Founder acquired friendster.com for $20k in Bitcoin plus a domain earning ~$9k/year in ad revenue, and is rebuilding it as a proximity-based social app.
Key Takeaways
The deal closed at $20k BTC + a cash-generating ad domain; original ask was $40k, seller also accepted Bitcoin at a discount.
Core mechanic: phone proximity is the only way to add friends, no follow graph or search-based discovery.
App is currently iOS-only and requires an Apple account to log in.
Brand play is explicit: Friendster’s name recognition is the asset, layered over a new proximity-first social mechanic.
Hacker News Comment Review
Biggest technical concern is onboarding friction: iOS-only with Apple-account login means Android users and non-Apple-ID users hit a wall on the first invite, which is fatal when growth depends entirely on friend-driven installs.
Commenters immediately raised the acquisition trap: without federation or open protocols, the network is structurally dependent on either hitting escape velocity or selling to a large incumbent; one commenter framed it as “Meta-or-dead.”
Feature requests cluster around social primitives that made early Facebook sticky: semi-public friend walls, group chats open to anyone you’ve tapped, and QR-based download links to eliminate app store friction during the add flow.
Notable Comments
@mjamesaustin: Proposes generating a QR download code at the moment of adding a friend so the new user can install and authenticate in one gesture, avoiding cold-start friction.
@dnnddidiej: Argues that federation would signal long-term trust; without it the exit options collapse to acquisition or death.
