Yes you can buy stock in Slay Network without the stock market!
Yes you can buy stock in Slay Network without the stock market!
How? Apparently no company behind what makes this possible only open source code…WHAT!!!!ok first crypto, then alt coins, then NFT(s), Now Bit Clout
what is going the F*ck on!
BitClout is a new type of social network that lets you speculate on people and posts with real money, and it’s built from the ground up as its own custom blockchain. Its architecture is similar to Bitcoin, only it can support complex social network data like posts, profiles, follows, speculation features, and much more at significantly higher throughput and scale. Like Bitcoin, BitClout is a fully open-source project and there is no company behind it– it’s just coins and code.
Buying BitClout
The BitClout blockchain has its own native cryptocurrency, called BitClout, that you can use to do all kinds of things on the platform, including buy a new type of asset called “creator coins,” discussed below.
Anyone can buy the BitClout cryptocurrency with Bitcoin in minutes through the app’s built-in decentralized “atomic swap” mechanism, available on the “Buy BitClout” page. The price of BitClout doubles for every million BitClout sold. This makes BitClout naturally scarce, resulting in 10 to 19 million BitClout minted in the long run (less than Bitcoin’s max supply of 21 million).
What are Creator Coins?
Everyone Has a Coin
Every profile on the platform gets its own coin that anybody can buy and sell. We call these coins “creator coins,” and you can have your own coin too simply by creating a profile. The price of each coin goes up when people buy and goes down when people sell. So if you think a coin is going to become more popular then you will probably make money if you buy it early (more on this later).
You Can Buy Your Favorite Person’s Coin
To buy someone’s coin, you simply navigate to their profile and hit “Buy.” You can find someone’s profile either by searching for it or by visiting the creator coin leaderboard (shown below). Profiles for the top 15,000 influencers from Twitter have been pre-loaded into the platform, meaning that you can buy and sell their coins even though they’re not on the platform yet. These “reserved” profiles have a “clock” icon next to their names, indicating the owner of the profile has not joined yet.
Tweet to Claim Your Profile
The owner of a reserved profile can claim their profile by navigating to their profile and hitting a button to Tweet their BitClout public key (shown below). When they do this, they gain full access to the account, as well as a percentage of the creator coins associated with their profile (see Founder Rewards). Only the owner of the Twitter account associated with a reserved profile can claim it.
What Are Creator Coins Useful For?
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. They are truly the first tool we have as a society to trade “social clout” as an asset. If people understand this, then the value of someone’s coin should be correlated to that person’s standing in society. For example, if Elon Musk succeeds in landing the first person on Mars, his coin price should theoretically go up. And if, in contrast, he makes a racial slur during a press conference, his coin price should theoretically go down. Thus, people who believe in someone’s potential can buy their coin and succeed with them financially when that person realizes their potential. And traders can make money buying and selling the ups and downs.
The above being said, there are many other exciting opportunities for creator coins that we hope will be integrated in the very near future:
The stakeholder meeting. A creator can make it so that only people who own a certain amount of their coin can participate in the comments section of their posts. This forces anyone who wants to have a voice in that creator’s content to first align themselves with the creator by buying their coin. The alignment not only reduces spam significantly, but it could bias conversations to be significantly more positive than on existing platforms. It would also create a lot of demand for one’s coin– can you imagine if Elon Musk or Chamath did an AMA with a minimum threshold for buying their coin in order to participate? Or if they answered questions in order of coin holdings?
A new way to prioritize messages. Most creators get a torrent of spam in their message inbox on social media. With BitClout they could make it so that only people who own a certain amount of their coin can message them, or they could simply rank and prioritize messages from the largest holders of their coin. Alternatively, they can make it so that a certain amount of their coin must be paid to them directly in order for the message to actually enter their inbox. All of this would increase demand for their coin while helping to minimize spam for the creator.
