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(fren,fren) 🩸 FT Capitulation Support Group
Recorded: Oct. 24, 2023 Duration: 1:58:01Space Recording
Full Transcription
And we can get into the meat of things.
Hope you guys are doing all right.
With all the events of the past 24-48 hours.
Yo, what's up, Bharat?
First time on our space.
Hey, Dragos.
Thanks, man.
How are you holding up?
I love it.
I love it.
Yeah?
I love red.
And I think it's great because it separates the wheat from the shaft, right?
So it's all good.
Oh, so you're a masochist.
Cool.
I am.
I am.
I mean, to be fair...
Go for it.
Go for it.
No, I'm saying, you know, being in crypto for a while, the PTSD is just something that you're...
It's ingrained in you, right?
So you just...
You roll with it.
Makes you feel alive again?
That's it.
To be fair, if you buy a shitcoin and it goes up a lot and it pulls back 30%, it's kind
of normal, right?
In a bull market.
It feels worse here because it kind of feels like you're not in control, like you wouldn't
be able to sell everything even if you wanted to, unless you're like sell by the contract
or something or you're Wombat.
But yeah, it's just a 30% pullback so far.
I have to caveat that.
And the slippage, I guess, after if you did decide to sell on top of that.
Yeah, that sucks as well.
Yeah, the slippage sucks as well.
That's for sure.
I'm surprised he didn't sell all of his keys in one shot, to be honest.
Because he still left some, right?
I think it's because he's trying to create an ARB opportunity from New Bitcoin City.
And I think he's just looking for some exit liquidity for people to buy that, looking for
ARB and then nuke the rest.
He hit a little space this morning, apparently, that David was attending, but I didn't actually
get to listen in on it to see what he said.
Him and Wrecked Food Farmer, the other guy that's done like several up and downs.
What a pairing.
What a pairing.
I like how he said that, he tweeted that at least he made Frentech relevant and everyone's
talking about it again and all the rooms are active because he dumped.
Imagine that, all the rooms are active because he dumped.
That's what everyone's talking about.
I'm still a little confused by the PVP thing because like really the only people he PVP'd
in that scenario are the seven people that bought his keys, right?
Everyone else is like, I mean, yeah, I don't know.
I think there's a little more contagion there than there actually was.
Yeah, but some people like, what's his name, Dapper, right?
He was, he had like one or two of his keys and that probably prompted him to like made
him panic and made him sell everything.
Just completely G'd out of Frentech.
So yeah, it can, I mean, luckily it wasn't more, as you said, you know, it was only like
the few people who actually bought into the Wombat as a stable store of value.
Didn't he say, weren't we on a space with him?
And he said that, like, I have nothing against people saying like, oh, you know, I'll hold
until two weeks before the airdrop and then I'll probably sell.
Like, I get that, you know, like plants can change and stuff and it's fine, you know, but
didn't he say that anyway, when I sell, I'm going to give people like a 48 hour notice
to sell or some shit like that.
He did say that.
He did say that.
And he told, so Tyler, I was on Tyler's space this morning.
He told Tyler DMs back during the ThreadGuy space that like, I'm here for the long haul,
like a six month thing.
So yeah, apparently it's not much of a surprise given who he is known to be, but I don't have
history with him, so I can't speak to that.
Yeah.
Yeah.
Anyway, so we have a good crowd here.
I'm going to start sending more messages for people to join.
So I wanted us to, do you guys just want to talk about what happened in the past 24 hours
and how we feel about it?
And then maybe we can, I was thinking we could do something where we could brainstorm what
we think the Frontech team could do over the next few months, what we hope they do, what
we think is realistic that they would do and how this could play out.
And I'm thinking, you know, since most of us here are still very much involved with the
app and we haven't sold out and we're still here, maybe, you know, sometimes Racer joins
the spaces and he listens for a bit.
Maybe if we all rally around a few ideas that would seem good, maybe they actually listen
and implement such stuff, who knows?
I mean, one can dream, right?
A lot of fun thought exercise would be, because this is something that I'm going through now
and I've talked a little bit about in our room or my room is because I don't know if
you guys have noticed, but my wallet balance is increasing with all these people selling
my fucking keys.
So I'm earning some fees on that and then people like obviously having to sell back their
stuff.
So I have a little bit of heat to spend and I'm trying to think through my selection criteria
for how I want to deploy that.
And I think now that we have a plethora of data or data sources, right, you have Dune,
you have activity dashboards, you have, you know, rep from asking people kind of just what
your guys like selection criteria is going to be for deploying capital and if and when you're
going to deploy some of these things that you've been accumulating.
Yeah.
So for me, I kind of actually posted it in Telegram and it's actually going to take some time
because there's quite a bit of them.
But ideally there's about, I don't know, 15 to 20 different large holders.
We'll call them Frentech bag holders.
And I want to see who in the next like 48 hours still continues to hold their keys and
then who continues to hold my keys.
And then what I'd like to do is put together a very, very large thread because there's going
to be a lot of accounts with key prices and links and everything of who's kind of sticking
around and who's active.
And I'm not going to include everyone on it because there's going to be some people
that haven't posted in like a week and they may just not give a shit or care.
But probably narrow it down to those who are still actively chatting in their rooms, like
you said, with those data points and who really just is here for the long call, didn't just
sell because they got nervous or completely 100% left for the new shiny things, which for
the new shiny things, I'm down to try them.
I think they're a lot of fun.
But I think selling everything and 100% moving is probably not the best play.
But yeah, long story short, create a thread with everyone who's more or less diamond handing
it and then aggregate those together against everyone else's holders who are doing the
same thing.
And ideally, I think if that thread goes out and everyone sees, oh, these are probably some
safe buys, they've held through multiple FUDs or big drops, then everyone's portfolio can
more or less rise together because of multiple people to buy them.
It increases the port value of everybody.
And it also gives those maybe smaller accounts who did stick around some things to help them
out.
Nice.
Yeah.
And Dragos, I didn't mean to take that as the topic.
We can go into what you're talking about.
And I was just going to throw that on the end.
It's like an out the door thing.
Yeah.
So how do you guys feel about the sell-off?
Just kind of like context, I guess, you know, yesterday when the app started working again,
I think everyone panicked a bit and it was kind of surreal.
Every time I was refreshing the app, the number was going down.
Now it seems to have stabilized.
I'm hoping this was it.
I don't see why people would panic further from here since kind of everyone, even if they
were asleep, they've been awake by now and they made their decisions, et cetera.
So I'm hoping this is the end of it.
I guess the next thing is the points distro and we're going to see how many points we
get.
Because if we get the same or more points, that would be pretty bullish, I would say.
So yeah, I just kind of wanted to get your guys' take on what has happened, how you see
the outlook moving further, taking into account the fact that I think Levi pointed out that
there's been only 10 weeks of points distribution so far.
So there's like 16 left.
So we're about 40% through.
So quite a bit of time still left.
And if the tourists are gone, then we could probably farm a bit more efficiently.
So yeah.
The only thing is as like real people are leaving, you see these cyborg accounts getting
spin up.
And I think like last night I like looked more into it and it just massive, massive amounts
of like cyborg networks, which I think like they said they're going to retroactively like
nerf whoever's playing, try to play the game, right?
Game the system.
So like I'm really hoping maybe now, maybe later, but like they have to solve that issue
because if they don't solve that issue, like our points never will never grow.
It will only shrink because of cyborgs.
So anecdotally, I'll let you go right after.
Anecdotally, I have a friend who has a friend who has like some of those like huge, huge
cyborg farm games, like huge, like tens of thousands of accounts and stuff.
And I recall he told me a few days ago that his friend got nerfed on his cyborg.
So, yeah, I was actually going to springboard this over to makes he because it makes he
had, and this is kind of what led to the app slowness.
We think yesterday where he was seeing after an update that was pushed that there was like
the token for being able to chat inside of the actual client itself seemed to have been
revoked from doing it externally.
So it was a good security update, but, and makes you feel free to step on me if I'm misquoting
this stuff or want to expand, but because that changed, but people were still constantly
throwing into the actual application, even though that thing was something that was updated,
thought that that may have led to what was ended up to being the DDoS attack and led to
app slowness and everything else being all fucked up and makes it, I don't know if I regurgitated
that appropriately, but yeah.
Yeah, no, I think that's right.
So, yeah, I think there are two things going on.
One is the sibles from the new account signups and people just like chat farming, and then
the second one is just like there are a lot of bots and stuff that hit the APIs, you know,
for different tooling to populate data, and, you know, when they refresh the token, like
when requests fail, they fail faster than a successful request, which is doing some work.
So it's like they fail fast and then they just retry if you don't have some sort of back
off.
So like anytime they refresh like tokens programmatically for everything, you should probably
expect some, you know, lags.
But yeah, I think the bigger problem is like these sible signups.
And yeah, I've been looking at this for a while and it is, you know, like it's always easy to
detect them for a time, but then like you nerf them and then they pop up with a different
strategy.
So it's like a moving target and it requires a lot of like attention and effort to identify
these.
The last time I checked, like a couple weeks ago, like they were doing a really good job.
Like I didn't see really large, like obvious clusters that were getting a lot of points.
You know, we were talking like the tens of thousands, not like hundreds of thousands or
millions, but exponent crisis did see like some, some bigger ones get through in the more
recent weeks with points.
So he pointed those out, you know, they were over one ETH, you know, in value and they were
getting through and, you know, they had a sizable portfolio.
So the, the points that were going to them was, was higher.
So, uh, yeah, I mean the, like the team has to nerf those to get, you know, uh, for, for
their points to be like purchasing the types of behavior that they want.
Um, yeah.
And, you know, they closed off, uh, the point API.
So in some ways that's good because like, uh, sibles can't see like the other accounts,
like that are getting through and like having the approach work, but at the same time, they're
still able to experiment and see whether they get through.
And, you know, we don't have the benefit of like looking in to, you know, open sourcing
or like crowdsourcing, sible detection.
So, um, yeah, I'm going to work more on that, but yeah, that is like a big, uh, concern
I would say for, as far as like point dilution.
I mean, one positive sign that the new user signed up yesterday.
They were lowest in 10 days, right?
And today it looks even less.
So perhaps, perhaps something is happening.
Who knows?
Uh, it could be because the app was getting DDoSed all day yesterday too, which, which
hurt.
Um, but the same thing is happening today or, or else the disciple farmers have just given
up after the sell-off.
Uh, Dragos, you asked kind of how we're feeling.
So I'll, I'll, uh, piggyback into that as well.
I've still been deploying.
I deployed a little bit yesterday morning.
I, I, uh, selfishly wish I would have waited another 24 hours.
Um, but I'm starting to think more about diversification.
Just like, I think I was on a space with anonymous.
I think several folks on here talked about the portfolio risk when you're heavily allocated
to the core three, three circles and the sell-offs begin it.
You just get whacked regardless if you've got direct exposure to those folks or not.
So I think finding new cohorts, finding folks who are just kind of using the app and aren't
doing the, just the pure, you know, three, three with the main players is something I'm
actively looking at just to, to help the portfolio, you know, keep up because, you know, there
was definitely pockets of users who held steady yesterday or who were green.
Uh, so I think looking at those, uh, and, and perhaps, you know, putting a little bit
more ETH into those, those groups, those types of accounts is something I'm definitely looking
at pretty closely.
Yeah.
Gav zero X Gav, like he only had one cell or something.
Nobody actually sold him.
That was quite crazy.
I think I rattled off like 15 for me.
I went, I went from like two, two to 1.7.
Anyways.
So just piggybacking on sentiment.
Yeah.
So like, I, I'm not a trader.
I fucking suck at trading.
So I, I come up with a thesis.
I think I come up with a plan.
I stick to the plan right now that plan is not invalidated.
