[HN Gopher] BitClout collapses everything into money
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BitClout collapses everything into money
Author : hhs
Score : 17 points
Date : 2021-06-10 21:34 UTC (1 hours ago)
(HTM) web link (www.newyorker.com)
(TXT) w3m dump (www.newyorker.com)
| tppiotrowski wrote:
| Is this just a two paragraph article or am I missing a 'read
| more' somewhere?
| viraptor wrote:
| You're probably missing some kind of "read more", or maybe
| block a paywall? https://outline.com/VALNKr
| throwawayay02 wrote:
| Imagine paying to "like" someone online. A fool and their
| money...
| perihelions wrote:
| The idea of tabulated reputation as a currency dates back to at
| least 2003 [0] (and I'd speculate is probably much older than I
| know about). It's an interesting discussion, independent of the
| coin-of-the-week trying to cash in on the idea of it.
|
| [0]
| https://en.wikipedia.org/wiki/Down_and_Out_in_the_Magic_King...
|
| _" Cory Doctorow: Wealth Inequality Is Even Worse in Reputation
| Economies"_ https://news.ycombinator.com/item?id=11226549
|
| Previous threads specific to cryptocurrency implementations:
|
| _" A New Digital Currency Whose Value Is Based on Your
| Reputation"_ https://news.ycombinator.com/item?id=8053051
|
| _" Whuffie - how to build a reputation currency in Ethereum?
| (2014)"_ https://news.ycombinator.com/item?id=13427028
| bko wrote:
| >Wen didn't have any money of his own. (This past January, he had
| a balance of negative sixteen dollars in his Royal Bank of Canada
| savings account.) But his mom had some bitcoin, which she'd
| bought a few months earlier after hearing about it from a friend
| on WeChat. She lent all of it to her son, and he then converted a
| hundred and fifty dollars' worth of it to bitclout.... We spoke
| on April 30th. At that point, he owned multiple BitClout
| profiles, which he told me had reached a combined estimated value
| of half a million dollars. Today, he's grown that figure to
| approximately $1.7 million, or nine thousand and four bitclout,
| or sixty-eight hundred pairs of AirPods Pro. "To me, it's just
| numbers," Wen said.
|
| Wow, the article read like it was written by BitClout PR. Stories
| like this with no balance are incredibly irresponsible.
|
| Glosses over the fact that its closed source and anonymous
| founders. Towards the end they also mention that there's no
| official way to get your money out:
|
| > When he discovered that there was no official way to get his
| money out of BitClout, he saw an opportunity.
|
| Is it just me that sees all these things as red flags? The
| article compares the founder to Bitcoin's founder, although they
| do mention the possibility of "the beginnings of grift"
|
| > It is unclear why the main founder insists on anonymity, though
| it may have something to do with mimicking Satoshi Nakamoto, the
| pseudonym used by the unknown founder of Bitcoin. Whatever the
| reason, diamondhands runs the risk of creating a kind of
| Elizabeth Holmes effect: like her Steve Jobs-inspired black
| turtleneck, the BitClout founder's mimicry of Nakamoto may appear
| less like a signal of validity and more like the beginnings of a
| grift.
|
| > (On June 12th, the supply of bitclout will be capped at fewer
| than 11.5 million coins, at which point the price of the currency
| will be determined purely by supply and demand.)
|
| It's no coincidence this came out 2 days before the advertised
| "deflation bomb". What happened to journalism?
| Animats wrote:
| BitClout really exists, but it may be a scam. You can buy their
| coins, but not sell them.
| mkohlmyr wrote:
| I don't think there's much of a doubt. For a great overview:
| https://www.youtube.com/watch?v=SsERRF39YiM (edit: oh and the
| follow-up: https://www.youtube.com/watch?v=NBZ4v2-XynU)
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(page generated 2021-06-10 23:00 UTC)