Thread by @dcanellis

So $CLOUT tokens are now worth ~70% less than the price Nader last sold them to impressionable noobs direct via his website.

He was supported by the most prominent VCs and thought leaders in crypto.

This happened in 2021, four years after Dentacoin. Why didn't they know better?

~950 BTC has been siphoned from #BitClout's operational wallet, worth ~$38 million at the time of withdrawal. All sent to exchanges like Binance and Kraken.

Nader has admitted the BTC was sold for fiat. $38 million in less than a year, to develop a platform that barely works.

If there is a definition of a grift in this cycle, #BitClout is textbook grift. Why this is acceptable, why VCs aren't shunned for participating in this circus, is beyond me. What a joke. I feel sorry for the people that invested in this and believed this joker's lies.

Here's a speradsheet of BitClout's withdrawals and where they ended up. It's missing 20 BTC, will update it eventually.

A tab called "Genesis Block" shows 8 million $CLOUT went to the earliest investors before the site launched in March.

docs.google.com/spreadsheets/d…

Nader capped the total $CLOUT supply at 10.8 million when he realised nobody else wanted to buy his bullshit at $150-182 per token.

That means 2.8 million $CLOUT went to retail, the rest went to early buyers, VCs, and insiders.

This was an insider enrichment scheme all along.

If you'd like a long-form version of my rants about #BitClout, a couple months back I humbly accepted an invitation from @CryptoCriticPod to discuss exactly what's wrong with this shitshow, and why schemes like $CLOUT have no place in Web 3.0.

https://twitter.com/CryptoCriticPod/status/1412100463655329798