BitClout is the real life Black Mirror.

BitClout is a new, blockchain-based social network that puts a dollar value on your personal brand, and encourages betting on the reputations of people. How could this go wrong?
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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.

Видео BitClout is the real life Black Mirror. канала Ross Campoli - Business Videos