I finally signed up for BitClout! And for those who are unaware about it...
BitClout is an open-source cryptocurrency project and social media platform where users can buy and sell "creator coins" based on people's reputations; these creator coins are non-fungible tokens and are bound to cryptographically secured accounts with unique names.
The base currency in the BitClout platform is $CLOUT which is currently priced at $100.02. The coin is ranked #80 in Coingecko and has a market cap of about 1B USD. It's astonishing to see these figures and yet it took me so long before I signed up for it.
I guess the main reason is that I'm already participating in all graphene-based social media platforms and I'm also quite engaged in Twitter... so the question is, do I still need to participate in one more social media platform?
To be honest, I've been on many other platforms like CENT, NOISE, and many others that I can't even remember the names of. The truth is I don't need another social media platform that offers token rewards to the users. So, what made me signed-up for it?
The tokenomics is quite unique but it also feels familiar to me. There is a similar aspect that what Steem, Hive, or Blurt has. Your influence can be related to your power holdings or to the value that your account holds. And the other aspect of it is that your social relevance in mainstream social platforms can greatly influence your reputation in the BitClout platform.
Have a look at this leaderboard.
Elon Musk's coin is priced at $31k and he's not even involved yet. It only showcases his relevance to the crypto space that BitClout has invested a big sum of funds into his account.
That's the interesting part of BitClout, a creator can basically pump his own coin and price it as much as he could. Anyone who has the money can literally put his label into this leaderboard. Money speaks!
But is it always the case?
That's what I wanted to find out. Me signing up to BitClout is a form of experiment. I'm entering the platform as an anonymous account and without any money invested in my coin.
I will try to be active in the platform for 10 weeks and engage with other users to see if my coin will grow in value by doing so.
In my first few hours, I got 4 diamond tips from other users which I converted to $CLOUT. I then use my earned $CLOUT and purchased my own $FUNTRAVELLER coin which raises its value to $0.07! Sounds good? Not so... the total value locked to my coin is only $0.01?
Obviously, I still have a lot of things to understand on the mechanics of the creator's coin pricing and value. Also, I will try to learn more about the platform and how to effectively strategize the growth of my account in this platform ~ without investing any money in it.
For now, it will be my plan. In the coming days, I think I will be able to gauge if this platform is for me or if it's just a waste of my time. Soon!
Here's the link to my BitClout account:
https://bitclout.com/u/funtraveller
If you managed to join the BitClout platform then feel free to connect with me there :)
My journey to the world of crypto.
NFA: Not Financial Advice!