Sponsored posts. Creators can have an “inbox” where anyone can “bid” to have them repost (aka “retweet”) a particular post. If you want Kim Kardashian to retweet your fashion brand, you can submit an entry into her inbox, and if she retweets it then she keeps your money. The bids can all be made using the creator’s own coin, thus significantly increasing the demand for the coin.
Premium content. People who own a certain amount of a creator’s coin get access to special content. Or, alternatively, people must pay a monthly subscription in the form of the creator’s coin in order to get premium content.
Distributions and engagement. Creators can also use their coins to distribute scarce resources to the largest holders of their coins. For example, imagine if a famous celebrity offered to have lunch with whoever held the most of their coin at a particular date. Or imagine if they were going to offer 1,000 signed posters to their 1,000 largest holders. This is just the beginning of how creators can engage with their fans using their coins, and all such ideas could increase demand for their coin significantly.
Money likes. Likes can be re-imagined as purchases of the creator’s coin. So it costs money to like something, but you get that person’s coin when you do so (effectively as a shortcut to buying their coin that’s associated directly with their content). Such a feature could serve as a stronger signal on what content is high quality as well.
Emergent Phenomena
What can happen when you give people the ability to speculate on a person’s reputation? We can’t know for sure, but one of the features that has emerged is what we call “buy and retweet.” Ordinarily, retweeting someone gives you nothing. If that person becomes a superstar because you boosted them, you’ll be lucky if they even remember your name in a few years. In contrast, with BitClout you can buy someone’s coin and then retweet them, which makes it so that you’re not only along for the ride financially if they blow up, but you also get bragging rights. Imagine the difference between being able to say “I retweeted her early on” vs being able to say “I bought her coin when it was $0.50 and now it’s $500– and by the way I’ve done this hundreds of times, and I can prove it because my track record is on the blockchain.” The latter is clearly a very different game. Moreover, it’s not just a famous person’s game. If you know someone with a lot of clout, or if you know someone who knows someone, you can buy a coin and send it to someone else so that they can buy and retweet them. And thus the incentives go many layers deep. The interesting thing about this mechanic is that it wasn’t even something consciously designed into the product. It exists as an “emergent” phenomenon off of the core creator coin mechanic. What other dynamics could exist that we haven’t yet thought of?
The Creator Coin Supply Curve
Creator coins are naturally scarce, with generally fewer than 100 to 1,500 coins in existence for each profile. This is because as more people buy a profile’s creator coin, the price of the coin goes up automatically at a faster and faster rate. This means that, eventually, it would take billions of dollars to mint even one more coin.
The formula or “curve” for determining the price of a creator’s coin is as follows. Note that creator coins are normally bought and sold with the BitClout cryptocurrency, but we provide a dollar version of the formula for easy calculating:
When you create a profile, there are initially zero coins in existence and thus the price is zero. If you want to buy coins from the profile, it will happily mint them out of thin air and sell them to you according to the price curve above, making it more and more expensive as more coins are purchased. The money you use to buy the coins gets “locked” in the profile in exchange for the coins. On the flipside, if you want to sell coins, the profile will happily buy them from you according to the curve using the money locked from previous buys. And so buying creates coins while pushing the price up and locking money into the profile, while selling destroys coins while pushing the price down and unlocking money from the profile. This is often referred to as an “automated market-maker,” and it’s the same concept that powers protocols like Uniswap and Bancor.
Founder Rewards
Every profile allows the creator to keep a certain percentage of the coins that are created as a “founder reward.” For example, if someone sets their founder reward percentage to 10% and then someone bought 100 BitClout of their coin, then 10 BitClout would be used to buy the creator’s coin, and those coins would go to the creator’s wallet rather than the purchaser’s. Importantly, the founder reward is only paid on “net buys” of their coin. So, if someone were to buy 100 BitClout of the coin, sell, and then buy again, the creator would only have 10 BitClout of their own coin at the end. Thus the creator can own 10% of the total supply simply by setting their founder reward to 10% while being aligned with increasing the net buys of their coin indefinitely.
