Nick Navis
speaker
139 appearances
2 recordings
2 series
first heard Feb 2025
last heard Mar 2025
Nick Navis’s voice in public audio — every appearance, attributed to the second.
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Appearances
Exactly. But as we have learned in the cyclical history of crypto, number that go up must eventually come down. Which is exactly what happened in November of 2022. That's when it was revealed that the founder of crypto exchange FTX, Sam Bankman-Fried, had been secretly using billions of dollars of customer funds to make massive risky bets.
Crypto winter, some might call it.
So how do we go from crypto's dark night of the soul to an era teeming with more meme coins than we can keep track of? And who are the winners and losers of this brazen new world? That's coming up after the break. Okay, so at this point, we've seen the same pattern play out over and over in the world of crypto.
There's a rush of utopian promises, followed by a speculative rush of shady investments, followed by a sobering collapse as all the sketchy stuff is revealed.
When crypto exchange FTX collapsed, bringing down the whole crypto market along with it, it was like the ultimate emperor's new clothes moment. Even Sam Bankman-Fried, the person who seemed to be the face of crypto going legit, turned out to have committed fraud to the tune of billions of dollars.
In light of that, some crypto traders stopped believing in any promise of the technology's underlying value. They started to see it as pure, irreverent speculation.
Pump.fun is a bit shadowy, but as far as we can tell, it was created in January of 2024 by three entrepreneurs in their early 20s in London. We reached out to Pump.fun, but they didn't get back to us.
What's the kind of meme coin leaderboard today?
Fartcoin's going to the moon.
It's like horseshoe meme theory.
Pump.fun is a place where the newest juvenile inside jokes of the internet can be transformed almost instantaneously into tradable financial instruments. And so you can see the stream of new coins on the site as the cutting edge of what wannabe meme coin millionaires think might go viral. Irreverent internet culture meets the market? Could anything possibly be more planet money than that?
Let's go right to the edge of making a coin and then hover on the edge.
Yeah, I mean, our mascot is the squirrel from the t-shirt project.
Yeah, just type into Google, type in planet money squirrel.
It's a squirrel with a martini glass.
Definitely.
Well, there's either animal spirits or there's PM squirrel coin.
Oh God. We're playing with fire. We could launch a coin that just gets out of our hands.
We did not, in fact, launch the Planet Money Squirrel coin. Not today, Satan. But it was a shockingly easy prospect. By filling out a few description details and uploading a copy and pasted image from the internet, you too can be the proud slash terrified parent of a new meme coin. But raising that coin to a monstrously profitable adulthood is not so easy.
Now, there are three basic ways people garner attention in this world, and it comes down to how much clout the person might have. For the first group, for the people who are cloutless in Cryptoland, Pump.Fun offered a solution. It had a live stream feature, so a no-name new coin creator could try to build a following by basically carnival barking the merits of their meme coin in real time.
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