I never built it, but it's perfectly possible to do.
The genius idea IMHO was the business model- If you were into certain things you wanted to keep private from most but only wanted to disclose to other people who were into those same things, you could pay a fee, and it would then show you others who were in that "market" (of ideas, drugs, sex, whatever). (It might only ask you to pay it if it found someone nearby who matched. And then it would automatically notify the other person unless you paid an ADDITIONAL fee... Not sure about the latter idea, but it was an idea.)
The only issue is everyone holding their phone up in front of their faces.