Friend Tech

What is Friend Tech: Opportunity or Scam?

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Friend Tech is a new social app that everyone in the crypto space is raving about today.

We’re going to take a deep dive into what friend Tech is how it works and how some people are already making money later in the article.

I will be revealing some major red flags that you should be aware of before diving head first into the platform so stick around now let’s dive in get it because their logo is rabbit ears.

What Is Friend Tech?

Friend Tech is a new mobile only application built on the base Network which is Coinbase’s new layer 2 Network.

The app allows you to buy and sell Keys previously called shares which are basically social tokens for your favorite creators on Twitter.

So by owning someone’s key you’re basically investing in that person the price of a key is determined by the total number of keys purchased by others for a particular person and the value of the key goes up a set percentage every time one is purchased.

How To Find Friend Tech Invite Codes?

This way the value increase is the same for everyone who uses the platform for now you still need an invite code to join Friend Tech.

It is not completely public and to find these codes I just go to Twitter go to the search bar type in friend Tech invite code and then filter by latest posts I just sat there and kept refreshing the page until a post popped up that contains some of the invite codes.

And then I’d snipe one before anyone else had the chance to get the Friend Tech app you can’t just go to the App Store the Google Play Store and download it more on this later rather you need to added to your phone’s home screen using your mobile browser from the Friend Tech website.

Once you sign up you’ll be asked to connect your Twitter account and then you’ll have to deposit 0.01 eth to your account using the base Network to do this you deposit some ethon mainnet and then you receive it on base and this is all done through the Friend Tech app.

This initial deposit funds the custodial wallet that Friend Tech uses to interact with the smart contract that handles buys and sells on the platform thus enabling you to access the Friend Tech app and all of its features that said.

If you do sign up for friend tech make sure to use a wallet that doesn’t hold a bunch of your funds that doesn’t hold your entire crypto portfolio we don’t know the intentions of Friend Tech or if it can be trusted.

So always use a wallet that only has a little bit of funds or preferably just enough to deposit onto the friend Tech platform once you make your deposit you will get one free key that is tied to your Twitter account which someone else or even yourself could buy.

How to earn money on Friend Tech?

So why would anyone want to use the friend Tech platform well there are two main benefits that I see right off the bat.

Number 1

Number one and likely the reason for all the initial hype is that you can earn money buying and selling another person’s Key by speculating on the top accounts to buy you could potentially make a profit.

If you buy low enough and then sell the key later as the value increases another method that I know some people are doing is waiting for influencers who haven’t yet joined Friend Tech to join and they’re keeping a close eye that way.

Once the influencer joins they can buy their key for cheap and then sell it later once everyone floods in and increases the value of the key.

Number 2

Number two is to gain access to the person whose key you own Friend Tech offers creators a get a chat room that can only be accessed by key holders in these chat rooms creators might share things like Alpha calls or other valuable information that people would be interested in knowing.

So basically you’re just paying a one-time fee to gain access to your favorite Creator and any value that they want to provide now all that said I am very aware that there is a potential to make money on Friend Tech people are already doing it.

But is the platform sustainable long term or is this just another pump and dump VC back rug pull that will fade once investors and Founders make a majority of the money.

I always like to look at both the good and bad of a project before diving in completely before putting in money and time and going all in.

I just want to make sure I have all my bases covered and although I do see some opportunities with friendtech I also found some major red flags that I want to share with you.

Red Flag 1: Fees

The fees are outrageous even for a crypto platform the total fee is ten percent five of that goes to the platform itself and the other five percent goes to creators at the time I’m writing this article.

Friend Tech has done about 40 million dollars in transaction volume which equates to about two million dollars in profit from fees alone but what happens after all the hype is gone well Friend Tech remain will they stay here and keep building.

Red Flag 2: No Privacy Policy

Red flag number two is that there is No Privacy Policy I mean come on before launching a business especially a crypto project having a privacy policy is just a no-brainer now I’m sure this is temporary but in the meantime it’s keeping users in the dark.

So I’m curious to see what the privacy policy will hold once it’s published will it be hidden behind a bunch of legal terminology I don’t know possibly probably I guess we’ll find out.

Red Flag 3: Investors

Paradigm is the main investor in Friend Tech. Paradigm is a huge investment firm that invests in crypto companies and currently they manage over 360 billion dollars they’ve invested in companies like Blur,Openc and Coinbase just to name a few now.

You can see this as bullish or you can see this as another venture-back greedy money hungry platform whose only care is about making more money the more I dive into crypto the more I realize the entire Market is controlled by a very few wealthy entities like Paradigm so much for decentralization.

Red Flag 4: Pump & Dump

Red flag number four is people can buy their own keys to inflate their own value or they’ll just have their friends buy their keys so that they pump up the price and then once more people buy in they dump all their keys on these people just to make a profit.

Red Flag 5: No App

Friend Tech has no downloadable app by avoiding creating an actual app that’s available on the app store or the Google Play store Friend Tech has successfully avoided Regulatory and internal app policies that protect users.

Red Flag 6: Custodial Wallets

As I mentioned earlier Friend Tech uses custodial wallets for their users that means you don’t control your money they do that means if their server were to get hacked then you would potentially lose all of your funds so if you are using Friend Tech I suggest getting your own self-custodial wallet and make sure to transfer any profits to your wallet that way you’re in control.

Red Flag 7: Longevity

Red flag number seven I don’t see a long-term incentive for the friend Tech platform like what is their plan moving forward beyond the initial hype.

Why do we need Friend Tech to provide users with a paid Alpha Channel isn’t that what Discord is for besides the initial opportunity to make money trading keys and maybe a few airdrops here and there I don’t see why Friend Tech would continue to thrive moving forward.

Red Flag 8: Barrier To Entry

Red flag number eight there is no way that non-crypto native people will use the friend Tech platform the incentive isn’t good enough and the barrier to entry is just too high even for someone who has EXP experience using crypto buying selling trading whatever it may be the whole base layer two thing is still pretty confusing.

Conclusion

Hope your all questions are cleared regarding Friend Tech. If you have any other question regarding it please feel free to comment it down i will definately answer that.

I will be updating it in future, And if you liked the post please rate it give it a Five Star.

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FAQs

What is friend tech?

Friend tech is a term used to describe the use of blockchain technology to create social and networking applications.

Why is friend tech trending in the crypto world?

Friend tech is trending in the crypto world because it offers a way to decentralize social media and networking platforms, create more transparent and accountable social media platforms, and create more rewarding social media platforms.

What are some examples of friend tech applications?

Steemit, Minds, Diaspora, FriendCoin, Trustlines.

What are the challenges of friend tech?

Scalability, regulation, security, user adoption.

What is the future of friend tech?

The future of friend tech is still uncertain, but there is a lot of potential for this technology to disrupt the social media and networking landscape.

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