A Misspelled Forehead Tattoo Became a Pump.fun Coin: Uneasy Money

Transcript

Next segment is on the pump fun bounty circus. Um, so yeah, this I thought a lot of pe a lot of people love to throw out like dystopia. Uh, like ah this is so dystopian. I'm like well first of all like we are headed towards an actual dystopia. So like let's not lose sight of this. But this I was like actually yes this is dystopia. Like I'm sorry. Like even for me I'm pretty open to people doing whatever weird [ __ ] they want to do uh and letting markets do their thing, but like this is pretty [ __ ] great. U so they pump fun announced this uh bounty thing. I also

saw that apparently um there there was a a guy who's building this bounty marketplace um who was like I talked to um the pump fund guys uh and we were talking about like I don't know getting acquired or investing or something like that and he was like then all of a sudden they launched this. So I don't know how accurate that is but like pretty on brand honestly on fun at this point. Um, so, so they launched a bounty marketplace. Um, and as you can imagine, uh, this is the meme coin trenches that we're talking about. Um, >> there were some [ __ ] crazy bounties.

So, one one bounty was tattoo bounty work with a hashtag on your forehead. Um, but the guy who wrote the bounty misspelled bounty work and so like this is like hilariously like Poly Market like Poly Market Poly Market's like ah here's a thing and if this resolves on the 31st of December 2028 and then they're like oh oops sorry we meant 2027 you all lost money. Like this is literally the same thing. So, so they they they wrote a thing saying here's what you have to do. The guy did it. And they're like, "No, no, no. You spelled

it wrong." And he's like, "No, I didn't." Like the the instructions say spell it this way, so I spelled it that way. And they're like, "Yeah, we didn't mean spell it that way. That's typo. That's on you." And so they were not going to pay him out. And so then uh because again it's pump fun uh they launched a uh they launched a memecoin called booty work which is the misspelling. Um and uh apparently they put all the fees towards this guy and he made like 15 grand which is like I think seven times more than he would have made from the actual tattoo. Um so it all worked out. It all worked out. It's all

fine. >> It all worked out. Yeah. >> Was $2,000. $2,000. >> But this is what So, so someone someone pointed this out. They're like, like, you know, $2,000. We live unfortunately in a world where like markets are not homogeneous and prices are not homogeneous. And $2,000 might not be much for a memecoin trencher. Um although probably a bit more these days. >> People get killed for less. >> Yeah, >> I know.

>> So So yeah, like crossborder anonymous payments maybe maybe not as good as we thought. Um but yeah, so so uh there was also I think a user that posted a 10,000 soul bounty for someone to commit suicide, which >> also like just really like the whole thing is not amazing. Um so >> we're just going deeper into the trenches.

>> Yeah, >> cuz there was always has been >> the internet is a dark place. Like let's be real, right? The internet is a dark place. There's some parts of the internet that like should not be raised out of the trenches. Uh, and >> yeah, >> but it used to be more indirect, right? You had to like >> you had to like launch the meme coin and then you had to like do the crazy. You had to set yourself on fire or >> Yeah. >> had to or whatever. And then that would pump the token which then resulted in that. Right now they're like >> now you're cutting out the middleman.

just cut out just do the thing and get paid. >> But it's like every controversial thing that's happened in the last whatever two years >> is now going to just be directly incentivized. So I think I'm not sure if there was trying to remember was there a suicide on Pump Fund before? I feel like there was >> that's why they turned it off. >> Yeah. The video >> or an overdose or some really bad something really bad. >> Yeah, there was some bad bad [ __ ] happened on video thing. >> So like you know like the tattoo is just step one, right? We're going to have Yeah, we're now like light yourself on fire for $3,000, get a big pile of fentanyl and die for what is it? 10,000. Like, come on.

