dog, and even child and pet abuse, as well as imitating Nazis, have all become frequent occurrences on Pump.Fun in recent days, sparking industry attention and discussion. Some in the community jokingly remarked, "This year, one of the two Killer Apps has already been targeted by the FBI, and the other is soon to be targeted."
Additionally, a community user commented, "I'm not a legal expert on Section 230, but I have worked on T&S social media platforms, and this is exactly what led to CEOs of companies like Facebook, Twitch, and TikTok being dragged before Congress and fined hundreds of millions."
Section 230 is part of the U.S. Communications Decency Act (CDA), a law passed in 1996 that allows internet operators (regardless of size) to moderate user speech and content as they see fit. It is considered one of the most important laws for internet content management and platform liability, and it is a cornerstone in shaping the modern internet.
Although there are no completely corresponding legal provisions in China, regulations such as the Cybersecurity Law impose stricter requirements on content moderation for internet platforms. For example, domestic platforms must proactively take responsibility for moderation when they discover illegal or vulgar content, or they may face hefty fines or service suspensions.
As the fastest-growing and most recognized crypto platform in this cycle, Pump.Fun is currently facing the same issues as traditional internet platforms: whether to prioritize traffic or uphold ethical standards.
Starting with a continuous live stream that is still ongoing
Pump.Fun launched its live streaming feature at the end of May this year, but it remained a niche product and did not create a breakout effect.
Until last week, the Pump.fun official team once again boosted the live streaming feature. In the early hours of November 22, an unemployed young man from North America stated during a live stream on Pump.fun that he would not stop streaming until "his token (LIVE) reached a market value of 100 million." This live stream was selected and featured on the Pump homepage. After filling the internal market with 100,000 dollars, the LIVE token surged, and later KOLs like gmony joined in for real-time interaction, ultimately pushing the market value of the LIVE token above 20 million dollars.
Currently, this individual has been live streaming for 89 consecutive hours. Meanwhile, the price of LIVE fluctuates with his various actions during the stream; for instance, when he goes to the bathroom, the price of LIVE plummets, leading viewers to think he might end the stream. He also interacts with many KOLs on Twitter, opening Spaces where many offer him suggestions and ideas.
Gradually, more and more similar live streams have appeared on Pump.Fun, with statements like "if the market value doesn't reach a certain amount, then this will happen." To gain more attention, streamers are eager to fill the internal market and launch successfully, making the themes and content of meme coins as eye-catching as possible.
The LIVE streamer has been seen burning pools, shaving his head, and engaging in various antics. Initially, when the community speculated about what would happen if this person died from streaming, they thought LIVE would become legendary.
When the medium of live streaming, which maximizes the display of all emotions, combines with a platform that allows asset issuance without any moderation, it results in many absurd scenes, making it suitable material for a "Black Mirror" story.
After streaming continuously (though he did sleep during it, so it can't be considered absolute continuous streaming) for over 80 hours, the market value has returned to 4 million, and LIVE continues to plummet. The community begins to ponder how this individual should conclude his stream.
FBI! Open the door!
As more people call for Pump.Fun to shut down the live streaming feature, Pump.Fun's revenue has reached an all-time high.
Thus, the existence of those vulgar live streaming contents has found justification—because it can make money.
In the comments section of Pump.Fun, some users are diverting traffic to engage in peripheral businesses. In response, a person in charge of a certain ecosystem stated, "True mass adoption has already occurred; most of the adoption in this industry starts from the gray areas… VC Bros, no matter what you want to promote, first align with human nature."
What is called aligning with human nature is merely some vulgar, sensational live streaming gimmicks, and even more extreme gray industries like sexual transactions and violent crimes, which are being treated as the future of the industry. Will this industry still have a future?
Rhythm previously stated in an article titled "Pump.fun is becoming the 'Kuaishou of the Crypto World'" that the attention economy of Pump.Fun could produce a "live streaming god platform," but it also needs to pay attention to regulatory issues. How the platform moderates extreme content, and whether Pump.Fun should intervene when issuers engage in inappropriate behaviors such as posting pornographic content or more extreme actions to prevent potential criminal activities.
Unfortunately, Pump.Fun has not taken action in this regard.
If Pump.Fun continues to allow such chaos, it will not only damage its own reputation but also have a negative impact on the entire crypto industry.
The platform's control cannot dissipate due to decentralization, and the attention economy is not an excuse to breach ethical standards. Pump.Fun's transition from one-click token issuance to "live streaming with memes" was initially a model of commercial innovation in crypto products, but now that the door to vulgar live streaming has been opened, those who have trampled on values while being utilized by Pump.Fun will ultimately become the abyss that devours Pump.Fun.
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