I donāt like people shitting on friend tech without providing a better crypto consumer alternative - it does something unique - it has users - itās making money whatās a better crypto consumer product? is it perfect? no but itās doing something that clearly some people are resonating with
its not unique. (again see bitclout) it has farmers. it makes money using a ponzi scheme where fees generated are looped back into the system by the farmers. its resonating with blur farmers and grifty influencers.
social tokenization is inevitable but this version is soooo....idk...pointless. It's just a giant time harvest that, imo, isn't actually incentivizing or leading to value creation. It's a gamification mechanism on top of a game on top of a game. Imo its resonance is greed. NFTs are still the best social token
Itās a fire innovation. Still donāt give two shits to use it.
How can you tell itās Friendtech doing something resonant vs the promise of the airdrop? I canāt really tease the two apart, Iād love to learn what signals tell you that thereās more there than farmers
This is like saying memecoins shouldnāt be shat on or detested because itās like cryptoās #2 largest use case after stablecoins. Memecoins are unique. They make people money. People use them. However, I donāt like the degen culture in our industry and I think we should strive to be more than gambling software
OK, but a lot of crypto and decentralization tech is based on activism. Many people intentionally earn much less or have less users to build systems that they believe in or to explore alternatives to the fiat economy. friend tech clearly had success, undoubtably, but I value other things than what they aim for.
Fundamentally itās paid private chat right? Thatās the core value prop if you strip away the bells and whistles. Is the valuation on that 0? Nope. So is it a ponzi? No because at the core there is a fundamental value prop. Thatās the way I look at it. Without having dug into it more.
making money doesnāt mean it is a good product. the lottery makes money too. itās a speculative thing as it is rn and who are the actual users? sweepstakes make money too.
I see more people talking shit on twitter vs farcaster; they set a new standard for the ācrypto app/dapp stackā and showed a novel use for something thatās existed for a while now (PWAs) - them folks hit a home run
I mean it's a centralized tokengated single server discord server, it's aight but its not all that
People shit on whatever is popular to be edgy. See Taylor Swift and Drake
it achieved something 95% of crypto product could only dream of..