So frankly, like just watching this stuff, I, I, I had to get up.
I was like, all right, I probably should tend the farm whenever I saw the cascading stuff
happening.
So I was like, all right, I'll go.
And I'll like watch my portfolio and sell off just to like preserve stuff.
But I'm, I'm not good at trading.
I don't like trading at least on short time horizon.
So like, I hate doing all the speculative stuff.
So I'm just sitting here still chatting.
Like the thesis is the same for me.
I did feel a need to, because I did like sense a little bit of, of people, you know, getting
a little uneasy in the market.
So that's why I put up that tweet last night.
Like, I get it.
I personally would not too rattled because of, again, I I'm doing this stuff on a longer
thesis than week over week, especially in a 20 tax environment.
And for me, it's like, okay, I need to put out a little tweet just to kind of get something
out there for people to think about or whatever.
And thinking about that and formulating of just like, yeah, like I understand that it
would be, or for me personally, right.
If you have more, more insight into the general direction of the team and what they're wanting
to do, their vision for this ecosystem to see how we can best emulate that, make sure
that we're using it in the appropriate way, make sure that, you know, it aligns with our
collective visions and how we see this stuff unfolding.
I think some of that would be insightful.
I don't want it.
And I made sure to point this out in the tweet too.
I don't want it to be like a, cause I think Jogos, you and I had touched base on this.
We saw the stars arena spaces whenever they were talking to the team and goddamn people
are entitled and asking like, you know, the 10 year history of, you know, every single
project person.
And then have that entire list of, of team members listed on the website and then make
sure that you have their annual salaries and their 401ks and like their work experience
and what CTO has architecture and like all this fucking ridiculous, right.
I don't expect it to, I don't want daily spaces.
I don't want any of that stuff, but having some directional information was nice.
And I don't know if the tweet was authentic or not because Razor is private and I'm not
approved.
Um, but saw the tweet of saying, Hey, we have these priorities for, you know, the next X
amount of days, weeks, whatever it was, you didn't give a timescale, but it was the unsexy
stuff like scalability, um, security, you know, things that, that would instill like, you
know, usability of the app, which I think is, would be welcomed by the majority of the people
and then making the app more fun, expanding the features and including new user sets, stuff
like that.
Um, so that was nice to see.
I don't know if that came after my tweet, before my tweet, or if he even gives a shit
about any of that stuff, but, um, hopefully that was authentic because I think the priorities
were good.
You just like to see it iterate a little faster.
Bro.
Not only am I approved to see Razor's tweets, I actually put him on notifications.
So I get all the weird tweets now.
So is that authentic?
What's that?
What do you mean about it?
Was that tweet authentic?
The one I shared where he said, I can't find it.
I can't find it.
I, I know some people said they were looking for it as well.
I couldn't find it.
Maybe he does it.
I don't know if, um, but it does sound like him though.
I don't know if, uh, what do you call it?
Um, we could, we could see the deleted tweets.
He deletes a fair amount of tweets though.
So yeah, like it does sound like him or if it's not him, it's like a really good impersonation
of him, but yeah, no, I can't find it.
It's not there.
That's fun.
Anyways, that's my general sentiment is, you know, I'm still sitting, chilling, watching
the market.
Like you said, everything goes up, everything goes down.
We can't expect it to just be up only forever.
So we just monitor and, and again, look to reinvest in people that are sticking around
because we thought there was a problem before all of this for people to deploy capital into
OX5F.
It's like explicitly been asking his chat.
Like I literally can't find anyone I can deploy this stuff into by myself with my own
time.
I need recommendations.
I need, you know, I need you guys to help me find, find accounts.
And now that, that pool of what would be considered a users of the app, valid people, long-term
horizon, whatever, whatever, whatever, that pool is much, much smaller now.
Yeah, I gotta say, yeah, I gotta say I'm more bullish than I was probably two and a half
weeks ago.
And I think we've been due for a big pullback, right?
This is like the first systemic test that Frontech has faced.
And I think it's actually came at a perfect time if you think about it, right?
The confluence of the market taking off overall, the fact that value has been more or less
preserved within Frontech for a while, the fact that there was, you know, a fairly large
outage the last few days, right?
Look, this is, let's, let's not fool ourselves.
As much as we like the tech, the app has been horrid for the last few days, right?
So this is like, these are things that we've got to work through.
And the fact that we've gone through that and been resilient is a super optimistic and super
positive place to be.
So I can't underscore the fact that, you know, all of these things kind of coming together,
it's, it's like a perfect storm and the system has proven resilient, right?
So we've got to see how, how racer responds now, but all of his tweets have been fairly
positive too.
I think he's starting to realize that he's got to go from this protagonist, you know, kind
of very neutral character to being very seriously focused about the business that he's built
here because there are people and value that has accrued to the network and it behooves
him to improve that process overall, right?
So, you know, the things that he's done security, the things that he's got to focus on stability
and scalability, you know, are all the right things that he needs to nail over the next
few weeks, right?
But it feels like he's in the right headspace to go attack those areas.
Yeah, absolutely agree with you, Barrett.
Like, I'm here for like seven weeks and like, if we take a look overall, like how much we
are talking about points, what strategies we are using, I think that the users are not
enough vocal regarding the apps, apps progress, which in my opinion is quite bad and quite,
way too slow.
Like, if you take a look over the MBC progress and how these guys are shipping things, like
it's much better for a fact, like right now.
And I completely agree, I understand that why some people went into direction of MBC because
the app itself is much more superior.
And the issue within the FT is that it has great network effect, but the app itself is
fucking crap.
Like, we didn't see any serious improvements regarding the flow of this app.
Like, we've seen a couple of flicks within, I don't know, UI, but that's pretty much it.
Like, they need to start actually bringing up a much better features on this platform for
users to stay and to users to build as a community.
What I think, yeah, what I think on that, so they've, and they keep saying this like a
beta product, right?
So we're about a couple months in.
So my kind of bullish thesis on it is they're not going to keep shipping just minor, shitty,
stupid updates.
Because if they do that, then they've lost vision.
I think when they release an update, it's going to be closer to around when the airdrop
is, and it's going to be some badass S tier application.
And I think if they lose sight of that and try to ship everything instantaneously, just
to try to keep up with, oh, numbers down, that's where they lose.
I think they do have a vision.
I think they know what they're doing.
Yeah, it does suck.
Because on our end, it's like this fucking app isn't even loading.
It takes 20 seconds to navigate in between it.
But I think they are overemphasizing that, hey, this is a beta, like this is early.
And if you believe in that, and you're here for that reason, you're probably going to be
okay with your Jip and Emoji sticker packs that the points will turn into when that time
comes.
Yeah, I mean, that would be the best, that would be the best thing, right?
Just drop a new app when the points drop.
That would be unreal.
Like in terms of sentiment, everything, the token, it just solves everything.
We just don't know if they're going to do that, or if they just incrementally improve
the app.
I know they're going to drop some app updates.
I think they just have a whole lot they could initially drop, right?
But I think it's just trying to decide what they drop and when they actually drop it.
But yeah, as far as new features and fun things that make it actually interesting, because
now it's kind of like, well, new Bitcoin City has all these fancy wheels and people just
can gamble money, and it's definitely a lot of fun.
I don't think they're trying to pivot and say, oh shit, we've got to hurry and come up
with some fancy stuff and just ship it real quick within a week because our competitors
are doing it.
I think they're trying to stick clear to the vision, and they'll probably ship some pretty
awesome updates, but then they'll have the really big fucking awesome update closer to
when the potential airdrop is.
Yeah, I completely get your point regarding their vision, and it does make sense because
at the end of the day, when the first phase, or if we can speculate on multiple phases of
this airdrop grind for the points, you want to keep the users.
But I still think that at least what this app should be is a little bit more effective to
be usable, because over the last two weeks, it's been really a disaster.
You cannot even see what people are writing, at least that's my experience, which I shared
to you.
So I couldn't even send a message, like the messages being like lost connection, something
like that.
So if anybody from FT team hears, like I would definitely like that this app stays being like
fluent and usable.
That's pretty much what I'm requiring right away.
Like that that all in the matters, like if we keep being engaged within these rooms, which
are which we are part of.
Yeah, so I think this that kind of goes into that tweet that I'm now seeing again, I don't
fucking know if it's real because the dudes on private.
So whatever.
But I kind of like this whole turtle hair thing that I saw was shared.
And for people in the room, again, don't know if this is authentic, but the original tweet
yesterday from again, don't know if it's authentic from racer talked about.
So he listed out the priorities list and it was security, then trust and safety processes
that usability of current features and make it more fun, new audience, and then maybe public
exit.
And that's where I wouldn't squints at it sees token or whatever else.
And then he does another tweet following that that says been focused on the first two starting
on the second two first two again, being security and trust and safety second to now being usability
of features and then make it more fun.
So if he's shifting to that, then that kind of goes into what you're talking about.
We're like, yeah, they have some stuff that maybe they've been cooking on and coming out.
That would be cool.
But then again, another tweet today comes out, says the hair in me wants to make a really
big move.
The tortoise in me wants to avoid moving rashly and fucking up something a lot of people use.
And I actually respect that take a lot.
And you see this PFP, you got changed to a turtle.
And again, assuming this is real, I do respect that a lot because, you know, especially because
now as even from us, right, calls of, of change, do something now, fix the, fix the whole,
do the whatever, whatever.
The screams get way, way louder right now in moments like this and people could be prone
to making decisions that aren't good for long-term viability.
And obviously this is a time horizon we talked about.
Even the, even the beta period is still another 10 weeks or 16 weeks, whatever it is, 40%.
It's a while out.
So like, it's important for us to also breathe, say, okay, what is it that we really want?
You know, what is the time horizon and stuff?
And we still need to be critical of things that deserve to be critical of.
But I do like that take of just a reminder to, okay, slow down, breathe, look at it objectively
and make the right decision for the long-term success, because that's ultimately what we're
all hoping for.
It's also like that six months is not only for them to ship features, but it's also time
for the market and see how the market evolves and reacts to certain things, right?
It's like where this didn't happen in the first month of FT because everyone, it was still
new and everyone was still excited, right?
And everything in the market is so boring.
So FT was the only game in town, but like now we see a different market dynamic and we
get to see how, how keys on, on FT react.
And I think it's a wonderful opportunity for us and the team to understand more about FT
and the nature of the keys market and how it relates to the crypto market.
Because I think that stuff is going to be really important.
You know, when, when the token drops, you know, when all the tensions on FT, we, like all
of this prior experience is going to help us to make better decisions in the long run.
All right.
Dragos.
Yeah.
You did?
No, I was just waiting to see.
I was responding to people.
I was just waiting to see if anyone is saying anything and if anyone wanted to add anything
on top of that.
And so, okay, what, what features or what are the kind of things that you guys would
like to see changed or you would like, I know we've talked about app stability and it
being improved.
What do you think they could do in the next few weeks that, because presumably they were,
I don't know if like people believe this or not, they said they were DDoSed again, right?
Yesterday.
And it kind of makes sense because I couldn't, I couldn't load the app at all.
I couldn't do anything.
We, nobody could do anything.
And it's not like activity was, um, sky high.
So I'm wondering what you guys think they could do, um, over the next few weeks to kind
of, uh, make things feel a bit, uh, a bit better.
Um, like, I don't, I think Casper said it make just, just the app work.
So it's kind of like a whack-a-mole.
I don't know who was saying it.
I think it was, uh, makes you maybe, but it's hard to catch.
All of those bot accounts and Sybil accounts.
Um, but I think that also kind of overloads a lot of the servers and everything that they
have going on.
So I think they, they're definitely well aware of it.
Um, I'm sure they were up for a couple of days endlessly working on it.
