Is Friend.Tech a Pyramid Scheme? Uncovering the Similarities

Published By with Comments

Categorized as Uncategorized Tagged , ,

A product of Web3 developers known in X, formerly Twitter, as oxRacerAlt and Shrimppepe, this platform is creating buzz worldwide. Yet, as the user base grows, so do concerns about its business model. Many argue looks strikingly similar to a pyramid scheme.

At the heart of is a social token-based system. Users link their X accounts and purchase social tokens, known as shares or keys, representing their stake in another person’s social capital.

A 10% fee levied on every transaction gets split between the protocol and the user whose shares are being traded. The value of these shares fluctuates depending on the user’s popularity and engagement. Therefore offering a tantalizing opportunity to profit from social interactions.

However, it is worth dissecting the mechanics behind to understand why its structure raises concerns about its legitimacy.

Content retrieved from:

Leave a comment

Your email address will not be published. Required fields are marked *

Trenton, New Jersey 08618
609.396.6684 | Feedback

Copyright © 2022 The Cult News Network - All Rights Reserved