The above being said, we think the better way for creators to own a piece of the upside of their coin is simply to buy their coin up-front when they create their profile, and then set their founder reward percentage to zero. This works because the coins are cheapest at the beginning of the curve, and it has the upshot of reducing friction on subsequent purchases of their coin. Nevertheless, the founder reward percentage being 10% is a “sane default” that guarantees creators will maintain a certain percentage of their coin even if they do nothing.
The Power of Decentralization
Just like Bitcoin, anyone on the internet can run a BitClout “node” that serves the BitClout content, and every node on the network stores a full copy of all the data. This means that anybody can build apps on top of the BitClout data without the risk of being de-platformed, and they can even create their own feed algorithm. When you visit bitclout.com, you’re using our node, but there are already dozens of nodes on the network, all run by people like you. In the long run there will likely be hundreds or thousands of other nodes you could visit to get access to the same content, each with their own moderation policy. It also means that your login on bitclout.com can be used on any domain that runs a BitClout node. In the same way that you can move Bitcoin from one wallet to another, BitClout makes it so that you can move your “clout” in the form of your followers, posts, creator coin balances, etc anywhere as well. Thus, in some sense, BitClout is decentralizing social media in much the same way as Bitcoin is decentralizing the financial system.
The large-scale premise for decentralization of social media may very well be revolutionary.
Decentralized social media and creator tokens are a fresh market with huge potential, and with such major investor interest, it’s safe to say that BitClout isn’t the “scam” that some have suggested.
At the same time, more clarity on BitClout’s governance structure and token distribution would likely help it gain community trust. In the crypto community, which runs on an ethos of permissionless, transparency, and decentralization, BitClout currently stands on shaky ground.
MORE IN DEPTH ANALYSIS INTO BITCLOUT AND USER EXPERIENCE THUS FAR
BitClout launched a month ago, and has reached several amazing milestones:
Funding: $155+ million investment from the top investors in Silicon Valley and $200M in investments for its users.
Users: 160,000+ diehard users
Developers: 40+ developers creating apps on top of BitClout
Celebrities: Many celebrities on the platform (Bella Thorne, Ashton Kutcher, Steve Aoki, Scott Disick, James Charles, Bryce Hall, Tana Mongeau, Pamela Anderson, Paul Pogba, Jake Paul, and Diplo) or talking about the platform (Snoop Dogg and Logan Paul).
At its core, BitClout is three things:
Social network (very similar to Twitter)
Decentralized social network protocol for developers to build on top of
Stock market where you can invest in people and projects
But, on the surface, BitClout looks like just another thing…
Yet another crypto project
Yet another social network
Yet a new thing to invest in
Yet another thing to pay attention to
Yet another distraction
After reading this article, you’ll clearly see that it’s not any of these.
It’s worth your time to understand it immediately without dismissing it out of hand or based on a few headlines. We’re very likely witnessing the birth of a whole new era of the web. A “wait and see” approach is short-sighted.
Even if BitClout.com fails to live up to its promise, BitClout, the protocol, will likely endure and have a profound impact on the world that is hard to fathom right now. Being early now means you profit as a creator and investor in a few ways:
Followers. Users are actively looking for people to invest in and follow 10x more than they will in the future.
Investing. Many of the world’s top influencers have no investors yet. If the platform does gain a wide option, there is an opportunity to get in at the very bottom.
Content and Apps. There is an incredible, untapped opportunity to build content, research, apps, and companies on top of BitClout.
Handles. You can claim your personal username, company username, and keyword usernames related to your industry before someone else does.
It took me hearing about BitClout ten times before it clicked with me. Then, it took dozens of hours of using it to understand its potential. My hope for this article is to condense everything I’ve experienced into one article. I want it to be the thing that helps you understand BitClout on a much deeper level and answer the questions below:
What is BitClout?
Who is BitClout for?
What are the potential benefits of BitClout?
What could BitClout turn into?