Racer usually turbo tweets and there was a good portion of like 24 to 48 hours where
he probably was just heads down trying to fix, fix all of that.
Um, and hopefully prevent that from happening again in the future.
So anyway, yeah.
Make the app usable.
I think that's number one, regardless of features right now.
Okay.
Let me ask you something else.
Yeah.
Yeah.
Go for it.
Go for it.
And then I'll ask.
Yeah.
It's not, um, it's not like they have crazy traffic or user load compared to, uh, web two
applications.
I just think the, their infrastructure is like pretty immature and yeah, I mean like
they, but it's not something they can fix in just like a week because those decisions
were made kind of early on.
They probably weren't expecting this much load and it does require a rewrite.
So yeah.
I mean, one of the questions I've asked racer is like, you know, what's the dev team at
like the count?
And I think it's still at two people.
So, um, you know, they have a large supply of talent that's available to them.
I think, you know, either, either, you know, like internally hiring or externally, you know,
depending on the community with some sort of better incentives or flexibility, uh, with
respect to their APIs and whatnot.
So, um, I mean, it's, it's a tricky balance, but like, yeah, I would like to see some sort
of investment, you know, progress being made there because yeah, I mean, it is, it is kind
of ridiculous, uh, with, with the bankroll they have, uh, to have not made much progress
on that front yet.
So I don't know.
Yeah.
Like I, I think the criticisms are very fair.
I saw, I saw your question race was through and racer said hiring is nuanced.
Yeah.
But is it, is it with two people?
I mean, yeah, it's like, uh, I'm not sure it's that nuanced with, with the dev team of
two people, you know, I don't know.
Um, but yeah, I'm from Rhodey on, right?
Yeah.
Yeah.
And so, but even if I wanted to be bearish on the team, like there's nowhere else to
deploy.
I mean, like, I think we're all super bullish on social fi.
So, yeah, I, I just don't see any alternative.
So you kind of have to, like, I, I'm just giving them the benefit of the doubt that they
will figure it out.
And, uh, you know, but if not like reputation does carry over.
So like, I, I still think participation, you know, even if you're bearish on the team,
like it makes sense for me to stay fully invested in friend tech.
And yeah, yeah, I'm just not like not enthusiastic at all about the low effort forks.
I would need to see a lot more innovation to be interested in even trying something else
out.
Yeah.
I think the biggest thing I want to add that a lot of people don't even realize, like
the only other fork that's gaining prominence right now is new bit.
Well, the stars arena was good, but obviously they had the exploit, but the only one that
compares relatively is new Bitcoin city.
But you know, it's interesting, all the guys that rugged over on friend tech and then went
over to new Bitcoin city and their keys are trading at like all time highs.
First is what do you think they're going to do in like a week, two weeks from now when
it gets all frothy?
Well, they're probably going to rug.
The second thing is those friend tech keys that they rug, they're now going to catch a
bid because they realize they can get inside the room on new Bitcoin city for like a fraction
of the price.
So it's like, okay, well you're on new Bitcoin city.
Now everyone comes over here and now you're pumping the bags over here, but now everyone
can get in cheap and then they can basically destroy your giveaway that you're having because
the people that are paying a thousand, $2,000 to get your key can go on friend tech and get
it for like 50 bucks.
And then when you're, I don't know, half a Bitcoin or 0.05 Bitcoin giveaway.
So it's like, come on now, this is, this is why you, you play the game correctly, which
is friend tech is the liquidity hub and sure you can go over on new Bitcoin city, but don't
rug your users.
I mean, that's your reputation and it sticks with you, but just putting that out there.
Oh my God.
This scam coin, this scam coin is pumping again.
The, the low effort forks are like honey pots for exit liquidity, you know, they just attract
like paper hands.
So yeah, I mean, it's like, we, we basically know how this is going to play out.
I don't even know if that stuff's on chain.
I mean, it's like denominated in Bitcoin where, where are the smart contracts?
It's like, like, it's actually on trustless.
It's on, it's on EVM chain.
Yeah.
Remember when, uh, what was it called?
BitCloud was like on a Bitcoin L2 and like Jack Dorsey is like trying to promote shit
that's like running on a Bitcoin L2 because that's the most optimal way to like build shit.
It's like, what bro?
Bitcoin L2 really like, when are people going to give up trying to build on that?
So yeah, I think it was, I think it was, it was Slinger who I just added to the speakers
list whose message I saw in Gav's room saying that basically the biggest, like food farmer
and Vombatos are like some of the biggest accounts on new Bitcoin city.
And then they're the people who rugged the most on Frentech and they're kind of like congregating
there.
So it kind of, you know, speaks for itself.
My accounts, my accounts number five on new Bitcoin city, but I just try to have one everywhere.
Faces proven.
Okay.
Well, here's the difference, Harold.
Like your, your Frentech key is like holding up at what?
Three and a half ETH and you're over there on new Bitcoin city, just living it up and then
just doing giveaways.
It's actually 1.9 ETH now.
He just got dumped big time.
Oh, shut up.
Well, no, I, I really like it.
I, I, like I said, I want to try out everything and people are like, how do you have time to
do all these?
And it's like, well, I have like four monitors.
I sit in my chair for like 12 hours a day and I have computer.
Like, how can you not talk and everything?
And Frentech works 80% of the, or 8% of the time.
So yesterday I was like, yeah, I'm just going to fucking sit on this other app the whole
day.
But I, to your point, I get what you're saying.
It's like, some people have said, I'm going to entirely move or they've completely just
gone rogue and rugged their entire community.
And that's where I think it's going to come back to bite them in the ass when they try
to come back to Frentech and be, when something else potentially dies or the hype doesn't,
doesn't last.
And then it's like, well, you just kind of fucked your whole kind of rep over.
But I have fun.
I mean, I'm on stars.
I'm on new Bitcoin city.
I'm on Tomo.
And I don't know.
I just try to put whatever money I get back from those ecosystems back into them.
And I'm keeping Frentech.
And I tell them all, I'm like, this is, Frentech is my number one play.
I'm not going to deploy several hundred thousand dollars on any of these others.
That's just Frentech.
And that's, that's where it's at.
What do you guys think they could do about like one with the fees that they have?
And two, one interesting thing would be, should they pump up the points this week?
Like actually distribute more points on the airdrop to encourage people to, to stay basically
to like attract activity back to it.
Yes.
So that's, it's such a cheap win, right?
I think that that's such like, like talking about touching the $25 million, like that's
a bigger thing, right?
That's a big decision to do that shotgun it out of the ecosystem, create an initiative.
All that shit takes time, but you know, it doesn't take time.
Imaginary internet numbers that we're already dealing with and have ascribed a shit ton
of value to, I think that would be a quick win.
And guess like, it's a very easy to pick the people who you do and don't want to reward,
right?
It's the people who are still there.
So everyone who you want to remove from that subset to reward, it's not on chain addresses.
It's literally the same way you've been distributing points.
Just maybe add a little bit of multiplier or something on it.
I think, yeah, I think that's an easy, easy win right now, but TBD.
I agree.
It's just, it's, that's, you really should do it.
And also, it's like, actually, I lost my train of thought.
Hold on.
Bullish.
Too bullish.
I don't even know where to begin.
Dude, just drop 5 million points this week.
Easy.
Yeah, they've done it before.
I mean, they did it at the bottom.
And then that kind of kicked off, you know, a new run up.
So there's, there's, there's...
How much did they drop that week?
Was it the third week when I, the third or fourth week, I got like a shit ton of points.
They got rid of their, their team points, I think.
And they redistributed.
Well, no, that was actually the week that points were dog shit.
So, nevermind.
Anyway.
Double XP weekend from points.
That's what I'm, I'm going for.
So let's see if they can.
Hell yeah.
Dude, I've burned so many weekends on double XP weekends from fucking video games.
It's an easy win for, for magic numbers that don't take any work whatsoever.
Change the multiplier on, on one thing.
From one to 1.1.
Boom.
And it'd be so fun.
Let's say they release a new feature.
I have no idea what the fuck it would be, but something that can't just be like, I'm
going to leave my phone on all night while I sleep, like I used to do when Frentech first
came out.
But make it fun.
So it's like, yeah, any activity that you do for this weekend will double your whatever
the hell it is.
So yeah, that'd be tons of fun.
Let's go.
Racer.
What, is he on?
Oh, sorry.
Go for it.
No worries.
If Racer is on, I'll defer the mic.
But I just wanted to add one thing that to keep in mind with other apps, right?
The reason that FT is so slow right now is, is because of the civil network, because of
the bot farms, because of the excessive API requests.
Like if you look at where the slowness is coming from, it's just the API is taking ages
to get back.
And what that means is like, what if another app gains significant traction, if it's NBC
or whatever it is, you know, those civil networks, those bot farms are all going to go over there.
And they're going to have to deal with those same problems that FT has been fixing for the past few weeks.
So this is just going to be like a continuous advantage as FT keeps building.
And it does seem like they're building the way the bot farms are coming in.
It's like they're solving one problem at a time.
So yeah, I think it's bullish.
And I think just don't discount the work they're doing in the background is basically what I'm saying.
That's good insight.
And like, yeah, like, again, like from a from an end user perspective, it's boring to not to not have the upfront fun shit.
And like, looking at that list that Razor put out at the very bottom was attract new user subsets.
And you know, like, that is the stuff that that brings liquidity, obviously, right?
You attract new users, you make them come in, they pour money on top of everyone, we're all happy, everything's green.
Cool, cool, cool.
But we've seen what happens in the past, whenever you have that before you have the stability, usability, scalability, all that shit, right?
Just want to look across the blockchain networks to Stars Arena, they, they got that.
Before they got the scalability, usability stuff, and they got dunked on because of it.
And now their image is almost irreparable, at least at this juncture, right?
And they're working on rebuilding it, TBD, if it, if it works out.
But for a time, there's a lot of caution and wanting to actually participate in that ecosystem.
And we'll see how that works out long term.
But, you know, if, if we call for a lot of those things, or have them reprioritize and do the hair versus the tortoise stuff, maybe long term, it is detrimental.
So, it's good to hear from someone that's actually playing around with those technicals, because, obviously, we don't all do API calls every single day to know what that kind of response is.
So, for you to be able to see that and validate, it's pretty cool.
Brad, I think a nice, like, hair versus tortoise item, like, on the hair side, it's just, like, just a general update.
It doesn't need to be a space.
It can literally just be, like, a tweet or a couple of tweets saying, like, we've got, we have a vision.
Like, we're planning to do, you know, X number of things in the next few months ahead of, you know, the beta program closing down.
And then, you know, we've got expectations beyond that, so on and so forth.
It doesn't need to be long.
I'm just, like, kind of coming out and saying, hey, we do have a master plan here.
I feel like that could go a long way.
And it feels like low-hanging fruit.
So, I don't know.
I totally agree.
So, okay, that springboarding off that, does anyone in here, has anyone heard what the actual vision is for the team in this application?
Because I think at this point, I don't know that I can recall it.
I think we've all ascribed our own potential outcomes, which, you know, that's pros and cons there because we all can kind of just, it's open.
It's, you know, the actual smart contract itself is basically self-running.
They can't really do a ton other than just adjust the fees.
So, there's a lot of things that we can build ourselves and have vision for and, you know, realize.
But I think it would be good to know because then we can say directionally what this will ultimately appeal to would be a certain subset of people or even ourselves or whatever.
But I don't know.
Has anyone else heard anything regarding the actual directional usage that the team has in mind?
I don't know who actually speaks to them.
I mean, I know, but.
I mean, well, I mean, it could be in tweets.
It could be chats.
I mean, yeah, if I get anything.
I think the, I mean, I think we've all heard this early on.
It's like, it's not going to be a crypto app specifically forever.
