28:52MFM: What is Bitclout?
From My First Million · Published Jul 5, 2021 · Watch on YouTube
TL;DR
BitClout is a social currency platform where users buy and sell "creator coins" tied to people's reputations, using Bitcoin. The platform pre-created accounts for the top 15,000 Twitter influencers and awards them founder rewards (e.g., 10% of each coin purchase) if they verify and tweet.
Key insights
- The platform's growth hack: pre-making profiles for top Twitter accounts and giving them founder rewards (default 10% of every coin purchase) incentivizes those influencers to tweet about BitClout to
- There is no way to withdraw money from BitClout currently; funds can only be put in, not taken out. The founders claim withdrawals are being built, but the speakers theorize that allowing immediate wi
- The core value proposition is "greater fool theory" – buying coins today hoping someone else will buy tomorrow because the creator gets more popular or BitClout gains popularity.
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