Is BitClout legit?
What are the risks of BitClout?
How do I get started with BitClout?
My secondary goal is to share my authentic and balanced BitClout review—to share my excitement while also sharing the downsides and risks of the platform.
With that said, let’s jump in.
To really understand BitClout, you first need to understand what I call the three legs of the BitClout stool…
Web 3.0
Financialization of everything
Social tokens
Let’s start with Web 3.0.
BitClout Is The First Mainstream Web 3.0 Application
Web 3.0 fundamentally reinvents the internet we know today.
As I write this, entrepreneurs are raising capital and developing web 3.0 versions of every web 2.0 platform. Below are a few of the ones that I’m aware of…
Web 3.0 applications have three hallmarks:
Ownership
Transparency
Decentralization
Ownership: In Web 2.0, platforms like Facebook and Twitter got paid for the free work of users creating value (i.e., sharing their creative works) on the platform (i.e., giving their attention, creating content, commenting, liking, voting, and curating the best content by sharing it with their network).
In Web 3.0, creators and users get ownership for the value they create. Therefore, as the platform and their account grows, they make money.
In addition, in the web 2.0 era, several platforms owned all of your content. In the web 3.0 era, users own their content.
Transparency: In Web 2.0, much of the aggregate data of users is kept private and used by the platform. In Web 3.0, everything is public on the blockchain. This means that you can see what others are doing. With BitClout, below are some of the things that are public:
Everyone’s Investments. Who every person invested in, how much, and how much it is worth.
Everyone’s Actions. All of the posts and data on likes, retweets are public.
Everyone’s Investors. For every creator, you can see who invested, how much, and how much that stake is worth.
And much more…
Decentralization: With Web 2.0, users are at risk of being deplatformed/moderated and developers are at risk of having their apps banned, throttled, or their revenue skimmed. With Web 3.0, users and developers don’t have to worry about these in the same way.
According to the official BitClout WhitePaper everyone can create copies of and access all of the BitClout data forever. This is a big deal.
As a result, developers can build new apps on top of the BitClout protocol, not just BitClout.com. This means they could create versions of BitClout just designed for specific types of content (i.e., longform articles, video, sound). Currently, BitClout’s functionality is designed to copy Twitter. Below a visual that shows the relationship between the protocol and the apps that can be built on top of it.
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Each of these apps built on top of the BitClout protocol can:
Have their own moderation policies
Automatically sign users in the way that Facebook and Apple have one-click sign up and sign in buttons.
Access to all of the data the user generates as they use the various sites built on top of the BitClout protocol.
In other words, one of the reasons the open web succeeded is that developers could build applications and raise funding knowing that they’d have the ability to control the destiny of their applications. With the advent of centralized app stores (Apple, Facebook, Twitter), we learned that companies who own app stores often end up competing with the best apps, changing policies on what data the apps have access to, or taking a large percentage of all sales. With the BitClout protocol, developers control their future again.
Bottom line: BitClout isn’t just a new social media app; it’s a new operating system for social media apps.
In addition, this form of decentralization is also profound for the user. When you start using BitClout.com, you aren’t just attracting followers and investors for BitClout.com. You’re building a portable profile you own that will be used on all BitClout applications that are developed in the future. Furthermore, if a user is deplatformed from one of the BitClout apps, they’ll still own their identity (followers, investors, posts, content) and be able use it on other BitClout sites without restarting from zero.
Now that you understand Web 3.0 better, you next need to understand the financialization of everything. Without understanding this, BitClout will still be confusing.
BitClout And The Financialization Of Everything
Another way to see BitClout is as a continuation of the trend toward financialization of all assets.
We’ve grown up in an era where a narrow set of things are looked at as financial assets. For example, we buy, sell, and invest in things like…
Houses
Companies
Commodities
We’re used to these having value because they are physically tangible. There is something backing them.
But, it’s worth remembering that the first commercial corporation was only started in the 1600s. At one point, the idea of having a company with investors was counterintuitive.