So, I think that's kind of their idea.
And that would go along with.
That's true.
Pancakes has talked about that a lot.
Yeah.
And that would go along with what you were saying, Fred, as far as like the final item on racers list.
I can't remember what it was, but it was maybe public exit.
Maybe that's not the right answer.
New audiences, public exit.
So, I think new audiences, I know that they can get some really big names to join.
I mean, Pancakes does have a shit ton of connections in the real world.
And his connections have those connections.
It's just, when's the opportune time to do it?
Do we want them to join today?
And then it's like a nothing burger like Steve Aoki?
Or do we want to wait until it's a real full-fledged thing that it's actually going to make a significant impact when they do join?
So, I think that's the final strat.
Yeah.
I mean, they haven't proven product market fit with normies yet.
So, yeah.
As far as I've seen, like all the mainstream people, you know, like the attrition rate is probably over 95% for the people they've onboarded, as far as I can tell.
So, yeah.
I think it makes sense to wait for something like that.
And I know something you brought up before was like referral fees.
So, I imagine, like, it wouldn't really make sense to do that either and pour fuel on the fire until, like, that fire, like, stays lit.
So, if it's just, like, dying out, people join, there's not product market fit with that cohort or, like, segment, then it doesn't really make sense to distribute in that way, right?
Yeah, and that's where I think, like, a moon pay type onboarding strategy for some S tier people comes into play, as well as incentivize to maybe earn as well with those ref ref things.
And I think those two things would come hand in hand.
Because we've seen, like, every other platform has, like, some type of ref, 100% of trading fees, like on New Bitcoin City.
I think Stars Arena has some type of thing.
I think they have all of these.
But, I mean, Paradigm, they know what they're doing.
They didn't know what they were doing with Art Gobblers, but everything else, they knew what they were doing, I feel like.
And I feel like they're kind of under their thumb.
But I think it's trying to build something quality, not really rush it.
And I think when they do, I don't think it's a question of if they're going to do it.
I think it's a when they're going to do it.
I think it'll be at the opportune time.
And we'll all look back and be pretty stoked about it.
The clicking sound on the background is that you keep, like, selling your keys?
Yes.
I have.
So, yeah.
So, I bought, like, what, 3,000 keys, just auto-sniped them.
And some of them turned out to be good.
Some are just not so good.
Anyway, some of them actually ended up buying some civil farms, and they're up in price.
So, I think I started selling them because I was like, my frantic will not effing load.
And I was like, maybe if I sell one of these 3,000 rooms, it'll work.
But, yeah, long story short, I'm just, I think I've sold 2,000 plus keys in, like, four days.
And I'm still selling some bots right now.
You should hire a VA.
Sorry, go ahead, Maxi.
Yeah, can someone give me some hopium that Paradigm actually gets it, like, gets socialfy?
Because, yeah, I mean, I just don't see, I don't see, like, a ton of engagement, especially from their ICs or, like, research.
Like, I don't know if they're just being private or, like, they have restrictions on their activity.
But, you know, they're not, yeah, they're definitely not, like, degenning on Frientech or anything like that.
So, they're not even active in their chats as far as I can see.
So, yeah, I mean, I could use a little hopium that they actually, like, understand what they have here.
Because it seems like a lot of the team is very focused on, like, esoteric, you know, topics with respect to, like, MEV and stuff like that.
So, I just don't know, like, who from the team is really invested in, like, helping.
I'll give you a little bit of hopium, Maxi.
So, I was a seed investor in Blur, and I've gotten to know Tayshaun really well, right?
So, he's the brain and CEO of Blur.
And they get a lot of help and support from Paradigm in terms of just strategy, vision, security expertise, tokenomics, right?
So, there's a bunch of stuff that these guys are really good at.
And, of course, that includes go-to-market, right?
So, they bring all of those elements to bear.
So, I'm actually bullish that as they mature the product, right, they'll sort of build this very digital core outside of, you know, this sort of platform architecture that they have.
And they'll start to be able to go after, you know, a lot of the ecosystem around it because these guys are great at that.
So, I think they will do a lot of the connectivity, and they will bring a lot of the expertise to bear in terms of supporting that part of the value creation, right?
So, I am super bullish on not only them getting the architecture, right, because I was concerned when you earlier talked about the fact that they built an architecture that may have kind of boxed them in.
I know that they're probably getting the support on how they do the rewrite and how they make it a scale-out architecture, first of all.
And then, secondarily, security being tantamount, right, and then all of the other elements to be able to add feature functionality that actually allows it to grow.
And they do get the tokenomics really well, right?
So, what we have seen with Blur is the evolving approach to how they're doing the point system, right?
They're really trying to build something that's sustainable.
And I think you'll see the same sort of, you know, impacts when it comes to FT as well.
In fact, it's going to be a much larger target addressable market.
So, I'm sure they're kind of salivating to bring all of their best research folks in to help make this a much stronger product.
Yeah, Blend was an amazing product.
You just saw that, like, I mean, they designed the contracts and, like, it just ate the whole NFT lending market, like, overnight, pretty much.
So, yeah, I'm familiar with that.
Also familiar with our gobblers.
So, I'm sure the, like, the reasonable expectation is somewhere in the middle there.
Yeah, some of the simple stuff, just like the gasless signing of transactions that you could do from Blend was a really nice touch that gave them a leg up across most of the other lending platforms.
Because that stuff was out there already.
Like, NFT lending was not something new or novel.
But they did just enough spin on it that they were able to actually corner the market.
Plus having the attention of attaching it directly to Blur, which is a solid move.
I mean, for the token drop, I don't doubt that they're really well positioned for that.
I think it was, what's his name?
John X, X on, who was, he's kind of like, you know, not that crazy about social file.
You can see it's just a farm for him.
And he's like, yeah, you know, I'll just keep engaging.
I think, I'll hold my keys, but I think people are, he still thinks the token's going to do really well because people will just forget about this for, like, another three, four months.
And then when the token comes, they're all going to FOMO into it because they all want exposure, right?
And if these guys do the tokenomics properly, which they should be able to, and as you guys, as Bharat said, like, they know how to deploy this, how to go to market.
It's like, I don't doubt it would do well.
It's literally like the bar is so low for the Frentech team, like, they just have to not fuck it up.
When it just comes to the app, the token itself, like, they just have to not fuck it up, in my opinion.
Other stuff, like the app and what happens after the token drops, there they need to, like, put more thinking in and, like, develop the app and everything that we've talked about on this space.
But, yeah.
So, Racer just tweeted.
Literally now.
I like.
Wait, wait.
I need to read this.
Oh, God.
These tweets are so true.
They're so off.
Like, they're so out there.
No, no, no, no, no, no.
Listen, listen.
I like listening to Frentech Twitter spaces.
Very thoughtful people.
Hey, that's us.
He makes fun of us.
He doesn't mean that.
I know he does that.
This fucking guy.
That's an insult.
This fucking guy.
So, okay.
So, I had this in my back pocket of, like, I don't know, Racer.
Like, I've never talked to the eye in person.
But I've heard from people that have been around that he is a based individual, right?
Everyone's speculating.
Oh, he's going to get 50% token drop.
Like, just random shit like that, right?
Because, and I don't know him.
So, I just have this stuff to go on.
And then looking at some of his recent tweets of, like, you know, governance tokens are kind
of bullshit.
And, like, then going after the uni stuff.
He's like, I don't know why you would want to do any kind of token for this kind of stuff.
It kind of fucks everyone.
And I was like, I wonder if this, again, in my brain, a particularly based individual.
I was like, and I know he has a penchant for shit posting on occasion.
I was like, is he just, like, max footing just because, like, he finds it in fun?
And I'm like, he just keeps fucking going.
And if so, I respect it.
Like, maybe he's just, like, really, like, he's shaking the fucking tree to get people
out.
And, you know, maybe there's something cool on the other side of this.
I seriously hope he starts just posting tweets of, like, sticker packs and stuff.
Like, your meme you made yesterday had me rolling, dude.
I gave him a base.
Yeah.
You can use that as the template.
Can I share my theory on, or maybe not my theory, but my thesis on, like, why I don't,
first of all, I'm not, like, you know, a whale or anything.
I can't, like, spread my liquidity across three apps.
I don't have the time.
The more important thing, it's not the money, it's the time, but all the time to go to each
chat and actually give, like, an actual serious effort, like, you're going to fucking know
that I'm not really taking it too seriously.
If you look at my room in, you know, Stars Arena, it's a joke.
All the things I posted, it's a joke.
Like, definitely, I don't know.
But anyways, my point is, dude, NFTs came and went, like, in the bull season, like,
with tons of projects that promised X, Y, Z, and that didn't deliver, and I don't know
much about, like, apps like this, but it's just bewildering that, like, all of a sudden
there's these teams that pop up and create this thing, and then, like, people are just
so willing to trust, like, these apps with their money.
Paradigm had a...
The only reason why Frientech happened is because Paradigm is backing it, and there's
a reputation behind it.
No one would have fucking loaded their money on this app if it was anyone else.
So the fact that Stars Arena happened and everyone went that route and it fucked up twice
is absurd.
It's literally upstairs calling me on my phone, rugging this space.
Yeah, redo that, because I want to hear it.
Give us the spice.
Yeah, one sec, one sec, one sec.
All right, let him tuck that.
So it sounds like he's a little spicy with it.
And honestly, I don't disagree, like, with the initial lead-in that he had there, right?
Like, the app, nothing special.
I think it is somewhat discrediting the...
Because I was really excited about this stuff, even before I knew about the Paradigm stuff,
even whatever, and it was only about, like, what could be done with the combination of
the tech stack that they had, like the structure of the smart contract, the progressive web
app, you know, on L2.
So, like, all of that stuff kind of got me excited.
I agree that it probably, the magnitude and velocity at which it increased, definitely
was aided by everything that they said.
But there is novel creation here that I think is worth giving some credit to.
I was hoping to be back by now.
He's not.
Oh, go ahead.
Okay, so, like, in regards to, you know, all these devs appearing out of nowhere, like,
I legitimately think the majority of the devs in Web 3 were just bored to fucking tears
with, like, creating more and more of the same...
Can vouch, yep.
Yeah, more and more of the same smart contracts that, like, we're going to go to fucking zero
and, like, be a lame-ass NFT mint, and then if the project or the company gained any traction
at all, they were just going to, like, double down on Web 2 bullshit.
Like, that's not interesting or compelling or exciting for anybody with more than a quarter
of a brain operating in Web 3.
Like, money go up is not what gets devs up in the morning ever, and it never has been.
It never has been if you actually work at a software company.
Like, it's just not enough for them to participate, and I think the reason that they all jumped
on to the Socialfy thing, or, like, a lot of them jumped onto Socialfy and, like, started
making tools really fast and started making competitors or forks or whatever it is, is because
it's actually fucking interesting.
And, like, the stupid shit that we have been doing for a long time is so tediously boring,
and that has such a large piece of why the market died.
But, like, I do agree with Slinger that the reason so much money piled into Frientech is
the promise of a paradigm airdrop, and nobody else has been able to promise something like
that to this point.
Great take, and I totally agree, because you're right.
Like, even, so I'm, I don't dev myself, but I work closely with devs.
I'm technical, so I like, and I'm a nerd, so I like reading, researching, and doing all
that stuff.
And the most interesting things prior to this new design space coming up or spawning was,
like, 6551.
So you're, like, six layers deep in NFT meta trying to give wallets wallets that have wallets
so you can tuck your traits inside of an NFT that does a thing.
And, like, it gets kind of meta, and, like, you're working as a subset within a subset,
so it's whatever.
And then there's the restaking stuff, which was a new design space.
And there is a DeFi ecosystem that's spinning up over there.
