Understanding the model nature of @friendtech
This platform is hot because of its creative, easy-to-make fomo model and has the #Airdrop expectation vibe!
Some personal thoughts on the nature of #friendtech
1⃣ Personal Thoughts
🔹 @friendtech is a decentralized social platform with an innovative model
🔹 #friendtech received seed round investment from @paradigm and partnered with this VC to build tools for new online social interactions
🔹 I see that @friendtech belongs to a typical Ponzi scheme:
▪️ Share token has no supply limit but the price increases exponentially with the number of holders, ie the former buys cheaper than the latter!
▪️ There are many projects preparing to build on → expand to a complete financial ecosystem
- @friendtechindex, etc.
▪️ This is easy to cause psychology #FOMO
→ But behind the increase in the index, once someone sells that share will plummet!
🔹 Account Creation Threshold
▪️ Minimum account activation fund is 0.01E (~$20), this is a reasonable number for both real user psychology and sybil attacker
▪️ Real users tend to accept $20 as an opportunity cost for creating 1-2 accounts
▪️ Sybil will be afraid to scale multiple accounts
▪️ The program #airdrop 100M points in 6 months is almost certainly a form of token distribution
→ Thus, the account creation threshold both plays a role in creating liquidity for the share market & also acts as a barrier to eliminate the maximum amount of "junk" shares!
🔹 Release shares according to the number of refs selected
▪️ One person is limited to 3 new invitation codes every Friday
▪️ This mechanism helps keeps user to engage with the platform weekly
→ This is a selective "share" recruitment style similar to @ArkhamIntel used to do, this step creates value based on scarcity, activating fomo psychology
→ Thus the ponzi model is effectively applied in the input, creating the effect of oral communication on CT!
🔹 Model creates friendliness, simplifies the share issuance process for major KOLs in the industry
▪️ Influencers who create an account on @friendtech will automatically release shares
▪️ The general psychology of CT is that users tend to buy shares from popular KOLs
🔹 Moreover, on the user side, they also have their own share + expectation #airdrop
→ that makes their behavior tend to buy and sell, the "cross buy" trend can be derived from this mentality
→ the formula is to activate the share transaction that generates revenue for @friendtech!
🔹 According to the project parameters
▪️ The contract owner of @friendtech has received more than 10K #ETH share transactions, corresponding to more than 500 ETH in transaction fees
→ A model that makes money, still has many strategies to push #fomo! And a big #airdrop marketing push is possible!
2⃣ Steps to join @friendtech
🔹 Visit website http://friend.tech using Chrome browser
→ Follow the instructions on the page to add the app @friendtech to your phone home screen!
🔹 Access http://friend.tech on your phone home screen
→ Create an account by your email or phone number (up to your favor)
→ Connect to your Twitter account according to the instructions!
🔹 Send 0.01 ETH on @BuildOnBase blockchain to the wallet address provided on the screen to complete account activation and create a personal Twitter “share token”!
🔹 Continue to confirm creation of personal share → complete the account setup step
3⃣ Critical Analysis
🔹 At a glance, the FriendTech model seems to brilliantly encapsulate the tech industry's latest trend: embracing decentralized social platforms underpinned by a FOMO culture
🔹 It seduces us with the appeal of unprecedented social interactions, the allure of constant engagement, and the potential profit from transaction fees
🔹 Yet, it's essential that we challenge the allure of this "innovative" model
🔹 This model, with its seemingly unbarred growth, bears strikingly eerie similarities to a Ponzi scheme
🔹 It taps into our psychological tendencies for both fear and desire: the fear of missing out, and the desire to enter the market at a 'low' price
🔹 It triggers a spiralling composition, wherein early participants buy at a lower price— prompting others to join in fear of losing out
🔹 But here lies the rub: once these initial investors sell, the price plummets, leaving late participants at a loss
🔹 @friendtech demonstrates an intricate dance with emotions & tech-savvy strategies, an amalgamation of decentralization, psychology & digitization
🔹 It symbolizes a new wave that needs to be navigated with critical insight & caution