Trends in the cryptocurrency markets are changing at a rapid pace. Remember; In the distant past, Ethereum-based projects were falling on the agenda like a bomb. Afterwards, NFT and metaverse-oriented projects became popular. Recently, artificial intelligence and Web3 focused projects have been discussed. Now, a brand new era has begun in the cryptocurrency markets. The system named “friend.tech” is one of the issues that everyone who invests in cryptocurrencies has been talking about recently.
As of August 10, friend.tech, which is described as a “revolution” by some, a “decentralized social media” by some, and a “ponzi” by some, allows investors to earn money through content producers. Advertising the system very well, on the other hand, increased the interest of investors in friend.tech. In the system, where more than 30 thousand transactions are carried out in the first 24 hours, 24 thousand ETH (if we consider that 1 ETH = 1.662 dollars, the money entering the system is approximately 40 million dollars) has been processed. Moreover, the money invested in friend.tech is increasing a little more every minute.
So how does the friend.tech system work?
To use friend.tech, you must first of all have an X -aka Twitter- account. After integrating the X account with the account you opened at friend.tech, you need to deposit at least 0.01 ETH (approximately $ 16.62) to Coinbase’s “Base” network. When you do these operations, you are included in the system. So how do you earn money after becoming a member of friend.tech?
This is where things start to get complicated. As soon as you log into friend.tech, you see that the X accounts of the names you follow are considered companies and marketed as stocks. Yes, you heard right. Consider that Webtekno’s X account is a publicly traded company. If you want, you can invest in Webtekno and you can earn money from it.
How do stocks gain or lose value?
According to friend.tech, whether a stock gains or loses value depends entirely on the profile’s status. Let’s say a profile is very popular, has a lot of interaction and reaches more and more people. In such a scenario, the stock value increases. Otherwise, stocks lose value. By the way, let’s say the account holder earns a 5 percent commission on every transaction you make. Friend.tech, on the other hand, takes a 10% commission on every transaction.
One of the features highlighted during the marketing of the system is direct communication. Let’s say you are one of the users who invested in Webtekno. In such a case, you can contact us quickly. Some phenomena argue that this is a revolution. As a result, it is very difficult for accounts with hundreds of thousands of followers to follow the DMs sent to them. It is said that this method will make communication easier.
Everything friend.tech tells is good: But is it really so?
The team is overconfident and thinks it will revolutionize. However, let’s say that there are some things to be aware of about the friend.tech system. Just yesterday, the claim that friend.tech was hacked hit the agenda like a bomb. Allegedly, the personal data and wallet accounts of around 100 thousand users were leaked. However, the team said that this is not a leak because anyone who scans the friend.tech API can access this data. According to the team, the data exposed does not threaten investor security.
There is also the application dimension. friend.tech is a system that can be used on mobile devices and does not work fluently yet. In our social media scans, we see that many users are suffering from problems such as freezing and crashing. There are even those who cannot see the private messages sent by the phenomena they support due to the problems experienced. On the other hand; When you integrate friend.tech with your X account, you are giving a very wide access permission. friend.tech can post on X for you.
There is something even more dangerous than all this: the friend.tech team is hiding his identity!
Let’s say that the leaked data is really insignificant and the problems in the application are also from the beta version. So everything is fine. This time we are faced with something more striking. So much so that it is unknown who or who is in the friend.tech team. Developer team members prefer to hide their true identities. Also, the project does not have a whitepaper. If you search their site, you can’t find any healthy information about what friend.tech is. The only known thing about the team is that the head of the sunken projects called TweetDAO and Stealcam in the past is the founder of friend.tech.
Do you think friend.tech is a revolution, a social network or a ponzi? Don’t forget to share your ideas with us…
- Editor’s Note: Remember that cryptocurrencies are risky investment tools and you should be careful with every step you take. Remember how many sunk projects there are in this sector. Consider these when investing. And most importantly, don’t go after a phenomenon. Even when buying Bitcoin (BTC), do your own research.
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