But until this came along, yeah, there wasn't fresh ground to be developed on in quite a
long time.
And, yeah, there was a lot of developers that got really excited about that.
People close to me included.
I know some inventors up here.
Hey, I'm back.
Slinger, it looks like you're back.
Yeah, it was, sorry, there was, like, a giant wasp in the living room, so my wife had to
call me three times when she used to adjust the floor above.
Okay, so I guess, like, where I was at was just, like, I think that Frontech paved the
way for these apps to even be justifiable to be used in the first place.
The other thing is that, like, the way I see it is just, like, I mean, it's just like
anything else, like, a project pumps as much as it can pump.
You see the stagnation.
And let me just talk about, like, entity projects, right?
Whales go in.
They're bullish.
They're bullposting.
They're tweeting about it.
They get everyone to buy it, aka exit liquidity.
And then they're like, okay, well, next project, you know, next JPEG.
So with Frontech Forks, it's that, right?
So you have, like, the sort of a staple of it, you know, which, you know, I would say
it's Frontech right now.
And then you have these other ones that are popping up where just math alone, you can look
at it and say, okay, I can, like, 200X, like, 100 of these keys right now if I go all
in and make everyone else go all in and FUD as hard as I can and do whatever.
Like, who knows who's behind these DDoS attacks?
I wouldn't say it's a competition, but it would not surprise me if some of these, some
of these, like, whales or groups of people, people know, you know, sophisticated enough
people to be able to do that themselves.
Like, it's just, I don't know.
That seems, you know, pretty coordinated, how the act has just kind of gotten destroyed
on these pivotal key days.
And it's like, hey, we need an excuse to just dump our bags.
It's just, you just have to, like, kind of see beyond all the bullshit.
And to me, it's like, it's just, it's just another day in crypto.
Like, what are you going to do?
Like, dude, the NBC app, I'm not going to, sorry to throw shade.
It's just not enjoyable.
Like, when people say, I'm going there because it's fun, you're going there because no one
likes you on Frontech.
Okay?
Like, Rex Food Farmer, all these motherfuckers.
No one likes you on Frontech anymore.
And no one's going to buy your shit.
So go to your other app.
It's all good.
Like, it's so simple.
Like, just think for yourselves, you know?
That's all I can say.
But wait.
But wait.
The wheels, they're so much fun.
Dude, it's so stupid.
You don't like the tickets.
I'm kidding, Slinger.
You know, I mean.
Slinger, I'm kidding, dude.
Just don't get me going.
Like, I can keep going, but I'm going to just stop right there.
No, I gave my take in the beginning.
I'm just, I'm joshing.
Yeah, yeah, yeah, yeah, yeah.
I'm kind of nervous about this wasp.
I vacuumed it, but it's still alive.
So what do I do?
Do we have any wasp experts on here?
Quit being alert.
Burn your house down.
Go get it.
Burn your house down.
If you don't have wasp spray, use WD-40.
It works like a champ.
You empty the vacuum outside and run inside.
I think that's, like, my only option.
Or, like, throw this vacuum in a trash bag.
Just use 2FA.
Like, safety over everything.
Okay, all right.
You don't want to get rugged.
Dragos.
All right.
What's up?
Now, just to see, how are you feeling about everything?
Because I don't think you gave your take on latest trends.
And I don't really care about, like, improvements to the app itself.
I think we've talked about that stuff ad nausea in the last however many weeks.
Like, no one gives.
Like, frankly, I don't give a fuck about, like, adding reactions to tweets.
Like, as shitty as the stability is, the actual usability of it is fairly on par for my actual stuff.
Stuff, like, there's some niceties I'd get of, like, being able to forward specific messages from other rooms.
But, again, like, the app itself is whatever.
I'm more interested in the meta direction of the entire thing.
And then, obviously, building up some of the, like, the discoverability stuff underneath.
But, yeah.
I mean, I'm chill, man.
Like, I'm foolish.
You know, there's a few things that, you know, there's our uncertainty for sure.
We all feel it because of, you know, the lack of comms from the team and, like, this, you know, we're speculating on a lot of stuff.
We don't know a lot of stuff.
But it's also normal, right?
Like, if everybody knew for sure that this would be a big thing, then the opportunity wouldn't be as big as it is, right?
Nobody ever made money farming Wi-Fi or Curve or everything else in crypto because they knew, oh, shit, like, this Wi-Fi thing is going to be, it's going to make us millions.
You know, it's going to go to $80,000, et cetera.
It's going to be, like, the best farm ever or something.
They didn't know that.
They just participated because they liked it.
And that's why most of us got here in the first place, right?
Like, we genuinely enjoyed it.
And, you know, we were talking about the APRs if the token was, like, one, if you assume the token at $1, one token, one point per one token and the token at $1, the APR is quite significant.
Like, you would farm that any time if you actually saw it visible in a farm.
So now it could actually go higher, right?
Because lots of people exit it.
We'll have to see how the points drop happens.
So for me personally, I think what's important to always remember is, I mean, firstly, I think the grifters are out right now.
Like, I think, ironically, Hero last night in our Telegram chat goes, like, when Vombatos sells everything, that's the bottom.
And literally one hour later, Vombatos sells everything.
We're like, shit.
So, you know, like, I think most of the weak hands or, like, people who were about to sell, who were overexposed, et cetera, are sold.
I don't think there should be, like, a further bleed out from here.
Maybe now we finally get that consolidation.
I think it's important to not get overexposed.
Like, I put in a lot of money into this app, but it's not – it's money that, you know, if I lost it tomorrow, it would suck big time.
But it wouldn't set me back that much with crypto, especially with, like, everything that's happening right now in the market.
So, I think as long as you do that, it's just still a very comfy farm.
It's a very fun app to use.
I would love for it to be faster because I'm very – you know, just like JPEG, I'm very, very social.
I'm always, like, on Telegram, always chatting to people, et cetera.
I would love nothing more than to be able to jump from room to room and talk to people.
But it's just so freaking slow.
And sometimes my messages don't send that I just end up giving up after, like, four or five people.
And I just kind of, like, jump in and out every now and then.
But, yeah, otherwise, I'm just – I just want to see where this goes and just be patient about it because, you know, February – if this launch is February, March, I think it's really good timing for the token and everything.
So, I'm really excited.
So, okay.
So, that spawns another question.
Sorry, Sting, I'll do this and then you can step in.
And this is going to go to both Dragos and Sherrod, an avid writer, apparently, and then Emily because Emily's been such a strong advocate of using the app for its intended purpose versus the influx of far more.
Farmers that are in here.
And while I think I straddle the line where I'm a pretty heavy farmer, obviously, but I also use the app and I do appreciate being able to talk to other people.
But my pace seems to be a little bit slower than others in the room, especially like Coffee Attack.
I see he's crushing the leaderboard all the time.
So, do you think the slow movement of the actual, like, in-app feature, like, actual user behavior updates is now culling some what would be good long-term users from the application?
And because, like, I'm preserved as someone who is less of a heavy, like, power user from the actual chat client stuff and more of a power user from the ecosystem slash farming aspect, right?
If we're just doing, like, raw, I don't know, whatever, allocation capital versus time allocation.
I'm sticking around.
I can weather this stuff.
And I can give them all the time in the world to do the chat stuff because, like, again, I'm not a heavy user there.
And maybe we're losing people on the other end of the spectrum who don't have as much capital but are giving time to the chat and trying to contribute to the ecosystem in that way.
And they're peeling off pretty consistently.
Do you think those people are, because there's no capital allocation, they can come back quicker or less capital allocation?
Or do you think some of those things are burned right now because of the slower app rollout?
I think with everything, it's a matter of ease of use.
Like, I think if crypto gets adopted, it has to be easy to use.
I don't think people need to, you know, use hardware wallets for everything they do, et cetera.
One of the things that attracted me to Frantech in the first place was that, okay, it's not the simplest thing, but you just sign up with a phone number.
Or you buy something, you deposit either through your credit card or ETH onto the app, you buy a key, bam, you're in the room.
So I think the app needs to be usable for users to keep being onboarded.
I don't think you can, yeah.
So I think it does, like, yeah, push them away because the app is slow right now.
It should be faster.
Like, I would, I don't know if this is possible, but, like, I love Telegram.
Telegram is, like, the best UX out of all of these apps.
It just works just instantly all the time off any device.
Obviously, this has been worked on for so many years, so it's probably not realistic to expect that, but not a forum app either.
Again, I don't know if that's possible technically.
I have no idea, no technical specialty when it comes to that.
But, yeah, to answer your question in short, yeah, I think it does take away from it.
But I also jumped into this, one of the reasons I jumped, I went so heavy into FT is that everyone was complaining about the app in the first few weeks.
And I was like, dude, it's, like, look at the positives here.
They have months to make this right.
So why not give them the benefit of the doubt and take the good parts for what they are and just see if they manage to develop something better within these next six months.
So I think that's still my stance because it's only been, like, two and a half months since then.
Greg, can you re-summarize, like, those key points to the question?
Oh, fuck, I unplugged my headset.
If you can hear me, it was basically just right now that, like, they're focused on stability.
And because of that, they're losing some of the chat stuff, right?
They're not iterating very much as far as features go.
And that's okay for someone like me who is not a heavy power, like a chat user, but is a heavy capital user with the farming aspect.
So, like, I'm fine doing that and staying in the ecosystem.
Whereas someone on the flip side of that who is more of a chat-heavy user or contributor to the ecosystem for the, quote-unquote, intended use of the app,
they are starting to peel away because there's nothing here to retain them in features.
But, you know, whatever, capital stuff.
So do you think the current security, scalability, and farming-heavy stability or farming-heavy aspect of everything coming out the last few weeks
is actually going to cull away some actual users that the team should want to retain?
Yeah, and just the balance of that, I guess.
Okay, so, like, I am a big believer in playing the long game because I think your short-term outcomes are more stable if you are using tools as intended, right?
Your ability to evaluate a product is going to be more accurate if you're considering the long-term vision or, like, what you suspect the long-term vision is.
So, yeah, I think it is hugely damaging to what they're doing.
And I also understand why you need to facilitate getting a lot of capital on board quickly.
Like, if you think back to the big DeFi farming days, you had altcoins offering, like, 300,000% APR for staking
because they wanted big liquidity pools for whatever they were doing, but it had a predictable fall-off, right?
And you could absolutely short those coins until they got to, like, egregious prices and make enormous amounts of money doing it.
And I think that right now, Frentech is facing a very similar problem there,
where they've over-incentivized the whales to come in and kind of abuse the system early
without really considering the long-term growth of the application.
Like, you know, sign-ups on your mailing list is not important if they don't convert, right?
Like, that is a wasteful metric, and you're paying more money to satisfy those people
who are not actually going to provide value back to you in the long-term.
So there's a disparity between what you're buying, what you're paying for,
as people come on board and you're taking, you know, this valuation
and you're distributing it in a way that does not ultimately benefit your product in the long-term.
While it makes, you know, while you're filling up the store, it looks like a busy club, right?
You know, the busy restaurant is the one everyone wants to eat at.
That's obviously where I should go.
Like, yes, that is a very important signal early on.
And having money on the platform also makes it desirable to shift your focus
away from whatever is currently occupying your time, right?
Like, you're always working with the same 24 hours in a day.
You've detracted from, you know, content on some other branch or, you know, social time
or just relaxation time or, you know, your day job, whatever it is.
You've diverted away from that and having a financial incentive is super important.
But at the same time, if those long, if those users that are playing the long game
are not ultimately satisfied, those users are going to go somewhere else.
And that's the long-term value.
That's the daily active users.
Those are the people that are going to add the quality to your platform
that you're probably not compensating to the right degree early on.
And I think that is a very real problem that they're facing and not solving right now
and a risk that they have openly accepted.
