A key difference though is that all interactions are operated on a blockchain and every profile has its own distinct “creator coin” whose value fluctuates with ebbs and flows in their popularity. For logged-in users, it looks like Twitter.
Here’s what you need to know about the platform and its possible pitfalls.īitClout is something like what you’d get if you put Robinhood, Twitter and Coinbase in a blender. It’s been called a scam, a Ponzi scheme and worse. Indeed, venture capitalist Marc Andreessen tweeted Thursday: "Just setting up my bitclout."ĭespite the votes of confidence, many observers remain suspicious of BitClout. Some of the platform’s most valuable “assets,” from Jake Paul to Alexis Ohanian to Kygo, have also become active users. BitClout quickly racked up $100 million in funding from VC firms like Andreessen Horowitz, Sequoia, Social Capital and Coinbase Ventures. That premise could have been written off as far-fetched or craven, but it won serious backers from Silicon Valley. Simply put, it’s a social network that allows you to invest in celebrities and influencers - and speculate on their rise or fall in popularity using cryptocurrency. Its business model is convoluted, origins mysterious and its core function sounds like something ripped from a script for Black Mirror. BitClout arrived on the Internet in March, and quickly attracted controversy.
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