• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
SwaCash | Internet Marketing News

SwaCash | Internet Marketing News

Latest Updates on Tech, Internet & Digital World

  • Home
  • Digital Marketing
  • Social Media
  • Technology
  • About
  • Contact Us
You are here: Home / Uncategorized / Cryptocurrency: This Controversial Site Gives People A Price

Cryptocurrency: This Controversial Site Gives People A Price

June 17, 2021 by Amer Bekic

The mysterious platform, which hides the name of its creator, is halfway between a social network and a stock exchange. The performance and influence of people in society is at stake.

In a tweet, Coinbase CEO Brian Armstrong fueled a controversy that is far from abating. “I just configured my bitclout,” he wrote on the media, referring to a platform halfway between a stock exchange and a blockchain-based social network, which continues to attract criticism for its model.

Digital tokens and NFTs have given birth to a new market on the internet, making it possible to give a price to events, digital works, by marketing their certificate of authenticity. Some platforms like Sorare have specialized in sports, such as football, by marketing NFTs on players, like collectable cards.

BitClout goes much further. How to describe it? Perhaps like a stock exchange where users exchange tokens, known as “designer tokens”, attached to nothing but individuals. The price of each person’s token is estimated based on demand, “correlated with that person’s position in society”. Forget stocks or cryptocurrencies like Bitcoin, here the list of available digital assets comprises first and last names.

Just setting up my bitclout ????????https://t.co/0BmvSJT90O

— Brian Armstrong (@brian_armstrong) June 15, 2021

Buy Elon Musk, Justin Bieber, Samsung, FC Barcelona

By clicking on the site, you will discover the thousands of profiles of stars, companies and even football clubs available. The most expensive token is Elon Musk’s, which is currently trading at $114, for a full profile valued at $ 56,178. Going through the list, we found absolutely everything: from the most popular singers, to FC Barcelona, ​​to journalists from Reuters, and to average users who created their profiles.

On paper, the platform claims to be decentralized and blockchain-based. It invites its users to exchange bitcoins for its own cryptocurrency, the $ CLOUT, which has also been accessible on Blockchain.com for a few days. For a long time, the site was very difficult to access and use: you had to access a special password to integrate the platform, and it could not exchange again $ CLOUT for bitcoins.

Some users have made enormous fortunes. This is the case of Sigil Wen, a young 17-year-old student in Toronto (Canada), who won a full report by The New Yorker a week ago. Thanks to a few hundred dollars of bitcoins that his mother had bought earlier, on the advice of a friend, the youngster had invested in personalities on BitClout. Today, he has built up a fortune of $1.7 million.

Controversial, but appreciated

Coinbase CEO Brian Armstrong’s support for BitClout has led to much criticism, Cryptonews reported yesterday. Besides the model, some criticized the man for pushing young investors towards questionable cryptocurrencies. “You’re telling this bullshit instead of helping people understand the importance of Bitcoin,” one user wrote on Twitter.

That said, BitClout is far from hated by the crypto community, and even attracts big investors. Sequoia, a16z, Social Capital, DCG, Pantera, Huobi, Winklevoss Capital, North Island Ventures… many of them, and of great renown, have invested in the platform. Before being a simple stock exchange to invest in personalities, BitClout wants to define itself as a full-fledged social network where it is possible to publish posts like on Facebook or Twitter.

© BitClout

BitClout works the incentive to invest by access to advantages given by personalities. Those who claim their account (BitClout autogenerates their profile, then everyone can accept to manage it or not), can offer rewards such as messages reserved for investors, calls on Zoom..

Difficult to know if the sauce will take. “Starting a cryptocurrency is a bit like starting a religion. Without large-scale membership, the system looks like a cult,” wrote New Yorker reporter Caroline Lester. BitClout was released in March in a version accessible only to a few people (long password protected). But already, the company says it makes millions of dollars in transactions every day.

Filed Under: Uncategorized

Primary Sidebar

E-mail Newsletter

More Articles

Apple’s valuation exceeds $2.5 trillion mark

July 19, 2021 By Amer Bekic

Ethereum (ETH), a white hat saves a cryptocurrency user on the verge of losing $240,000

July 19, 2021 By Amer Bekic

Project Pegasus: Israeli “clickless” spyware used against thousands of journalists and activists

July 19, 2021 By Amer Bekic

Some weird Intel Core 12900K, 12700K, and 12600K specs have appeared online

July 18, 2021 By Amer Bekic

In 2021, the video game industry still generates more investments

July 18, 2021 By Amer Bekic

Malaysian authorities destroy 1,069 mining devices (video)

July 18, 2021 By Amer Bekic

Disable the Windows print spooler or you could be hacked, according to Microsoft

July 18, 2021 By Amer Bekic

Paraguay promises to be a 100% renewable Bitcoin (BTC) mining giant

July 17, 2021 By Amer Bekic

Faced with ransomware, Interpol wants international collaboration

July 17, 2021 By Amer Bekic

AMD brings its FidelityFX Super Resolution to open source

July 17, 2021 By Amer Bekic

Failed to reserve the Valve Steam Deck? You are not the only ones

July 17, 2021 By Amer Bekic

Twitter boss prepares DeFi application platform on Bitcoin blockchain

July 16, 2021 By Amer Bekic

Here’s why the Galaxy Watch 4 could make the Apple Watch shake

July 16, 2021 By Amer Bekic

“Facebook users spied on social by dozens of employees”: the accusation in the book-survey

July 16, 2021 By Amer Bekic

Valve’s Steam Deck will be able to run Windows

July 16, 2021 By Amer Bekic

Only 12% of companies realize the full potential of the cloud

July 16, 2021 By Amer Bekic

Limited Edition RTX 3080 Gundam Cards Sold In Pre-Built Mining Rigs

July 16, 2021 By Amer Bekic

Windows on iPad: You dreamed it, Microsoft did it

July 15, 2021 By Amer Bekic

iPhone 13: anticipating record sales, Apple would have increased production by 20%

July 15, 2021 By Amer Bekic

Google Stadia is not dead and seeks to expand its catalog of games with an enticing affiliate program

July 15, 2021 By Amer Bekic

Galaxy Watch 4: released on August 27, 2021, Amazon confirms!

