BitClout is the real life Black Mirror.
Published 2021-04-01
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#bitclout #whatisbitclout #bitcloutcrypto
Intro 0:00
What is BitClout? 0:38
BitClout Supporters 3:02
BitClout Detractors 4:55
You can’t get your money back 6:10
How to “invest” in BitClout 6:55
The big pile of BitCoin 8:02
It’s a virtual “market.” 11:00
Manipulation 12:38
Assigning Value Where There is None 14:00
Emotional Implications 15:29
Valuing your Self-Worth 17:09
Wrap-up 19:06
Like and Subscribe 20:55
What is BitClout?
Enter BitClout. BitClout is a new social network with a blockchain twist. When you make a new account on BitClout, you’re actually making an account on a new blockchain, and in order to interact with that blockchain, you need to exchange some BitCoin in return for the native cryptocurrency called BitClout. BitClout is the crypto that makes the BitClout social network go around. In order to do normal things expected of any social network, like messaging people, or updating your profile, you need to maintain a balance of BitClout for gas to make the blockchain run. Every action on BitClout is part of the public blockchain. Posting, liking, following, are all traceable on the public record. At first glance, BitClout seems a lot like a clone of twitter, until you start interacting with the underlying marketplace.
Once you’re on BitClout, and you have BitClout in your wallet, you can purchase coins of the creators or personalities on BitClout. These creator coins are unique for each individual creator. BitClout’s one pager says that creator coins are a new type of asset class that is tied to the reputation of an individual, rather than to a company or commodity. It is the first tool we have as a society to trade social clout as an asset. The minds behind BitClout say that you should buy and hold the coins of your favorite people, and they maintain that you could use your ownership of creator coins within that creator’s content ecosystem, for things like premium content, or access to stakeholder meetings, or prioritized messages in their inbox.
BitClout Supporters
Right now on YouTube, if you search for BitClout, you will see lots of crypto channels claiming that it’s a great time to get in on the ground floor. It’s like, all universal praise and hype and clickbait, but I guess that’s what thumbnails are for, my own included. Outside of YouTube, the Venture Capital world has been very vocal about their support for BitClout, with funds Sequoia Capital, Andreesen Horowitz, and Social Capital, among others all investing in the project. Here is Chamath Palihapitiya’s pitch for BitClout Obviously, all of the people on BitClout are BitClout bulls, spreading positivity about the platform, but if you look outside BitClout’s niche, the release has not been without skepticism.
BitClout Detractors
Firstly: The crypto law firm Anderson Kill PC sent a cease and desist letter to Bitclout’s founder, Nader Al-Naji, who goes by the pseudonym Diamondhands. BitClout has been started with the 15,000 most popular Twitter profiles scraped from twitter, and placed into BitClout as placeholders. These accounts are active on BitClout, in that people can speculate on the creator coins, and the creators passively earn their founders fee on those coins. These accounts are not occupied until the owner of that Twitter profile claims the BitClout profile, and the accumulated founders fees, by tweeting out their public BitClout address, and hashtagging BitClout.
You can’t get your money back
The most major short-term skepticism and outcry regarding BitClout is because currently, there is no way to exchange BitClout back into BitCoin or Fiat currency. The way the platform works is that you have to exchange Bitcoin for Bitclout, then you use that Bitclout balance to trade creator coins back and forth. Currently, there is no way to exchange your Bitclout balance back to a more widely accepted crypto or fiat. Sure, you can “liquidate” your creator coins back into Bitclout, but there’s no other ability to exchange from there. Once you put your Bitcoin into the Bitclout ecosystem, it is locked in there, hard.
This reason alone is enough for me to not recommend the platform for anything remotely resembling investing, or financial speculation. For this video, I put $40 of Bitcoin into Bitclout, and within two hours, my wallet held about $140 worth of value, as a mix of positions in my own creator coin and the coins of others. This kind of ROI sounds impressive, but it’s locked entirely within the Bitclout ecosystem, and, as I will elaborate later, are basically only paper gains.
All Comments (21)
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First time watching you. This was a very informative video and felt unbiased. I appreciate it. You got my subscription. Thank you
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Black Mirror getting more and more real. This is wild.
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Great content brother! Love it.
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💻💰 What do you guys think? Is BitClout cool or scary?
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Very well made video! Thanks for taking the time to create. Subbed
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i literally felt bad when my market cap went down so he is absolut right, this now feels very fishy......and not cashing out is a scam...
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Great vid man!
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very good analysis, to be continued.
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Wow I didn't even knew this existed, this is soo interesting man! Great video, liked & subbed to ya!
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This is a amazing video, please create more high quality just like this video! You earned a sub.
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Great thoughts on bitclout, Ross! Good job! Thank you!
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Well done!!
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If you facilitate cashing out at an early stage then platform economics don't make sense whatsoever when people are still understanding the concept of BitClout ( or a crypto social network)-- would be exactly what you said a pump and dump then. I don't hold any $clout and your concerns really got me thinking so thank you so much for that-- keeping it in mind for the crypto social network I'm building. I also don't believe that they care about mental health ramifications and like you said the impacts of cancel culture on the value of this currency which creators would supposedly place their bets on-- so that reduces my faith in individual creator coins but still seems like a fun experiment-- with the right hedges maybe it can work.
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that analysis was the most in depth perfect utter of words ive ever heard
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my profile's featured there! great video :)
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Very good opinions
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learnt a lot as i signed up and yes waht can i buy with my bitclout lol..good point...its kind of money wasted that can actually really do good in the real world
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Nice review.The question will become is if monetizing everything is going to change us as a society.. that everything has a price or dollar value and if so how does this change our behaviour in positive and negative ways. This is just another one of those inflection points where programmers are again creating the fabric for a new generation in terms of how they interact with each other and once it become ubiqious people will stop questioning it. This is tool is possibly one of the first where I see some dangers of blockchain tech. In the 90's we were all so excited about the potential of the internet. The result wasn't decentralization as we had hope but instead social network silos and ppl now glued to their phone. Essentially everyone has become a computer nerd. Is that good - depends on your perspective I guess, but looking back at some stadium concerts in the 1970's I do miss the days when people didn't always camp on their phones. We might feel the same way about this kind of tech as well, where we remember a time when everything we did, didn't have a price tag associated with it.
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would you buy a bitcon back in 2012 for a 1USD and then back to 2021?
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it's a scam. you also don't know what they're doing with your REAL phone number and given email address. you cannot verify your bitclout account with a voip number, and this puts large influencers at risk because they're forced to give out their real number.