>> Bad. Not amazing. Like, yeah. Um, but >> any Sorry. What is the >> What is the What's the idealistic? >> There's no idealistic thing here. Like there really isn't like genuinely like this is not like and this the thing about pump and and pump fun and uh that whole community is they are they come from a dark corner of the internet like there isn't any redeeming >> aspects of it like that it's where they come from right um and so you got the situation where uh you know people are like oh you know prediction markets are

dangerous because You'll have assassination markets like will someone get assassinated and then someone you know will feel the need to do it in order to like there have been all of these like uh these unintended consequences of market you know whatever right pom pom's like no no no intended bro like these are intended consequence we're going to not make this a thing which has any redeeming qualities and like some bad stuff will happen at the periphery We're going to bring the periphery into the center and make it all about, you know, exploiting uh people's need for money and getting them to do crazy [ __ ] like which is you can do things. You can just do

things it turns out. Um but yeah, it's it's doesn't feel amazing. Um >> Luca, what's your take? Should we ban this from crypto? Like what where are we going from here, bro? Help me. can't can't be banned at this point. I mean, look like some at some point you gota at some point you might even have to give credit where credit is due. These guys are unc un uncancellable, uncestroyable. They just, you know, and and and it's entertainment company at this point. I mean, it's they're leaning into immature male entertainment, right? as an immature young boy that or was one, you

know, 10 years ago, I understand the appeal, you know, does it align with my moral compass? Like, no. Like, a lot of the things that I think have transpired there don't, but dude, they keep making money and sticky and it's working and you know, they've done I mean, imagine saying, you know, to the point like, dude, you said there's going to be an airdrop and they don't care. But like I wouldn't even think are like possible that you could get away with. They just get away with. So you know the thing is if you can get away with it get away with it, right? I mean if it's if it if if it's working I mean I don't know. I mean it again it doesn't fit into my moral compass but we spoke about

this for many weeks now like moral compass is you know they he can take the he can his steel their steel man could be like dude you know people are tattooing these things on their heads and doing these things and we're giving them income otherwise income they otherwise wouldn't have had right like there is a way to reframe it in a way that is like super beneficial and that I'm sure could be the intent and then it's like jackass meets like meets It's like no like yeah the problem is the community the nucleus of it is almost you could almost say to steel manet that they are not at fault the feature is actually a great feature right the degeneracy

community I mean let's call a spade a spade right like that is definitely the thought process and to be frank even speaking it out loud there might be truth to that and at some point like maybe it's shining on a light on the darkest of human nature, right? Which is like this this weird evil conniving need for monetary gain, especially if you are on like the poorest side of the spectrum, right? And the most uneducated side of the spectrum. And so is is it as much malevolence on the founders?

probably not as much as it is, you know, the integrity of the people using the platform because frankly like not making a bounty, right? It's a good feature, right? It's a good product feature that I'm sure like a lot of us could conjure up and you know, could you do better? >> Think like you you do have some respons like and you I mean to your point right like they're not trying to hide from it. They're not trying to say like, "Oh, you know, this is for people to put up bounties to go and do charity and like one bad actor ruined it for everyone sort of thing." They're like, "No, no, this is for people to I mean, like to your point, you could flip it around and

say, did the guy who tattooed the thing and got paid two grand slash 15 grand or whatever whatever he made, which is like who knows, 20 years of salary, 10 years of salary or something like that. um you know in in uh the market that he lives in like maybe he's the exploer. He's like you idiot. I just had to tattoo stuff. You can get the tattoo removed, right? Like it's just like uh you're allowing me to exploit these dumb like internet dudes, right? Um I don't know. Uh but there's something just feels off about it. Like doesn't feel amazing.

Look, I'm aligned with you, but the steel man. >> If you enjoyed this segment, make sure you tune in at 400 p.m. Eastern every Wednesday, where we have much more content like this. [music] Multi-chain Advisors is an emerging technology growth firm that has helped create over $50 billion in enterprise value for more than 80 clients like Pith, Moon Commerce, and Wormhole. They've worked with some of the largest and most impactful companies in the space. They're the partner you want when you're navigating markets and trying to break out from the noise. They help navigate TGES, go to market, BD and partnerships, capital markets, advisory, PR, media placements, KOA activations,

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