Suicide, dog fighting, child abuse, the increasingly out-of-control Pump.Fun live stream
This year, there are two killer applications in the cryptocurrency space; one has already been targeted by the FBI, and the other is on the way to being targeted.
Author: shushu, BlockBeats
In May 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 app in the Solana ecosystem into legal and regulatory risks.
From "Crypto Douyin" 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 whole family with a shotgun if the token's market value does not meet 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 frequently appeared in the past few days. Pump.Fun has sparked a wave of vulgar live streaming and token issuance, attracting attention and discussion within the industry. Some in the community jokingly remarked, "This year, one killer app has already been taken by the FBI, and the other will soon be taken by the FBI."
Moreover, a community user commented, "I'm not a legal expert on Section 230, but I have worked on T&S for social media platforms, and this is exactly what led to the CEOs of Facebook, Twitch, TikTok, etc., being dragged before Congress and fined hundreds of millions of dollars."
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 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 upon discovering 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.
Beginning with a Continuous Live Stream That Is Still Ongoing
Pump.Fun enabled 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 promoted the live streaming feature. In the early hours of November 22, an unemployed youth from North America stated during a Pump.fun live stream that he would not stop streaming until "his token (LIVE) reaches a market value of 100 million." This live stream was also selected and featured on the Pump official homepage. After filling the internal market with 100,000 USD, the LIVE token surged, and later KOLs like gmony participated in real-time interactions, ultimately pushing the LIVE token's market value above 20 million USD.
Currently, this individual has been live streaming for 89 consecutive hours. Meanwhile, the price of LIVE fluctuates with this person's actions in the stream; for instance, when he goes to the bathroom, LIVE plummets, and viewers fear he might end the stream. He also interacts with many KOLs on Twitter, hosting Spaces where many offer him suggestions and ideas.
Gradually, more and more similar live streams have appeared on Pump.Fun. As mentioned earlier, if the market value does not reach a certain threshold, extreme actions will follow. To gain more attention, streamers rush to fill the internal market and launch successfully, making the themes and content of meme coins as eye-catching as possible.
LIVE brother burns a pool, shaves his head, and engages in various antics. Initially, when the community was unsure if he would sleep during the stream, they discussed how if this person were to die from a streaming-related incident, LIVE would become legendary.
When the medium of live streaming, which maximizes the display of all emotions, combines with a platform for asset issuance without any moderation, it leads to absurd scenes that are very suitable for becoming story material for "Black Mirror."
After streaming continuously (though he did sleep during it, so it cannot be considered absolute continuous streaming) for over 80 hours, the market value returned to 4 million, and LIVE continued to plummet, leading the community to ponder how this individual should conclude his stream.
FBI! Open the door!
As more people began to call for Pump.Fun to shut down the live streaming feature, Pump.Fun's revenue reached an all-time high.
Thus, the existence of those vulgar live streaming contents found justification—because they can make money.
In the comments section of Pump.Fun, some users are directing traffic to engage in peripheral businesses. In response, a responsible person from a certain ecosystem stated, "True mass adoption has begun; 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 such as sexual transactions and violent crimes, which are being treated as the future of the industry. Will this industry still have a future?
Rhythm once stated in an article titled "Pump.fun is Becoming 'Crypto Douyin'" that the attention economy of Pump.Fun could produce a "live streaming god platform," but it must also 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 pornography 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 break ethical boundaries. From one-click token issuance to "live streaming with memes," Pump.Fun was originally a model of commercial innovation in crypto products, but now, with the opening of the floodgates to vulgar live streaming, those supporters who have trampled on values will ultimately become the abyss that devours Pump.Fun.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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