We’re now entering an era where we can bet on and trade on the intangibles as well: ideas, potential, reputation, predictions, etc.
BitClout financializes a person or project’s reputation and perceived potential. In other words, it turns these intangible assets into something that anyone can buy and sell.
Things like reputation have always had value. With BitClout the intangible has immediate financial value.
This shift toward the financialization of people may sound insignificant or even harmful on first glance. For example, when I first saw dollar signs next to other people’s names, it felt shallow to associate someone with a dollar value. I wondered how this shift would intersect with cancel culture, and I thought to myself, “I wouldn’t want my 12-year-old daughter on this platform.” But, the more I’ve learned about the platform, the more I’ve also seen the emergent possibilities. For example:
Everybody is an owner. In our modern world, a very small percentage of people own assets. With BitClout, all customers can easily own their favorite products, employees can own the companies they work for, friends can own each other, and everybody can own themselves. This ownership creates a new source of wealth and also changes how people act as customers, fans, friends, and employees.
Potential is investable. Let’s say you come across someone who is extremely ambitious and talented. In the past, you could only invest in them if they had a company. Now, you can invest in them directly and immediately. Also, it creates the incentives for people incubators to be created that offer support and capital for free in return for ownership.
Creators can monetize more easily. In Web 2.0, creators in many fields work for free, earn way less than the value they create in the world, and get taken advantage of with onerous contracts. For example, many musicians have to tour on the road, because they only earn a small percentage of each Spotify stream. Many creators ask their fans for ‘donations’ even though their fans are receiving lots of value. By earning from their reputation, creators unlock a whole new source of revenue that allows them to focus on their art.
Now that you understand web 3.0 and the financialization of everything, let’s dive into the final leg of the stool…
BitClout Is The First Mainstream Crypto Social Token Platform
Over the last twelve years, the public has become aware of fungible tokens. These are tokens like Bitcoin and Ethereum. Fungible tokens are interchangeable with each other. In other words, one bitcoin is equal to another Bitcoin just like one dollar is equal to every other dollar. Currently, most people use fungible tokens as currencies, assets, and for financial services like investing and loans.
Non-fungible tokens (NFTs) are not interchangeable. Each NFT represents something unique and scarce. In the last few months, we’ve seen this space blow up. Particularly, we’ve seen particular types of NFTs blow up:
Collectibles (ie – NBA TopShots)
Creative Work (ie, art, articles, songs, podcasts, etc)
The new type of NFT that is just beginning its growth curve are social tokens. Social tokens are NFTs for people, projects, and companies. You can think of a social token as any type of user you might see on Twitter.
Currently, there are three main social token platforms…
Rally
Roll
BitClout
BitClout was launched in March, but it’s the fastest growing and largest social token platform. What makes BitClout different than Rally and Roll is primarily two things:
First, BitClout layered on a Twitter-like social network.
BitClout functions just like Twitter. It has a newsfeed. There is liking, threads, and reclouting (equivalent of retweeting). What makes it new though is that each account’s social token is integrated with their profile. Every time a user posts, the value of their coin is placed next to their name in the newsfeed.
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Second, BitClout used controversial, but extremely effective growth hacks to attract influencers.
BitClout scraped the information of the top 15,000 Twitter accounts, duplicated those accounts on BitClout and put a percentage of the money it had raised into the coins of all of those accounts. That way, when those 15,000 accounts join, they automatically get at least thousands of dollars. Users can trade those tokens before the account is claimed by its owner. So when some creators join, they will collect millions of dollars and they will have direct access to thousands of their true fans. This gives a strong incentive for the most influential people on Twitter to join BitClout. Furthermore, in order to claim their account, the influential creators must craft a Tweet with #bitclout and their public key. This creates another way for new users to learn about BitClout.
Third, BitClout built a protocol that developers can build on top of.
I explained the significance of the protocols earlier.