So I don't really know what the move is there.
Yeah.
I mean, yeah, it's a market with a subsidy.
And so, like, the behavior is pretty predictable.
You know, if you subsidize capital, you're going to get more capital.
It's going to, you know, raise prices above where they would be without the subsidy.
So, yeah, I mean, I agree with that.
I think it's led to a point where, you know, the clearing prices right now
are influenced by the subsidy by people who want to farm.
And, you know, that does price out people who would be willing to use it
in a, quote, unquote, like, organic way.
But the way to get to that type of, like, organic usage or, like, you know,
market clearing prices without the subsidy is, I mean, the answer is very simple.
You just, like, get rid of the points.
Like, and then the market will reset and we'll see what the prices are.
But, I mean, yeah, the solution would be really simple to that.
But that's, yeah, that's kind of, like, not the direction, like, not the choice that the team made.
So just in quick response to that, like, I do believe that they need the full restaurant, right?
They do need the money on chain.
The problem, though, is because they've deprioritized accessibility of the actual functionality
that's going to drive long-term users, ability to drive long-term value,
you know, the whales that are farming or just people that are farming in general
are not adding any richness to the app.
So, like, they have not incentivized a correct balance for the ecosystem itself.
And I think that's problematic.
And I think it's not that hard to re-incentivize it.
Like, if activity or even, like, I don't know, like, suggested users or, you know, whatever,
that just, like, any way to indicate value beyond price was available, it would be better off.
But I think they're honestly internally struggling to define the different profiles that exist on the app
and the different profiles they want to exist on the app in the future.
Yeah.
Yeah, the problem is that just, like, the capital moves to other things that will purchase points,
which is just, you know, more and more sophisticated cyble farming.
So, yeah, that's kind of the part.
They could incentivize engagement more.
But the more they do that, the more engagement they'll get.
So, yeah.
Yeah, because, like, Dingling, right?
Dingling's using a bot to chat.
Like, I don't think he ultimately got points back.
But, you know, the market, especially in crypto, we min-max everything.
You're always going to have someone that goes to the very edges of whatever they can do,
automate that thing, and blow it out to 10,000.
Like, even just seeing that the 10,000 bots getting one point apiece, like, that's fucking wild.
And so you cannot leave any surface area to be abused.
And you also cannot cover 100% of the surface area prior to launching anything.
So it's just always going to be a game in this ecosystem whenever you have things that are open like this.
Yeah, I mean, you know, obviously, one of the biggest use cases in crypto or, like, the biggest marketing tool is speculation, right?
So they ticked that one perfectly.
It combines everything perfectly.
And it brought so much attention, so many eyes, so much marketing.
It's, yeah.
I mean, it's really hard.
Like, I get what you're saying, Emily.
I think it's really hard for the app to get to this point, this kind of eyeballs on it.
And in a sense, maybe you'd prefer this over just not having any attention and focusing on, quote, unquote, the right things from the beginning.
But, yeah, I agree.
I agree.
The restaurant needs to be full.
Yeah.
But they have the tools to incentivize.
Like, they have to, yeah.
They can do it, but remains to be seen what they actually, if they even know what they want this app to be, because it doesn't seem like everyone knows exactly what this app will be.
Everyone kind of likes what it is, but nobody knows specifically what it will be and how it could expand further.
I think later on, we'll find out over time, because there's less incentive for, let's say, like, if you're not actually providing any particular, like, value or, I don't know.
But, you know, people who have, for me, when I signed up, I would say that it was a way for me to connect with people who I wouldn't have been able to get a follow back from or to message someone on Twitter and to connect with them in that way.
You know, now I just feel like I've connected with more, like, crypto punks and just people who I've seen on the timeline a lot that I never thought I would be in, like, the same room with them.
So that is kind of the cool thing.
So, like, the use case would be if it were to be onboarded by, like, in a crypto bull run, when people have a better sentiment on crypto in general, and they find out about an app that allows them to, like, you know, it could be, like, you know, a famous salon artist who does really nice, you know, hair and shares hair tips.
And, like, if a chick could get, you know, you know, just buy this key to talk to, like, their favorite person to, like, learn hair tips from their favorite, like, Instagram person or whatever, I don't know, TikTok star, like, stuff like that could happen, right?
Like, that would be the ultimate sort of success, seeing, like, just normal people say, like, yeah, people can access me from anywhere in the world, come into this room and ask me questions, and there's a price associated with it.
And I think that the main thing is, like, they need to get through all these, like, I guess, sort of, like, obviously, you know, people buying so many of their own keys or, you know, there's a lot of, like, gamification right now to, like, how you run your room and how you run the, like, tokenomics of your room because there's just so much manipulation and stuff.
I just think it needs to hit mainstream level, and it's so far from that because it's beta, right?
Like, buying your own keys, selling your own keys, there's a lot of, like, manipulation that can be done even accidentally, you know, and we see that with, like, right now, the only entertaining part of this app right now is, like, if it's not a person you know or heard of or were referred to, it's these whales who come in and you speculate on, right?
And they drop 50 ETH in there, and then they sell 10 of their own keys, but they're, like, ah, just kidding, and then they'll buy CBB's key right after.
And then it's just, like, they're kind of messing around with people, and it's kind of, like, a thrill, but at the end of the day, most people are getting wrecked.
So, like, that's the only, like, thrill that you're getting in this app right now, like, degen-wise.
And it's really hard to not do that when you're, like, spending all day on the app, and you're, like, looking through your rooms, and you're talking to some people, and you're, like, oh, this account just popped up.
And you kind of just, like, it's just like anything else, like, in crypto or NFTs, like, you know, it's like a little casino.
You know, but, like, we can get away from the casino side and make it more, like, you know, purposeful.
And now that there's these forks popping up, like, attracting the grifters, like, magnets, like, great.
You know, maybe it's going to get that get there, even if it means a price drop across rooms, you know, for a little while.
By the way, based on what you said, I used to have this opinion.
I still have it.
I don't think, and I think Anil from Delphi was the first one who said this.
I don't think Frentech needs to branch out of crypto to be super successful.
It's, as it currently is built, it's the perfect app for crypto speculation.
I agree with you.
Like, I've met so many really, really cool people by being on this app and, like, connected with people who I never thought, like, would never pay attention to me if I just DM them on Twitter.
And we're in, like, a bear market, kind of going into a bull market now.
And I see a ton of use cases for just wanting to connect with people.
It's, like, the perfect networking app within crypto.
Like, they don't actually have to branch out for this app to be successful and for the token to be super valuable.
It would be cool if they did that, but I don't think they have to.
Yeah, I don't think so either.
I think, like, the market's even been kind of boring up until recently, right?
So, I feel like the initial inflow was week zero, people that maybe knew racer or close to racer got in.
We had Hisaka, Kobe, all those people, which was really cool.
Week two, people started seeing all these points dropped.
And they were kind of curious what it was.
And then they saw everyone talking about it.
There was nothing else to do.
And then we saw a lot of, like, just CT influencers, I guess you could call them, join, make tons of fees just on volume because it was pretty insane at that point.
And then they just kind of got inactive.
They didn't buy any keys to participate.
They were kind of just posting.
It was your way to kind of connect with the app.
And then some new people came in, started to buy a lot of keys and use the app.
And I think kind of more of a farming meta came into play.
And then a lot of those, I guess, CT influencers kind of got bored with it.
They started to not necessarily buy keys, but just not really participate anymore.
So I think it would be kind of interesting as the market picks back up to see if some of these guys, which I actually think is kind of cool to follow,
some of them who can't really post certain things on their, like, Twitter feed because it might just blow it up too much.
Or there's certain things they just can't say.
But then if you go into their friend tech room, then they're actually willing to participate and post that to 100 to 200 people.
So I think as the market picks back up, we'll probably see more of those people participating and probably come back as well.
Yeah, I'm actually pretty bullish on the app being able to work without a subsidy or even without, like, a ton of speculation.
I mean, I think there were, like, you know, a sizable number of early users who, you know, were, like, really enjoying that, like, found a value proposition before, like, the farming narrative was there.
And before, you know, Paradigm was there, et cetera.
I don't think it was, like, 100% speculation then.
But, yeah, the problem is it's just, like, the more the stakes go up, the more that outlay, like, that's required for people to participate.
People just get, you know, priced out.
And so you're just reducing your TAM, like, the broader group that could actually, like, adopt their product unless you kind of isolate them somehow and keep them in an environment where the stakes are lower and they feel more comfortable.
Just because, like, the way technology diffusion works, it's, like, you go, like, along the adoption curve to, like, the more, like, price-sensitive segments.
Like, the people that adopt early are the people that place more value on the innovation and stuff.
So they have to figure out a way to go down market.
And, yeah, I mean, yeah, I don't have any answers there.
But I do think it can work without a lot of incentives.
It's just, like, at a different price point.
Like, the price is determined a lot by the incentives that they're giving out right now.
Can I just, like, jump in and be toxic for a second?
Like, is anyone surprised with who's rugging?
Like, honestly, like, actually.
Like, which one you're like, oh, my God.
Like, he did that?
You know, like, come on.
Dapper surprised me.
But I wouldn't call it – I don't know if it's a rug because he's just, like, you know.
Yeah, I mean, we use it to sit too loosely.
Like, just kind of quit, you know, call the quits.
Yeah.
There's one or two people that surprised me whenever they sold.
But, no, like, the big ones that did the thing, they, yeah, it's just in character.
Yeah.
What I think about – what I think is the most fascinating about those rugs, though,
is that the blame is going to the individual when, like, a significant portion of the blame
absolutely belongs on the team for not being able to deliver more quality sooner.
Like, we are paying a lot of money.
Every dollar that you get in a trading fee, they're getting two.
I have never paid so much for a product and been so disappointed by what I've received in return.
And I think that that criticism is absolutely fucking relevant.
Yeah, we should be critical.
Yeah.
And, like, without knowing what's actually going on, it's hard for us to say what's going on, right?
So, we have to be critical about the pace and clarity in which the stuff rolls out or lack of either of those things in which it rolls out.
You know, at some point, you give them grace and then pull back on grace.
They've made the app.
They've declared it to be a beta.
But they're charging us premium prices.
And I think that that is absolutely a mistake on their behalf.
That's also a user decision, right?
I mean, you enter into the ecosystem knowing exactly what you're paying.
Of course it's a user decision.
And you typically pay less for less features when an app is in beta.
And, like, we're predicting they're going to lower it.
And I think that that is a significant element and a conscious decision they made on their part.
But, like, you can label it whatever the fuck you want.
You are charging premium prices.
I think I'd take the other side.
Like, I'm actually happy with, I guess you can say my purchases.
The reason being is, like, I wouldn't have been able to met Dragos, Brad, Luke, Harrow, Tyler, you, Emily.
So, okay.
But you're talking about a different angle of the problem, right?
Like, you're paying what is effectively a service fee for use of the channel.
Not, like, what an individual chooses to deliver.
That's the value on you, right?
Like, the friend tech part of that agreement is the platform to facilitate the communication and the pricing.
And they are delivering much less than the individuals are.
And I think that that is a fair criticism of the app and also a fair justification for someone to leave it.
If someone comes in and they're a high-valued person, right?
People want their time.
People are paying a lot of money for their time.
And the app is not delivering on par with that experience.
Like, that's on the fucking team.
That's not on an individual.
And I think that we are unfairly distributing blame in that case.
No, no.
I'm not blaming it on an individual.
I was just trying to explain, like, I believe they delivered on the value proposition, which was being able to network and being able to bet on other creators and create these relationships.
Like, a lot of these people here, like, everyone on this speaker panel are all great people.
And I would have never met them if it weren't for friend tech.
So, I just want to at least put that part of out there.