July 15, 2021 By Amer Bekic

Apple seriously threatens to exit UK market

July 15, 2021 By Amer Bekic

Razer upgrades Blade 15 and Blade 17 to 11th gen Intel processors

July 14, 2021 By Amer Bekic

British detectives seize record $250 million in crypto

July 14, 2021 By Amer Bekic

OnePlus Nord 2: new renderings, Android updates, 50 MP sensor, lots of info

July 14, 2021 By Amer Bekic

Nigerian Bitcoin Trading Volume At Highest Despite Central Bank Restrictions!

July 14, 2021 By Amer Bekic

Google to challenge EU antitrust fine of 4.3 billion euros

July 14, 2021 By Amer Bekic

This hidden feature on iPhone is a spy tool

July 13, 2021 By Amer Bekic

NVIDIA: GeForce RTX 30xx SUPER coming to laptop?

July 13, 2021 By Amer Bekic

Microsoft buys cybersecurity start-up RiskIQ

July 13, 2021 By Amer Bekic

Android 12: you can play games before you even finish downloading

July 13, 2021 By Amer Bekic

Cyber ​​defense center opens in New York

July 13, 2021 By Amer Bekic

After Google, Apple could be the next target of US antitrust crackdown

July 12, 2021 By Amer Bekic

At 16, this teenager became a millionaire by selling PS5s at a premium

July 12, 2021 By Amer Bekic

A derivative of the PS5 architecture will be found in more than 80 system designs

July 12, 2021 By Amer Bekic

Galaxy Unpacked: all the new Samsung products may have just leaked

July 12, 2021 By Amer Bekic

124-year-old hydropower plant uses its energy to mine Bitcoin

July 11, 2021 By Amer Bekic

Ukrainian law enforcement has shut down 3,800 PS4 crypto-farm

July 11, 2021 By Amer Bekic

Mac’s battery life with M1 is so good Apple thought there was a bug

July 11, 2021 By Amer Bekic

Kaseya: the ransomware behind the attack was programmed to avoid Russian-speaking systems

July 10, 2021 By Amer Bekic

AI could also be used to create scientific disinformation

July 10, 2021 By Amer Bekic

Windows 11: the search bar back in the last preview

July 10, 2021 By Amer Bekic

Gettr: this new social network was launched by someone close to Donald Trump

July 10, 2021 By Amer Bekic

Windows 11: only recent versions of Windows 10 will be updated directly

July 9, 2021 By Amer Bekic

Study blacks out YouTube algorithm

July 9, 2021 By Amer Bekic

China continues crackdown on cryptocurrencies

July 9, 2021 By Amer Bekic

OnePlus recognizes limiting the performance of applications for greater autonomy

July 9, 2021 By Amer Bekic

Study: Apple Watch and Fitbit Could Detect Long-Term Effects of COVID-19

July 8, 2021 By Amer Bekic

Microsoft is deploying an urgent patch to correct the PrintNightmare flaw

July 8, 2021 By Amer Bekic

China claims to have the world’s most powerful quantum computer

July 8, 2021 By Amer Bekic

Three Tweets related to EtherRock sales

Not one not two, Three digital pet rock cliparts sell for $600K each

August 22, 2021 By Amer Bekic

PolyNetwork Hacking Incedence

Hacker who stole $800 Million, now offered a white hat job by its victim firm

August 20, 2021 By Amer Bekic

credit card back panel containing the magnetic stripe

MasterCard announces future without magnetic stripe on the back.

August 17, 2021 By Amer Bekic

Fortune magazine sells its cover art as NFT. Raises 1.3 Million dollars

August 14, 2021 By Amer Bekic

Bored Ape Yacht Club Token 3749

This bored ape pic just sold for 1.29 Million dollars!

August 14, 2021 By Amer Bekic

Footer

Search this site

Recent Articles

  • Not one not two, Three digital pet rock cliparts sell for $600K each
  • Hacker who stole $800 Million, now offered a white hat job by its victim firm
  • MasterCard announces future without magnetic stripe on the back.
  • Fortune magazine sells its cover art as NFT. Raises 1.3 Million dollars
  • This bored ape pic just sold for 1.29 Million dollars!

Browse Topics

  • Blogging (164)
  • Content Marketing (7)
  • Cryptocurrency (5)
  • Digital Marketin (4)
  • Digital Marketing (333)
  • E-commerce (122)
  • Google (195)
  • Google Ads (24)
  • Marketing (166)
  • News (344)
  • Seo (74)
  • Social Media (43)
  • Technology (27)
  • Uncategorized (82)
  • WordPress (22)

Tags

Amazon Android Apple Apple Watch Artificial Intelligence B2B Bitcoin Blogging China Content Content Marketing Coronavirus Cryptocurrency Cybercriminals cybersecurity Digital Digital Marketing Facebook Gaming Google Increase Sales Instagram Intel iOS 15 iPhone IPhone 13 Make Money Marketing Microsoft NFT Nvidia Online Marketing Samsung Science Search engine optimization Seo SEO optimization by content Social Media Social networks Technology TikTok Twitter WhatsApp Windows 11 YouTube

© 2019–2022 · SwaCash.com