Now that you understand the three leg stools that help you understand BitClout:
Web 3.0
Financialization
Social Token
Let’s answer what is probably your biggest question right now:
How Does BitClout.com Work?
With BitClout, you get all of the things you’d expect from a social network:
Profile where you can post text and images like Twitter
Ability to like, retweet, and comment on any post
Newsfeed where you can see the posts of people you follow
But the key difference is that you also are able to buy and sell into any of the other accounts on the platform (including your own) if you want to. Simply go to their profile and click the blue ‘Buy’ button in the upper right. For example, here’s what the top of my profile looks like currently:
In addition to the buy button, you also get info on:
Coin Price: This is how much each coin is worth. My coin is worth $1,337.70. As more people invest in that account, the coin price rises, and your initial investment is worth more.
Coins In Circulation: Each account starts off with zero coins. As more people invest, the supply of coins increases. As more is invested, every additional dollar leads to the creation of fewer and fewer coins.
USD Locked: This is how many US dollars other people have been invested.
Market Cap: The market cap is derived by multiplying the # of coins in circulation times the individual coin price.
You also have a wallet where you can see all of the investments you’ve made and the value of your total portfolio.
As a user, you can…
Create your own content
Engage with other people’s content
Buy and sell people’s coins (including your own)
Now that you have a better understanding of BitClout’s features, here’s how I’m approaching it…
How I’m Using BitClout
Currently, I’m following the Hockey Stick Rule, which I talk about in Learning Speed: What Jeff Bezos, Elon Musk, And Bill Gates Know That Most People Don’t. This rule is simple:
If something is increasing exponentially in the shape of a hockey stick, it’s worth at least spending 10 hours to understand it rather than dismissing it out of hand. With the experience of 10 hours, you’ll be much more equipped to determine whether it makes sense to invest more time or not and how.
This rule was inspired by being late to several opportunities and wishing I could go back in time and front load my research. For example, I first heard about Bitcoin in 2013. I started hearing about it from many of the smartest people in my network in 2017. I didn’t invest until 2020. In retrospect, I wish I hadn’t written it off without taking the time to understand it. I’ve now spent over 100 hours understanding the world of crypto, and if I had spent the same amount of time seven years ago, the difference would’ve been 1,000x.
This past year I reflected about what I could’ve done differently that would’ve helped me explore Bitcoin when I first heard about without getting overwhelmed with every new opportunity out there. The Hockey Stick Rule was the answer.
The Hockey Stick Rule has several benefits:
Helps you focus on new opportunities with the greatest chance of success and not get overwhelmed by all of the shiny objects.
Allows you explore new things without getting sucked into them.
Helps you avoid missing out on big opportunities that you would’ve previously dismissed out-of-hand.
With the Hockey Stick Rule, rather than product adoption being one decision, it is multiple decisions…
Here’s how I spent my first 10 hours. I recommend you do something similar.
There are three paths to take on the platform at the moment:
Creator
Maker
Investor
Each path has very different actions and payoffs.
I’ve chosen to be both a creator, maker, and an investor.
First, I decided to invest $20,000 into the platform. I chose an amount I was comfortable losing 100%. Even though BitClout is super exciting, it still has a chance of going to zero.
When I bought into the system existing BitClout users weren’t able to easily sell their existing BitClout tokens and turn them into US dollars. When new tokens are created, it typically takes many months or years before you can buy them on platforms like Gemini and Coinbase. Some people who had significant gains on BitClout wanted to sell. And because there wasn’t a big market of buyers at the time, coins were being sold at a 45% discount. Thus, my $20,000 turned into $37,000 in BitClout. As I write this, the discount rate has shrunk from 45% to 15%, and it will keep dropping. If you’re interested in buying BitClout from existing BitClout owners, check out Bitswap. Although, I’ve never used it, so I can’t personally vouch for it.
