FomoPika

just a pika

[FomoPika @FomoPika]

It's time to BLAST OFF

@BLAST_L2 is the L2 with native yield backed by @Paradigm and @StandardCrypto

Join Blast Early Access to start earning yield + Blast Points, redeemable in May

[FomoPika @FomoPika]

@Blast_L2 @TaikiMaeda2 me too, bridged but no points nor invite code, please dm

[FomoPika @FomoPika]

Friendtech invite codes

[FomoPika @FomoPika]

@frenbotTech please check dm

[FomoPika @FomoPika]

ft-2nb9x9o8
ft-fj3whryy
ft-t884ef1y

[Alex Wice @AWice]

Friendtech (FT) isn't the next OF. It's another ponzi shitcoin and you're the exit liquidity into whoever is shilling their bag. People shilling it are grifting, and will walk away clean while you end up poorer and reading a dead chat.

The most important reason it fails in the long term is incentive alignment. On OF you need to maintain your subscriber base of recurring revenue. On FT (as it has been done dozens of times over the last 2 years in various crypto ponzis) the money is frontloaded, so once the bulk of the money has been paid, most creators have little incentive to stick around. This is similar to NFTs.

FT has two parts - a bonding curve ponzi and a group chat. Like every ponzi before it, a thin veneer of purported value (in this case the group chat) is used to pump a ponzi (the argument that appeals to left-curvers), and then right-curvers get in (because they are first to a ponzi), and now all bagholders have an interest in shilling their bag.

Ultimately you pay large transfer taxes (10% each way) for playing the ponzi. It makes sense to play the ponzi if you are one of the first. Any time after is probably -EV as the date of the turkey's death is unknown. The airdrop makes the platform heavily sybiled, so usage stats are now fugazi.

Unlike NFTs, bonding curves have immediate sell value, so once it looks like a creator on FT has topped, the game theory is for everyone to immediately cash out and not be last. Creators have reason to create elsewhere where they will be paid, and the payment on FT is mostly frontloaded, so content will mostly dry up. Yes this may mean a rotation of grifter celebrities will show up, but this isn't bullish for anyone but their own bag.

---
Q&A round:

"Doesn't the group chat of a celebrity have value?" Yes it does, provided they use it. The celebrity is also not incentivized to use it over time, so at some point they mostly drop off. Look how active Irene is in her SOCOL paid group (hint: she's not). Most creators will end up in that situation.

"imagine buying Hsaka shares 4 years ago?"
This is a fantasy based on being able to receive their ad revenue or other dividend. If that were the case then it's a different ball game. Here you are not buying a "share" of anything, you are playing a pure ponzi, similar to $BALD. Unlike selling shares of yield-bearing products, or subscribing to someone on OF, here no one has incentive to be the last buyer.

"Celebrities can use this as a way to give out lifetime access, etc."
Yes, or they can just sell this access directly and receive 100% of the revenue. The benefit of the latter is stability. Friendtech shares are hot now, but once they go cold like NFTs, people have a different outlook about the revenue they could receive and therefore the value of the shares.

"GCR predicted social tokens so therefore this is the truth"
GCR made a prediction during a time of peak over-financialization. But we are now in a bear market which is the opposite. In this setting it is difficult to see how social tokens can do well as it requires demand from people that specifically want to bet on (a person), and then mechanics that make this stable. Relatively speaking, the total market cap for this is very small compared to say, all NFTs, and the timeline is going crazy over 100 shares. Additionally this is confirmation-seeking bias as for example, this prediction was not used to predict the success of say, SOCOL (because well, it never got big.) It is only being used to predict something that is already successful (has traction), and so this is vapid evidence.

"I'll give my airdrop to you if you stan me"
They can just buy the shares with alts. A self-described 'profit maxi' chose not to. Why? Buddy, you are the exit liquidity.

---

At the end of the day, FT shares can go higher, even a heck of a lot higher. Maybe the token goes apeshit once Logan Paul or Gary V joins. Again like NFTs there is almost no limit to people's idiocy and degeneracy. During that peak, there was a lot of delusional views about how this is a massively disruptive, world changing technology. In reality it is just yet another ponzi in the larger caravan of ponzis we've had over the last few years beginning with the ICO era and continuing into defi, nfts, play-to-earn and so on.

So this could ride, hell this could ride a lot. But just remember you are playing a ponzi with a clock. It's actually kind of sad to see crypto devolve to this, now people are playing musical chairs with 200 people for 2 eth, and shooting their last $10k into knifefight PVP on-chain ponzis, because well... that's all they have.

Anyways, when the tide comes up, like it's done many times before, insiders leave with a bag and laugh at you. Don't make the same mistake thinking you can beat a 20% transfer tax ponzi (10% each way). If you can, great - you don't need my advice. On average, you can't. If you are reading this, you're not an insider, you haven't joined, and your reason for entering is to make money, be careful.

[FomoPika @FomoPika]

@lee78478431 @friendtech ft-svaum442

[FomoPika @FomoPika]

@penglj118 @acryptoverse @friendtech ft-svaum442

[FomoPika @FomoPika]

@siimonmatos @friendtech ft-svaum442

[FomoPika @FomoPika]

@haraphat01 @friendtech ft-svaum442

[FomoPika @FomoPika]

@aaron_s182 @crypto_ghosts @friendtech ft-svaum442

[FomoPika @FomoPika]

@juanallen @friendtech ft-w3eu26ql
ft-svaum442
ft-bv94xefd

[FomoPika @FomoPika]

@NFT_Farming @friendtech ft-w3eu26ql
ft-svaum442
ft-bv94xefd

[FomoPika @FomoPika]

@gunnfts @friendtech ft-w3eu26ql
ft-svaum442
ft-bv94xefd

[FomoPika @FomoPika]

Whose messages should we check out next? 👀

24/n

[FomoPika @FomoPika]

Sharing top @friendtech messages 👀
Let's peek at the top 10 users' standout messages from the last 24 hours.

1/n

[FomoPika @FomoPika]

Milady as a tribal community embodies netspi but it can easily be translated into other domains, and usually to good success because these principles are memetically potentiated as derived from the spirit of the network."

23/n