Friend.tech warned users who choose to jump ship to “forks and copies” will see their existing points forfeited.
Crypto’s newest decentralized social media (DeSo) app friend.tech has been met with intense criticism over a decision to punish users who opt in to forks or copycat versions of its tokenized social media platform.
“To make sure loyal users are rewarded fairly during our beta, users moving to forks and copies will automatically opt out of earning Points and forfeit existing points,” wrote the official friend.tech X account in an Aug. 28 tweet.
We expect @friendtech clones and other types of copies will emerge.
— friend.tech (@friendtech) August 28, 2023
To make sure loyal users are rewarded fairly during our beta, users moving to forks and copies will automatically opt out of earning Points and forfeit existing points. They will be able to use the app normally pic.twitter.com/C1rTEQQr17
While Friend.tech did not make mention to any specific competitors, and number of X users in the reply pointed to a new DeSo or “SocialFi” application called Shares which is scheduled to go live to public beta on Aug. 31.
Shares #roadmap for the following week.
— shares.finance (@SharesFinance) August 21, 2023
We'll be sharing daily dev logs on Medium about updates. We started building the $SHARES platform's backend a couple of weeks ago, and started with our frontend this weekend - so far, it's been a huge progress! pic.twitter.com/oLEYMlhIcF
Friend.tech has been airdropping “reward points” to its beta testers every week, which will total a distribution of 100 million points over 6 months.
The team has not yet shared what the points will be ultimately used for, only mentioning on Aug. 15 it “will have a special purpose when the app enters official release status.”
We just did our first Friday Points Airdrop to 44k users.
— friend.tech (@friendtech) August 18, 2023
Some reminders:
- 100M points will be distributed during the six month beta period
- Airdrops happen on Fridays
- Points are recorded off-chain
- Points will have a special purpose once the beta period ends
Some expect it to translate to tokens to friend.tech governance, while others believe it could have some financial significance for users. Others believe that due to the seed round investment from Paradigm, there will likely be a friend.tech native token airdrop in the future.
Friend.tech’s announcement did not go down well with members of the crypto community.
Within the first hour of the announcement being posted — it attracted hundreds of negative comments and reposts that derided the app for its anti-competitive move.
“Threatening / penalizing users for trialing other platforms is completely against everything this industry stands for,” wrote pseudonymous trader CryptoKaleo in response to the announcement.
“This is a prime example of how not to handle competition in Web3 lol — excited to read the apology in a few hours” said another.
Related: Friend.tech denies report that database of over 100K users was leaked
The announcement comes less than three weeks after its public launch of Aug. 11. Meanwhile, Friend.tech has seen a drop in key metrics such as activity, inflows and volume over the past few days.
At the time of publication transactions on Friend.tech have declined more than 90% from its peak of nearly 525,000 transactions on Aug. 21, with less than 50,000 cumulative transactions on Aug. 28, according to data from Dune Analytics.
Magazine: Blockchain games aren’t really decentralized… but that’s about to change
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12.10.25 01:12
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robertalfred175
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14.10.25 08:46
robertalfred175
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14.10.25 08:46
robertalfred175
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15.10.25 18:07
crypto
Cryptocurrency's digital realm presents many opportunities, but it also conceals complex frauds. It is quite painful to lose your cryptocurrency to scam. You can feel harassed and lost as a result. If you have been the victim of a cryptocurrency scam, this guide explains what to do ASAP. Following these procedures will help you avoid further issues or get your money back. Communication with Marie ([email protected] and WhatsApp: +1 7127594675) can make all the difference.
15.10.25 21:52
harristhomas7376
"In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1
15.10.25 21:52
harristhomas7376
"In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1