The conventional and safest path to buying BitClout is to:
Buy Bitcoin
Send your Bitcoin to BitClout (every BitClout user gets a unique Bitcoin address)
Convert your BitCoin into BitClout
Once I was on BitClout, the first thing I did, and the first thing I recommend you do is buy your own coin. The earliest investors get the best deal. I spent $5,000 dollars investing in my own coin. So far, a total of $21,000 has been invested into my coin by myself and others.
The next thing I did is start looking for investment deals. Here is some of the simple logic behind some of the bets I’ve made:
Celebrities who haven’t had anybody invest in them
Individuals investing heavily into the platform and creating BitClout applications
Large companies and sports teams with devoted fans
The good news is that we are extremely early in the platform and most of the 15,000 accounts reserved by BitClout haven’t had anybody invest in them.
So far, I’ve made dozens of investments. And, to the point of transparency that is baked into the platform, you can see all of my current investments in real-time here. Below is a screenshot of what a wallet looks like:
As a creator, I’ve created several posts, but more importantly, I decided to co-create a new account called BitCloutU with my good friend and brilliant designer, Camille Ulmer. The goal is to create the helpful explainers of BitClout on the web so people understand the value of BitClout, get through the complicated registration process, avoid scams, get followers, and build the value of their coins.
First, we invested $1,000 into our creator coin. Next, to announce the idea, we made one post:
Next, joining the platform does not come without risks, and it’s worth knowing about those upfront…
The Big Risks To Consider
Below are some of the largest risks to consider for you time, money, and sanity:
BitClout could get hacked. Just last month, over $5 million was stolen from another social token platform. A hack could take down the site or data could be compromised.
The founders of the company (DiamondHands and Maebeam) could theoretically run away with all of the money. The founders are pseudonymous, which means that theoretically no one knows who they are. Although, there are educated guesses floating around. The good news is that they are both very active in the community, and they have every financial incentive to keep developing the site.
Competitors could overthrow it. One of their competitors (Roll or Rally) could outcompete BitClout or there could be a new startup that competes. The good news is that BitClout is more than BitClout.com. Even if BitClout.com fails, other companies are already creating other apps on top of the protocol.
Scams could cause early users to stop using the platform. For example, some people are registering fake accounts for famous people and creating fake content on their behalf in order to get investors, sell the coin, and make money. To be sure a celebrity or influencer is real, I recommend making sure their account is verified (blue checkmark) or reserved (gray clock).
Backlash could grow faster than adoption. It is hard to predict what the future of the platform will turn into just like it is hard to predict what the Internet would turn into in 1990. There will surely be good things and bad things. Already, if you search BitClout on Twitter you will see a lot of people questioning it. The platform’s growth could be hampered if the negative comments vastly outweigh the positive comments.
Early adopters could get bored. After an initial excitement wears off, users could get bored, stop posting, and cash out.
The market could end up being much smaller than people think. Given that money is involved, the market may be a lot smaller than most people think. Today’s mainstream social media apps have hundreds of millions of users. Given BitClout’s unique feature set, the market could top off at millions rather than hundreds of millions.
The negative qualities of social media could be amplified. The past ten years have taught us that social media is incredibly addictive, can empower dangerous Internet mobs, and can be harmful to people’s self-identity. BitClout takes all of these qualities and multiplies them. Now, users will see their coin value increase and decrease daily along with the value of their investments in other creators. A surprisingly significant number of posts on the platform are jokes about how addictive it is.
I do think BitClout will succeed, which is why I’m investing so much time, but I’m also mentally ready if it fails. I recommend you take a similar philosophy—do your due diligence on BitClout. If you do invest, only invest what you can afford to lose. Also, it’s important to know that you do not have to invest in anything in order to use BitClout.
Source the defiant, Michael Simmons
Yes you can buy stock in Slay Network without the stock market! How? Apparently no company behind what makes this possible only open source code...WHAT!!!!ok first crypto, then alt coins, then NFT(s), Now Bit Clout what is going the F*ck on! We are not sure but we love it!!!!
