Thread by @Nicolascole77

BitClout is creating a new category—most just don't see it yet.

As with any early-stage, radically different, boundary-pushing project, Twitter is already calling BitClout a "scammy" project, and a "Black Mirror episode" manifested.

Here's what I see instead 👇

1/ Quick TL;DR history

BitClout is a super-stealth blockchain project where people can buy, sell, and trade Creator Coins—coins that represent the perceived value of a creator.

- @elonmusk has a coin
- @chamath has a coin
- As of today, I have a coin

Anyone can have a coin.

2/ Rumor has it there are some pretty big players involved (I won't name names yet), and BitClout has srs VC backing.

Like most high-flying projects that catapult out of Silicon Valley's elite network, BitClout has also been built & launched in 100% stealth mode.

Not Googleable

3/ Here's why BitClout is so different

Earlier this year, I was FASCINATED by the $GME story that unfolded (and is still unfolding). It showed 1) the power of retail traders, and 2) new asset class = "meme stonks."

I even wrote a viral thread about it:

https://twitter.com/Nicolascole77/status/1355250220334948355

4/ Funny enough, "meme stonks" have been around forever.

Dot-com companies in the 90s going public off Internet hype were meme stonks. Same w/ early-stage crypto projects 2014+.

Investors, whether they admit it or not, don't ALWAYS bet on business fundamentals.

5/ BitClout is Naming & Claiming a new category of assets:

Social Currency.

How did we get here?

V1: If you want to bet on (or bet against) the future earnings/value of a company, commodity, or basket of assets, you do so on a stock exchange.

6/ V2: If you want to bet on (or against) the future earnings/value of a company, etc., FROM YOUR PHONE, w/ $0 fees, you do so on Robinhood.

7/ Now, with the rise of NFTs, if you want to bet on (and eventually, against) the future earnings/value of an ARTIST, you can do so on platforms like @withFND, @nbatopshot, @opensea, and so on.

@EddieWouldGrow @lochhead and I wrote about this here:

categorypirates.substack.com/p/the-future-j…

8/ But where do you go if you want to bet on (and probably eventually, even against) the future PERCEIVED VALUE of a Creator?

That's the category BitClout is creating.

Again: this human condition already exists.

BitClout is just Naming & Claiming it.

9/ DraftKings, OnlyFans, even Patreon paved the way:

Now, I can bet @elonmusk keeps being the 🐐 of memes

I can bet @AmandaCerny gets more famous over time

I can even own my own coin, and have people take early-stage bets on my continued growth and career as a writer.

10/ Add all the Creator Economy juice on top, and BitClout makes perfect sense.

But I see all this as gravy on top: tipping to creators, exclusive access to fans who hold your coin, etc.

The bigger picture here is this:

The Social Currency category didn't exist—until now.

11/ Conclusion: category creators are asymmetric bets.

BitClout could fail miserably. Just like Airbnb ("You want to let strangers stay in your house?") could have failed miserably.

Betting early on category creators is why the upside is dramatic & downside is cost of capital

12/ But a bet on BitClout isn't just / only a bet on the project/network.

It's a bet on the CATEGORY of People Betting On The Perceived Value Of Creators In The World.

And if Bitclout create & successfully design that category, they win.

13/ Category design is how you see the future before anyone else.

🏴‍☠️🏴‍☠️🏴‍☠️🏴‍☠️🏴‍☠️🏴‍☠️🏴‍☠️🏴‍☠️🏴‍☠️🏴‍☠️🏴‍☠️🏴‍☠️🏴‍☠️🏴‍☠️🏴‍☠️🏴‍☠️🏴‍☠️

ARRRRRRRRRRrrrrrrrrr!!!!!!!

categorypirates.substack.com

@RandomTask555 watching your YouTube vid today inspired me to write this thread.

And @VeronicaSaron ^ is the video I saw your tweets mentioned!