Like, I really appreciate the thing that they put together.
And it kind of allowed engagement or at least staying engaged throughout the bear market.
Because, I mean, it was just like, yeah, click buttons, Aave, lose money.
This is fun.
But now we actually had a product where we can actually click some buttons, engage, and basically have these weekly spaces and talk with people.
But that's, yeah.
I definitely enjoy the value prop and, like, all those.
I'm sorry.
I have to run to a meeting.
I'm late right now.
It's bad.
But, like, I enjoy that value prop.
It's why I'm still here.
I just think it's unfair to be putting so much blame on an individual who, like, finds the unusability of the app unbearable.
Like, it's shitty.
Like, I'm still there, though.
I still like it.
I still use it.
I put up with that shit.
It's next to impossible on mobile.
It's much better on computer.
But, like, regardless, I don't think that we can ignore that element, especially if they're getting half the fee.
Yeah, but are they –
Hey, Emily –
Hold on, Dragos.
Yeah, go for it.
Go for it, Luke.
Go for it, Luke.
I'm going to take the exact 180 side and almost say that's, like, quantifiably untrue.
They're literally paying us to use the app.
Like, we aren't even – like, any fees we're paying and any money we're investing in this is ROI on points, even at, like, the most conservative estimates.
Okay, I'll come back if we're still going on, but I'm, like, very late for my team meeting, and I just think that that's the meta of socialify, and, like, that's the minimum.
Like, I think that's the minimum value prop that they can offer to people.
But, yeah, I got to run, guys.
I'll come back if I can.
Luke, it's recorded, so you can throw it up and then listen back.
Yeah, by the way, before we let Luke speak, I just wanted to interject with a quick update.
So remember how Racer tweeted about – he basically sub-tweeted us saying –
Oh, Jesus.
I like – no, this is good.
He said, I like listening to Frentech Twitter spaces, very thoughtful people, and people were trolling him that he's, like, sarcastic, and someone asked, for real or joking?
And he goes, like, for real, very balanced discussions in there with useful feedback.
Boom!
Also, Harry, you're kind of retarded.
Yeah, he did say that as well.
Dude, I mean, he's a right troll.
They're literally paying us so much money.
Like, they're subsidizing everything we do here with points.
Well, subsidizing –
Theoretical money.
Theoretical money.
I wouldn't necessarily say subsidizing.
It's kind of, like, produced from, you know – it's not really, like, they're –
Theoretical.
They're not paying us.
I actually don't have a fee.
I would be up so much right now.
Theoretical.
Yeah.
Like, we're going to be able to put so many emojis in the room with the sticker packs.
Yeah, that's what I mean by it.
We're being paid in the emojis.
But, like, for real –
Yeah, I just want –
I want, like, a border.
Can we just have a border, like, around your –
Like, I –
So, I don't know who's got boosted on League of Legends, but I got boosted quite a bit
because I wanted the super fucking cool border.
I would pay points.
Like, if points turn into borders, I'm –
So, I wish there's some monetary value, but I just want a border too, man.
I think Emily has a really good point, though, right?
Because even though we're getting paid, right, and, you know, in points, one of the elements
that she brought up, which I think is where this app is going to go from, you know, average
to good, I would say, is the fact that creators probably need to be incentivized in some way,
shape, or form, right?
If you put the farmers aside –
Fees are great.
They're a feature.
They should be higher.
Yeah, I mean, like, you've got to –
You've got to somehow incentivize people who are actually doing stuff in their
room that's creating value and that's allowing, you know, a stronger sort of network
attached.
Case closed.
Race, you're welcome.
I don't think – I don't think Luke can hear you.
That's why.
So, go on, Brad.
Yeah, no.
Luke, can you disconnect and connect again?
Because I don't think you can hear –
Yeah, I got you.
You got you.
You got you.
Yeah, so I think that's the big issue, right, is, like, unless that happens and there
is a way of recognizing value, then people who are, you know, passionate about the
app and who want to create and hustle and grind for the app are being left behind, right,
because they're not being seen.
Now, if you are farming with some size and you have a combination of those things, good.
You're getting the points as, you know, as a sort of a payment, right, in return.
But I think for the other folks who are trying to struggle to make it purely on the create
value and use the app for what it's meant, I think that's where we're going to get the
long tail of usage on Plantech that's actually going to cause it to blow up, right,
in a good way.
So I think that's an important discussion to have.
Yeah, we don't actually know.
I have a study.
Make, see, real quick, real quick.
I'll spend 20 seconds.
Lorepunk wrote an article on Plantech on NFT Now and used someone's key who I own who does
art drops for his room, which she ended up picking the tweet that had art that I made
that landed in that article.
Isn't that, like, cool?
Like, I would, that wouldn't have happened.
Man, I honestly did not understand anything of the relationship between everything that
happened there.
Whose cousins, brothers, mother, like...
All right.
So Lorepunk is, she's a writer and she writes for NFT Now.
She pits five candidates that were going to be kind of, like, interviewed or discussed
on this NFT Now article for Plantech.
Like, I happen to just get in there because Space, he's on Frantech, he does art drops.
Like, I think every other day, or I don't know how often, maybe they're daily drops.
And he drops art from user submissions or from people he finds who is willing to give
out art to his holders.
He sends them out to each of the people who own his keys.
So he asked me for one of mine, something that I did a while ago.
And I was like, yeah, sure.
Give it to your, you know, key holders.
So in that article, when she, you know, kind of gave, like, you know, when he gave the synopsis
of what he does in his room, she pulled that tweet that included my artwork in there.
So, like, by sort of association, I'm in an NFT Now article.
Like, and that's just something super, super random and cool.
Like, that I, like, I'm, you know, it's like, I'm just a degen in general.
Like, I just do crypto stuff with friends and stuff like that.
Like, that kind of opportunity didn't exist before.
It just happened, you know, from being active.
Yeah, so I don't, yeah, I don't think we actually know what the use case of the app
is, like, intended to be.
It will be multiple things.
And kind of the, I guess, where the tension is coming from is, like, you have people wanting
to use the same bonding curve for multiple things.
And, like, the prices are determined in part by, you know, people that want to use it for farming.
But, you know, we don't know that, like, the intended usage was just, like, content creation.
You know, like, that's one usage.
Another usage is, like, reputation layer.
You're, like, vouching for people.
You have, like, proof of stake for communication and reputation.
That's a different use case than, like, maybe not as many people are talking about this week anyway.
But, I mean, so there are a lot of different use cases.
One bonding curve might not be able to, like, work for all of them.
So I don't think anyone would have predicted the trajectory that things have gone.
Like, a lot of this is just, like, unpredictable emergent behavior.
And, like, you learn during the beta period.
And then you adapt the systems, hopefully, to, like, capture as much of the market as you can from these different use cases that you see.
So, like, that's what I hope the team does.
Yeah, I don't know.
But, yeah, there are a lot of use cases.
I'm going to take that, and I'm going to springboard it into something that I wanted to bring up.
And it kind of ties back into me not really using the chat app earlier on.
And it's because of a different way that we, we being myself and Favo, the guy who's helping me work on FriendFriend,
the way that we are actually leveraging it.
And it creates a unique situation, or we have unique situations that's only doable by the way that the key structures,
everyone having their own bonding curve, all that stuff, actually produces everyone being able to have their own key-gated experience.
And just to give a little window into this, and, Malak, I'm happy you're up here because I want to talk to you about it,
and Submitter is also talking to us about this, where now, because of everyone having their own,
being able to provide their own gated experience,
we, as a platform, are now being able to provide a modular, composable, developer ecosystem that provides for the ecosystem.
So we have a portfolio manager tool that kind of now spawns over into a little bit of a discovery tool.
So we're building outside of the Frentech app, because, again, that's just a database that ties your Twitter to your actual keys
on top of the actual smart contract.
The smart contract itself is where all the juice is.
That's the cool shit.
That's what Malak is building against.
That's what we're building against.
That's all the shit, right?
And then, so we have this portfolio manager outside of Frentech that allows you to cut up the data, do whatever you want.
And there are other developers, solo devs, in the ecosystem that are spinning up really cool niche tools
for things that they thought were really interesting.
One of them recently is a guy by Andrew underscore KCDreams, I think is his handle.
He has been polling and aggregating chat activity from Frentech.
So he's got this really cool database where you can see the visualization of people's chat activity
to see who's actually, like, participating in their room, who's, like,
and the disparity between high-press keys, low-press keys, whatever.
It's a discovery tool, right?
You can analyze a particular person doing their shit and see how it works.
That's information that they have, that this singular person has put together and is creating for the ecosystem.
But because it's isolated in a little bubble, it doesn't get a whole lot of distribution, visibility, whatever.
But they're creating it.
And it's not as robust because it's just a single dude working on it.
Well, our team, because we have spent some time building up a little bit more of a platform,
we have a little bit more of an audience, we have a little bit more of an infrastructure in place.
We have built into our app the ability to now pull in his particular information,
also giving access to our stuff, so that if you have his key plus our keys,
you have access to our stuff, and it pulls forward these individual,
really insightful chat client information in these little modular bubbles of just like,
hey, there's someone in the ecosystem that's contributing.
We give them a platform to display into our suite because they have that information.
They present it to us.
Frentech can't give us that information.
And now, like, we can potentially see a future where you have multiple smaller solo dev teams
that are contributing to a more composable ecosystem where we all serve up data to each other,
almost creating a network of these developer tools that all work together in conjunction with each other.
And then based on a particular user, you guys, based on the keys that you own, can compose your own experience, right?
You own our key for the access to the platform.
You give a shit about chat information, cool.
You buy Andrew's key, and then now that plugs into our suite.
So you can see that stuff in real time in our app in a consolidated manner.
He gets exposure from us doing that stuff.
We serve up some of our more robust data because we have a little bit more in our infrastructure.
He gets the distribution.
We get access to his data.
His key makes a little bit of money because now we're drawing attention to him.
It's just like it works in a circular manner for everyone there.
And then you can extend that to stuff like Malacca, right?
Malacca is doing his key drop fund stuff, which is smart contracts built on the ecosystem.
Plug some of that same stuff into other tools.
And you just keep iterating over and over and over where these people can do their individual work.
And it's all composable, all external from the Frientech chat client, which is or is not awesome, depending on who you are.
And it allows for like, that's the exciting part outside of what everyone is even doing.
And that's frankly why I don't really give a shit about the chat client itself, because there's so much exciting stuff outside of that that we can still build on.
Yo, hell yeah, dude.
Thanks, Brad, for the shout out.
First off, I want to say what's up, everyone.
Some of y'all have never held your bags zero and it fucking shows.
I went into this thing fully on noting that we were going to have major pullbacks like this, because most people did come in for the airdrop.
And what do you do?
You stop farming the airdrop early and all that stuff.
But I am not phased in the slightest.
What Brett said, 100 percent.
Just there there is so much to be built yet.
There's so much to be had.
This is this is something that I mean, like I bought the freaking compound team for under 100 bucks.
It's like you're telling me in the bull market that's not going to have any weight.
The devs, the CEO that were like, come on, guys.
This has got major use case for further on, even if we didn't build anything else on it.
But but there is so much to be built.
There are so many artists like Sean O'Neill.
And I'm so upset I can't go.
I'm going to still try to make one of the shows.
But like I would have met the guy and he's DMing me, telling me about like there's ideas that he has and he's very excited and he's bringing his artist friends on.
And I love to see like anyone using key drop that fun.
But like whenever it's like, you know, some name using it, you're just like, holy shit.
Yes, this is cool.
This is what I wanted it for.
It was like stickers.
It's like, oh, you're a musician.
You know, maybe you're slightly familiar with NFTs, but you're like, oh, it's kind of scary.
I'll get a key drop.
You know, it's like it's fun.
