Dwake.eth☠️

Unmasking the truth behind FriendTech (FT) FT operates like a ponzi scheme under the guise of a "social experiment", capitalizing on the recklessness of influencers. Buckle up, this is going to be a long one! 🤯 Think twice before signing up: The project founders have a history of launching other financial experiments and abandoning them without prior announcement. FriendTech was founded by 0xRacerAlt, the same individual behind TweetDAO and Stealcam. Both are social experiments that can be seen as precursors to FT. • TweetDAO was created in 2022 with the idea that NFT holders could post on the project's Twitter account. After a short time, the Twitter account was deactivated, and now the website redirects to another Twitter account that hasn't been active since early 2022. • Stealcam was founded in March 2023 with the idea of an auction mechanism to view secret photos from certain accounts. Currently, the Twitter account has been deactivated and the website usage is virtually zero. The three projects have common features: - They all label themselves as a "social experiment" - They have a pyramidal economic structure - They were operational for only a short period before being shut down Only a small percentage of FriendTech users can actually provide some value to their shareholders. This platform was not made for everyone. You're not buying a "share" of any account on X. You don't acquire the right to monetize the account or any kind of future income. Interacting with X was just a way to attract users quickly (and probably link your wallets with your Twitter profile). What you're buying is access to a private chat with the account owner. Most are just buying to sell higher later. The revenue generation on FT doesn't encourage long-term sustainability; most of the users' earning opportunities come early on, with the exponential appreciation of their shares (now called "keys"). Once the shares go up in price, the demand decreases for obvious reasons. This vibe feels a lot like the NFT space, where big collections often face abrupt collapses. FriendTech's economy is based on a pyramid scheme The pricing curve for shares isn't based on supply and demand. It's based on a quadratic function meaning the more people wanting to buy, the price rises exponentially. The problem here is that the price drop is also exponential. In other words, once there aren't more buyers than sellers, prices lose sustainability. But it gets worse: Lack of privacy policy, access to your account on X and custody guarantees over your assets. Three risks in interacting with FriendTech, showing that the team isn't too concerned about whether the product is sustainable. • The platform currently has no privacy policy. If you don't want your data stolen or your public key exposed, be careful. • The app asks for permission to access your account on X. I suggest you revoke these permissions in X settings. • You don't have custody over the purchased shares, which don't operate under the logic of NFTs in your wallet. These are just on the platform. My thoughts: FriendTech raises several red flags. Their history of fleeting projects is concerning. The platform makes big promises but lacks transparency and essential safeguards. While the allure might be tempting, it's important to approach with caution. Most people will end up losing money, while others will profit at the cost of their reputation. Whoever thinks this is FUD or engagement farming doesn't understand how the data from the users was collected. This is why we frequently see people's wallets being drained. They don't understand they were targeted because their public info is being used massively and available to anyone. Black hats are always watching. Always prioritize your digital safety and privacy. Stay safe, stay informed 🧐