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Long Pump, Short Human Nature: Debating the Wisdom of Pump.fun at an 8B Market Cap

Long Pump, Short Human Nature: Debating the Wisdom of Pump.fun at an 8B Market Cap

ChainFeedsChainFeeds2025/09/17 03:02
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By:加密韋馱|Crypto V

Chainfeeds Guide:

The most accurate thing about Pump is that he understood earlier than anyone else that this generation of young people is the "PVP generation."

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Author:

Crypto V

Opinion:

Crypto V: Presale + 27+45 rolling bottom fishing, repeatedly going long and getting stopped out, then re-entering and getting stopped out again, holding large spot losses without fear, $Pump is the most painful coin I've held in large positions over the past two years. Now, finally, there are experts everywhere debating, and the hard journey is over, so I won't repeat what I've already said. In my view, the issues raised by Wizard about Pump's livestream game theory, as well as most of the discussions in the Chinese community about Pump's model and moat, are essentially about understanding Pump's audience. The most accurate thing about Pump is that he understood earlier than anyone else that this generation of young people is the PVP generation. Pump is a mass media phenomenon based on the values of the PVP generation, equivalent to Truth Social and Bluesky. The game theory of livestream coins is no different from other coins. From the perspective of track and ecosystem, the reason why Pump must be a livestream coin is that it has to compete for Taker traffic from trading platforms. The fundamental reason I am a Pump maxi is my deep understanding of human nature's darkness and the inevitable trend toward chaos in the world. For any project, the real decisive factor is the audience. Pump's biggest moat is its audience, which is the PVP generation I mentioned at Open Source Sickle 23, those born after 2005. The moats we used to talk about—liquidity, technology, compliance barriers, etc.—are all based on the economic assumption of rational actors: that individuals in economic activities are self-interested and can rationally weigh pros and cons to maximize their own economic interests at minimal cost. BTC mining game theory, DeFi, token economic models, etc., are all based on this premise. Of course, in practice, not everyone is rational. And the inheritance of rationality is institutional; as long as the influencers among economic participants are rational, these models basically still hold. The problem is here: the PVP generation is the first to grow up under the discourse power of social media. This generation's characteristics are: unlike our generation, they did not experience struggles for basic needs in childhood and are worry-free about food and clothing. The influence of social media and other irrational amplifiers on them far exceeds that of rational education. In most countries, this generation has never experienced the overall economic growth their parents did; instead, due to technological substitution and industrial transfer, job opportunities have sharply decreased. As a result, their cognitive style is irrational, based on labels rather than rational analysis. Moreover, the smartest among them are much more likely to work in zero-sum industries, including finance, real estate, entertainment, and other service sectors. The essence of these industries is to take money from others' pockets and put it into their own—dividing the pie rather than making the pie bigger. If you don't believe it, look at the past 10 years: aren't China's most profitable companies all shifting to finance, and aren't many highly educated people doing livestreaming or becoming influencers? In the US, aren't most young people left-leaning, not thinking about making America great again like the right, but about being social justice warriors and dividing the pie? Zero-sum, which the previous generation saw as "cutting leeks," is the new normal for this generation. Therefore, using traditional universal morals and value logic to judge them is meaningless. They are indifferent to survival issues; their understanding of achievement is how many followers they have, how to go viral, not how to build a business like their parents. They even despise their parents' values. In terms of behavior, this generation is less professional but highly action-oriented, knows how to attract attention purposefully, hates being judged even a little, and has extremely low tolerance for delayed feedback—they can't stand delayed gratification. Pump's core moat. Pump's success mainly lies in understanding the demands of the PVP generation: no moral judgment, ultra-timely feedback and stimulation, and low barriers to entry. The latter two are solved through product features, which many people say means there is no moat. So the core of Pump is shaping a value system that doesn't stick to traditional moral judgments: as long as you win and attract attention, you are successful. Pump will never pretend like other projects to tell you "community first," "long-term value," "the team has vision," etc. Even if you rug like $Quant kid or $HANDS no-hands guy, the official and community accounts will just turn you into a new meme in their videos. There is no such thing as rights protection in Pump. There are also all kinds of news coins, political coins (even so-called dead coins), which would be censored on other platforms or even Twitter itself, let alone monetized. But on Pump Fun, all are possible. PVP generation devs and trenchers alike hate being front-run or rugged, but hate being lectured even more, hate being told what they're involved in is a scam or "cutting leeks." For the incels of the PVP generation, trench warfare is trench warfare, but being denied in terms of values is deeply offensive. Whether you like it or not, values are the foundation of mass media. Just like right-wing users hated being restricted on Twitter during Jack Dorsey's era and thus created Truth Social; left-wing users hated X under Musk for being "Fascist Rhetorics" and thus went to Bluesky. People choose their own echo chambers based on their value preferences. The PVP generation feels traditional social platforms don't suit them, so they choose Pump Fun. If you ask why I understand this so well, maybe it's because I understand what it means to be born into this era.

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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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