Welcome BitClout! A new social network that proposes itself as the platform to speculate on creators, or other human beings, who become real stocks on which to invest. Transactions, of course, made possible through a cryptocurrency, the BitClout, which can be conveniently purchased in Bitcoin. Premise: lately there has been more and more talk of Cryptocurrencies (the most famous the BitCoin) and NFT: Non-fungible token. But how do they work?
A cryptocurrency is a digital currency that bases its value and authenticity on the blockchain.
It is a transferable asset, just like a standard currency, which bases its value on the transitions certified by the blockchain, making it independent from traditional banking systems.
Non-fungible tokens (NFTs) are also based on blockchain technology but, on the contrary, use it to guarantee its authenticity and above all its uniqueness.
Thanks to this uniqueness, guaranteed by the blockchain, in recent years they have been used to certify digital works of art and we see how, in recent months, interest in this area has grown exponentially leading to extraordinary facts – or aberrations depending on the viewpoints – such as Christiie’s auction of Beeple works.
BitClout is born in this new wave.
What is BitClout and how does it work?
BitClout is a new Social Network that quantifies the value of famous people, local and global, in cryptocurrency and allows them to invest in them.
To participate, users must secure the official currency, the Bitclout tokens, pay for it in Bitcoin and start investing.
BitClout tokens, linked to celebrities, lose or take on value based on the social reputation of the person “for sale”: the price rises when many users buy and falls when many others sell.
As a result, people who believe in someone’s potential can buy their coin and earn as that person’s popularity soars.
The platform essentially transforms real people into an economic asset.
The person and his reputation become entities susceptible to economic evaluation, or goods that can be sold and bought.
BitClout states: “Each profile on the platform gets its own currency that anyone can buy and sell”.
The purpose of the platform therefore seems to be the possibility offered to people to monetize their presence and influence.
Who owns a profile on BitClout?
BitClout seems to exploit profiles extracted from Twitter without, necessarily, the user having registered on the platform.
There are many celebrities and VIPs present on BitClout, with or without their consent.
For example, we find prominent personalities such as Kim Kardashian or Elon Musk.
The social policy provides that a BitClout profile can exist even without the approval of the real individual and being created for him in his name.
The real person associated with the profile has the only weapon to protect himself the possibility of claiming ownership of his account, tweeting his own BitClout public key: by doing so, he can obtain part of the profit generated up to that moment and access to his data on the platform.
A controversial social network
BitClout therefore represents the link between social media and the world of cryptocurrencies.
In fact, one of the founders claims that BitClout offers a new way to monetize a social audience.
The result is a real bag, conditioned by the perception around celebrities.
The difference compared to other existing social networks is that on BitClout the investment is made on the creator, not on his published content.
It is not the contents that have a monetary value, but the individual person and the reputation that is recognized.
It is clear that creating a bag based on the value of the person brings with it numerous ethical doubts.
What consequences can speculation on a “stock” lead to in the real world?
Let’s say that it doesn’t take much imagination to envision a scenario a la Black Mirror where a complete stranger could damage a VIP in the real world, to see his title rise or fall.
The question to ask, therefore, is this: before reaching this scenario and seeing yet another bubble burst, wouldn’t it be appropriate to start talking about regulation of NFT and crypto-currencies?
Lisa Jane Norman