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12 sats \ 3 replies \ @k00b 12 Aug 2023 \ on: SocialFi A Rebranded Scam nostr
I hadn't even heard of https://friend.tech.
Lots of people talk about steemit as some kind of success but it seems to have imploded around the time people realized all tokens end up being scams.
Looks like Base is trying to get some dapps going to try and drive some adoption and use outside what coin base is using it for, I'm sure they're VC arm will find a bunch of DEFI clones form ETH to move over and create some bridging systems between EVM chains
As for Steemit, I never understood what the "success" was I remember when it was in the top 10 and users were earning like 1 - 10k in their coin to be featured on their home page and there was a rush of people trying to get in and "earn" but in reality, very few benefitted before the ponzi diluted itself. I think Justin Sun bought it to do what with I don't know, I guess there must be some traffic, but I some people forked it and that hasn't really gone anywhere either
I do think socialFI will be a popular trend in the next cycle along with AI tokens, like play to earn and metaverse was in the last one. I thought I'd start creating content about ti early so people can point to it as a warning, if my predictions are correct
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There are a few projects on something called Hive that someone keeps attempting to dunk on SN with in youtube comments if you weren't aware of it.
Why would I earn hundreds of sats on SN when I can earn X amount of token on Hive something or other?
iirc they have some kind of token emission that gets paid to users in some inevitable game of music chairs
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Yes HIVE is the fork of STEEM but with the original pre-mine burned other than that same thing and dapps that didn't like Justin Sun moved over, it preys on the naive by offering no transaction fees, an algo stablecoin issued at 10% of the primary token supply
Users see a $ figure on their posts if they earn from the daily inflation pool which is redistributed by stake-weighted upvotes so as long as they keep it trading at a certain price those payouts look attractive
The payouts shipped after 7 days and are either fully staked with 13 weeks lock up or you can get 50% of your payout. It's typical altcoin complexity theatre relying on a churn of people looking for ways to "earn" crypto im honestly amazed at how long these things can keep running and why i always say bear markets are not nearly as brutal as they should be
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