There's no pressure.
Make some stickers, throw up your new album, you know, one hit with a little cover.
And it's like you get familiar with the space.
Right.
Some fun you can do.
But and I love what you're doing, Brett, too, especially.
I really love your analytics, man.
You already know that.
I just I love I love how we can slice and dice all this stuff.
And he dropped is just the beginning.
I'm going to tell everyone right now.
I've got a lot of things cooking down underneath.
If anyone wants to get involved, please DM me.
I who I don't know if I should still release this.
I'm working on this with Orly right now.
Should be later today.
But one of the next obvious steps that we need to do here is index everyone.
That's right, friends.
We need a Pokedex for our friends.
That is coming.
And I'm sure many people can build it many different ways.
But we want to do it on EAS and do it in the most decentralized, fun, awesome manner.
Got to catch them all.
Yes.
More than a meme.
But this is all leading to something bigger in my mind.
I'm a crazy son of a bitch.
And I want to go even further with this.
I see Friend Quest.
I see what Brett was saying, all these little dev teams and all around.
But we need a new way to collaborate.
We need a new way to coordinate.
It's too bright.
Like Dow's tribe, but there's too many moving parts in Dow.
There's too many people freaking involved.
You need small teams.
You need teams of like two to five people, like the Frontech team, like the KeyDrop team,
like Brett's team, like all these teams.
That's how you move quick.
That's how you innovate quick.
And it's how do we coordinate with each other, right?
And I think Frontech just unlocked this, right?
Like you had an observation, like, yeah, KeyDrop is using Frontech kind of, but like we didn't
have to.
We could pivot to new Bitcoin, whatever, or Starz or Arena or, I mean, just there's no
reason right now.
Like we pick Frontech.
It does everything we need.
It gives a centralized point of everyone.
You know, it gives your shares, your keys, whatever.
And it gives your identity, your provable identity, right?
It's got this nice unlock into the layer above.
Could we have entered here through other avenues?
Absolutely.
Can you still enter here through other avenues?
Absolutely.
But I don't think Frontech's going anywhere.
Most of my losses have been from buying people expensive.
I've always told people, don't buy my key if you think it's expensive, right?
Like, I go for entries sub $20 because you can't really lose there.
But that being said, I'm still feeling the hurt a little bit here, but I'm prepared for
that thing to go a lot lower.
And hopefully these tokens are indeed worth a few bucks and we make our principal back in
that way.
Because I do not want to...
Malaka, sorry, sorry, sorry.
Malaka, can you end the monologue with a let's fucking go, please?
Let's fucking go!
The sticker packs, Malaka.
Sticker packs.
Yeah, what's this about sticker packs?
I heard something about that.
That's what you're going to be able to convert points for.
If only we were better at celebrating the red.
Because, look, if anyone who's here now was able to time like that, like, the dip after
the activity in August and, like, joined early September, that was prime time to join.
But, like, nobody was, you know, shilling this hard to everyone to start using it in the
start of September.
And I got in, like, mid-September.
Things were still on its way up.
I was there when it hit the peak, you know, TVL.
And then I was just like, damn, this is amazing, right?
And then I kept trading the way I was trading.
I was conditioned to only win.
Then I realized there are a lot of people rugging on this app.
And you got to be a little bit more careful.
And then I got burned, right?
If anything, like, yeah, dude, you can either get in at this point or ride it down further
and enjoy the come up later.
Like, that's, you have to, like, go through that.
And it's hard to remember that.
But, like, once you do and you just kind of, like, ride through it, it will be, I think,
worth it.
Like, I want to be there for that next, like, moment where they, you know, they work on
this app.
They update it.
Maybe they don't.
And others, you know, realize that these other forks aren't really, like, long-term
or don't have an actual plan long-term for you.
I think no matter what, like you said, Malaka, that friend type will be fine.
So, you got to have to, like, you have to deal with this.
I'm not.
It's just part of the game.
I'm personally not concerned.
I'm personally not concerned about the forks at all.
Yeah, yeah, yeah.
No, I'm not either.
I'm just, like, I just want to, like, for the entire audience at all.
Like, also, I'm just, like, talking, coping to myself a little bit.
Yo, speaking of major ruggers.
I wanted to, yeah, go for it.
And then I also want, because I want us to wrap it up soon.
But I want Luke to speak, because he's joined late, and we haven't heard anything from him.
But, yeah, go for it.
I actually wanted to direct this to Luke as well, and some of the other guys here.
Because Luke's been working on those keyholder stats, right?
um the major ruggers like how do you how does a new person find out like oh this guy's a major
rugger besides this you know telltale signs of like oh he's self-buying you know this classic
um wombat move so yeah maybe luke you have some thoughts on that as well as you
weave into your uh your own whatever you wanted to share yeah definitely also i just wanted to say
whoever i talked over it might be my twitter space was rubbing so brett or whoever whoever
was talking might be all right he said he hated you i couldn't hear anyone it was silent for like
30 seconds like what the fuck is happening um sorry if you're listening back i'll message you
um but yeah submitter it's a really good question i mean honestly like none of us know and even if
you comb through all the data like you're still gonna get rugged like i'm sure everyone's feeling
that today um you know it's impossible to avoid it entirely but like um one of the things that i was
super frustrated seeing just because i do spend so much time was like some of the more predatory stuff
uh people are doing and i use that word because like i don't have a problem with people botting
and sibling like everyone's always going to try to earn the most uh airdrop points for emojis stickers
but when people do it to like intentionally kind of mislead like let's say you uh i'm not talking
about someone who like spins up a bot farm and then gets 50 accounts to pile into that one account i'm
saying if someone like distributes their eth to 20 fresh accounts and then pumps up the account and
then starts 3-3ing with people so like their account looks they don't look like a vombatis
but like under the surface they actually are a vombatis and i think that there's like a lot more of
those accounts um in the network right now than than maybe it looks and so i made a sheet anyone can go
check it out um because i just wanted to make it like super as easy as possible for other people to spot
it just because like i think it's a good thing if organic users that want to use the app like i want
everyone to get rugged as little as possible and it's gonna still happen but uh i just think trying
to like avoid it submitters is the best way but like we're all still gonna get rugged like there's
no way to truly avoid it um it just it is what it is part of the game what do you think about um
like yeah can you give us your thoughts about the last 48 hours and how you feel about the app
going forward because i know we spoke about one-to-one but we haven't heard you on the space
oh yeah yeah um i mean i kind of thought there would be some selling from people that wanted to
chase uh the bitcoin and all coin pumps but like i don't really know what the perfect storm was i guess
uh it's just reflexive you see people like vombatis or like some big whales leaving and so other people
just uh think in their head like oh they're exiting they must be out um i think it's also just
probably like um we're kind of seeing like how many people even were here for the right reasons
in the first place and so i think that um all the people that joined like middle of september after
that um kind of just joined because they saw key prices going up and like we saw this exact same
thing with the hyper 3-3ization i don't know if you guys remember this like two or three weeks ago but
like there was this wave of people it was when new user signups were going crazy and everyone would
just join and the app was overrun with 3-3 and like i think reciprocity is great but there was a
point a couple weeks ago where 100 of the chat activity was just people joining and saying will
you buy me back and then if they didn't buy you back they would sell i think that like a lot of the
people that are leaving this week are just those people they came in they thought it was this game
where you pump your thing and try to make ease and so like that's the thing i've realized with a lot
of the people leaving they're like oh i'm gonna go join mbc or i'm gonna go join stars because the
ticket prices are going up and it's just like that was never the game in the first place like
like some people want to use the app because they think it's cool and some people can can farm it i
think like both of those are cool i think joining to try to make eth was always the dumbest approach
and i think uh all the people that came in with that mentality are leaving but like they were going
to leave anyways like i don't know really what the perfect storm was but um yeah i don't know i'm still
bullish i don't i don't really i really know why everyone's freaking out i also like don't think the
high fees are that big of a problem uh i don't really think we need new features i don't think
we really need new audience if they make the app a little more stable like it's a beta period and
it's going to be they can do a bunch of cool shit in the next six months so that's kind of how i view
it like we got to give them a break um it's got to be fucking hard even if they had 100 engineers to
run the most used popular crypto app and so it just kind of is what it is i don't want to ramble but
still bullish
let's go can we get a let's fucking go from luke or not really your demeanor let's fucking go i'm i'm
i'll throw a let's fucking go
the difference let's soundboard that dragos yeah yeah oh baby i can't compete with malakas let's
fucking go yeah no one the problem is the problem is when he shouts like that it doesn't the microphone
doesn't pick it up anymore so it kind of interrupts so i can't use it as a soundboard
you'll have to record it you'll have to record it for me separately malaka and send it to me and then
i'll put it on the soundboard we really need that actually you have to do that his energy is electric
dude i can't compete with that
i love to just have the app be usable i think that's literally the most important thing so that's
super well said look like it's awesome as it is it doesn't have all the bells
whistles like everything else does yet or maybe ever but it's serves its function and it's cool
that enough people are um upset when it's down because it means people actually want to use it
right right i just want to add one thing there too because i was losing my when my app was rocking i
was losing my mind people were saying like it needs to have this or like all these other apps have
these other features and it's not fun right now like it's never going to be fucking call of duty
like this is a crypto app and we're still we're like two months in we're trying to figure it out
like no one logs into uniswap and it's like you know fucking falling out of their seat because it's
so fun it's like these are crypto apps guys like we're playing with technology i think it was like
super fun because everyone's getting dopamine from the gambling the first couple weeks but like
my god dude like go to a casino if you if you need that rush or like i don't know pick up a bad habit
but like even if the app was was perfect right now fully usable ticket prices were going up it's like
it's it's never going to be like a drug all day yeah it would just be convenient yeah it shouldn't
be convenient like tele telegram isn't enthralling i guess it can be depending on how deep in the
shitcoin world you are but that's it's like it's never going to be this like non-stop like i don't
know go go play call of duty if you need something to be fun all day it's like that does even if it's
not very reliable it's like it is still working like i don't know it's it's still i still
friend tech is my bad habit yeah let it be a bad habit enjoy it enjoy it for what it is
i love it i'm pretending to leave right now so it's like rocking the baby checking friend
on that note uh anything else to add brother should we rugged
right yeah we've been going for a little bit uh will we're doing the points thing on friday
brett i'm playing music at that time so i'll might join for a bit but it's on you if you want
everyone buy gman's key oh he did not pay me to say that
the chain doesn't lie so sorry what did you say brett
i didn't book this place i was trying to see if i can speed do it before we get out of here but
it's not worth it i'll just i'll tweet it out i can just announce it separately i was just asking
if you want to do it because i'm probably not going to be around there i'll just tune in for
like 20 minutes oh yeah listen i'll be there now i think we're going to have our first spicy points
because there actually is some variability this week that we didn't have the last three or four
weeks so i'm gonna sit there i'm gonna crack a beer and just chill out with the homies chat see
if my points are or have our grace or surprise in them or not and then yeah just have a good night
so yeah so friday seems to be a good time for everyone so i'll be there yeah these ones we keep
them more like more on topic and uh more quote-unquote formal fridays will make them more informal so
we'll add a bunch of people from the audience on on the stage we'll just have fun keep it casual
etc i was also meant to announce some like cool thing that i'm going to do not very different from
what i'm doing now uh but uh decided to postpone it for a week because uh the sentiment is just not
there uh and i wanted uh all this storm to kind of chill for a bit before i did it so yeah thanks
guys for tuning in and uh i guess we'll see you on on friday i'm i'm supposed to play something now
right malaka can we get a let's fucking go just before we head out
let's go god that's awesome
throw back to the bird sounds from friday all right see you guys
you know the power of the pump always comes back to you if you respect the pump of other people
rest in peace wombat
