"Find people nearby with similar interests", sounded like a semi-decent premise 3 or 4 years ago, but no one did it well enough to reach a critical mass, and nor did the 100 or so clones that followed. I cringe every time I hear about a startup like this now.
People (maybe just me) don't generally make friends in this way. How many times have you honestly been walking down the street and thought, "I must find someone who shares my love of handball as well as Star Wars!" You don't. You go join a handball club, or you find some nerds that are into sci-fi, and maybe there might be an overlap. And if not, who gives a shit - there's much more to liking a person than what their interests are. They might be really unkind or talk about you behind your back. I'd rather not be friends with them in that case, even if they love handball and Star Wars more than they love breathing.
Offering control over your users privacy can not be claimed as a selling point, as I see so often in social media startups. It is a minimum user requirement and in some territories, a legal requirement.
I hate to tell anyone that you can't do something, but I think there are so many more valuable unsolved problems out there.