My experience with BitClout after 24 hours

avatar
(Edited)


image.png

Yesterday I wrote my thoughts on BitClout and shared it on Twitter.

I was mostly doing some research due to the recent buzz of it on Hive, so I was mostly just looking around getting some analytics of different things going on and get a better understanding of the platform. For example, I was looking at how many active users there are, how many clouts/hour, how many celebrity profiles claimed.

Then I noticed I was holding 1 $clout, and after I did some digging I noticed someone gifted it to me. 1 $Clout is worth around $100 and allows you to kickstart your account by buying 10 of your coins. So I did just that, and bought 9.9 of my coins.

Doing so, brought my coin from $0 to $30. At this point my founders reward was still at 100%, which means all tokens purchased go to the creator (me), this is the standard setting for new accounts so no one snipes their token while it is at super low prices. I then set my founder rewards to 10%, which is considered the "norm", meaning I get 10% of what anyone purchases of my coin (in $Clout).

I stepped a way, did a few things around the house, had dinner and came back and noticed a few people already purchased my coin. It is now worth $130.91, with a market cap of $2,731.

Looks like a few people bought some coins while I was away. In the process I earned 0.9 $Clout, or about 90% of what was used to purchase my initial 10 tokens (Thanks whoami!). I was planning on purchasing more of my coin, I just didn't decide on how much yet, that's why I wanted to keep my founder rewards at 100% until I decided.

I'm still learning the ropes, and trying to answer a few questions and get a better understanding of the platform. I play around with one of the features called Diamonds, they are like micro tips where you can tip Clouts (basically a tweet) a micro amount (0.01) of your token in addition to a standard "like". This is sometimes responded in kind by the author where they give you a diamond as well basically trading your tokens. These diamonds are not worth much on a small account, but on a larger account they can be quite a bit of money (upwards of $100).

So far I have received two diamonds, and given two diamonds.

The first one I sent was on accident, I clicked diamond to see how it works and it sent it without any prompt.

Right now the only creator coin I earn is my own, but I have started buying other creator coins to buy into other creators potential net worth. So far my account has climbed almost 800% in a day and I haven't even spent a cent of my own money yet. I will likely move some Bitcoin in soon, but I am trying to get some comfort with the platform first.

I purchased two creator coins from two Hive members.

It seems a bulk of the boost was from CreatorFundMicro, what seems to be an account used to help out new users to the platform.

My biggest concern right now is the amount of active users on the platform. That can be a blessing and a curse, either you are early and will make out like a bandit, or you are hanging around a ghost town and just screaming in the wind. Only time will tell, but I decided to put some time into it to check it out.

If you want to check it out, you can find my profile here. I have been noticing a few Hive users giving it a try.


Securely chat with me on Keybase

Why you should vote me as witness

Posted Using LeoFinance Beta



0
0
0.000
32 comments
avatar

In the process I earned 0.9 $Clout, or about 90% of what was used to purchase my initial 10 tokens (Thanks whoami!).

Not bad for the first 24 hours.

you are hanging around a ghost town and just screaming in the wind

To be honest, this is how I (and most of the users) feel on the Hive blockchain.

0
0
0.000
avatar

I was looking forward to purchase you when it was cheap but couldn't do it because founder rewards were 100%.

You are lucky to purchase your coin pretty cheap. I was able to purchase only 2 of my own coins.

Posted Using LeoFinance Beta

0
0
0.000
avatar

I was looking forward to purchase you when it was cheap but couldn't do it because founder rewards were 100%.

I kept it that way until I knew I was done buying my coin. I wanted to make sure I got the cheapest ones before I opened it up.

You are lucky to purchase your coin pretty cheap. I was able to purchase only 2 of my own coins.

Everyone has the same cost, it's a predictable curve based exclusively on how many coins are in circulation. The first 10 are roughly $100. It then starts to skyrocket. At 20 tokens in circulation, the price is $130 a coin.

This isn't 100% accurate, but will give you a gist of how the creator coin is priced. I was trying to find an example, but this is all I could find and I was too lazy to make my own.

0
0
0.000
avatar
(Edited)

Ah nice now I get the logic. I just bought only 1 coin and after that set it to 10% and many people already bought mine and the price pumped. Then set it to 20% now so that I can slowly buy my coin a little bit.

Posted Using LeoFinance Beta

0
0
0.000
avatar

The higher you set FR (anything over 10% basically) the fewer people will invest in your coin. You can set it below 10% to try to grow quickly, but above will slow you down. But you may want that if you want the price relatively to buy your own coin.

I don't have a lot of experience as I am new too, but since the ship sailed on cheap coins, I'd set it to 10% and invest in others early to make up for it. I ended up buying 10 coins, as that is what I how much I had on the account at the time, and decided I'm ok with that for now and will try to buy into others coins.

I did figure out the founder rewards are paid out in $Clout and not your own token, so at first I was trying to figure out where they were.

0
0
0.000
avatar

Very interesting. IMO Bitcloud is some scam because there is so little information about it out. Like is it decentralized, block times, explorer, and so on?

Besides this, it shows to me Real SMTs/community tokens are something people would really like to have. Again and Again :)

IMO if the platform will at some point have a decent success, it will end up in a ton of scams :)

Posted Using LeoFinance Beta

0
0
0.000
avatar

Ok, so a twitter but used not for the use-case of twitter, awesome so just a gambling site to have some fun?

0
0
0.000
avatar

It's a decentralized blockchain based Twitter like platform where you have a token that represents your network value that you try to grow through offering value.

0
0
0.000
avatar

I have bitclout account and when I was registering, there were some bots and possibly actual people invested in my profile. Then a few days later, they sold the coin. There was someone who told me that I have to introduce myself and stuff. They also told me to lower the % of my profile, I couldn't recall that part but this user told me that if I want people investing in my profile, I have to lower that %. After two days, I got disinterested and then never really check it again. But I saw ryan hoover was on it too which was interesting to see.

0
0
0.000
avatar

The % is called Founder Rewards. Basically when someone buys your coin, you receive the % you set for the founders rewards.

For example, let's say you have it set to 10%, and someone buys $100 worth of your creator coin, you will receive $10 worth of $Clout. The default is 100% which means they will get nothing, this is to prevent someone from buying your coin until you are ready. The first 10 coins are super cheap, but every coin created increases the price of the coin rapidly, you want those first ones as they are almost free in comparison.

0
0
0.000
avatar

Ah I see, I was looking at my profile again just after leaving that comment. I got 41 followers so far and I might check it out again. Now that makes me consider to buy my own coin and set it to 10% instead of 5%.

0
0
0.000
avatar

5% will yield you more people buying your token but you receive half as much as setting it to 10% (the norm). If you want to try to make more, you can set it higher (more people will avoid you) or lower (more people will buy but you make less from it).

You want 0-10% if you want to grow.

0
0
0.000
avatar
(Edited)

Heard about Bitclout some weeks ago.... i wasn't interested.

Saw your first post yesterday, still not interested.

In your 2nd post... it made me sign-up. Currently trying to understand the mechanics but your post already gave me a good glimpse of it. Thanks!

0
0
0.000
avatar

Wasn’t too interested either but I’m finding it interesting.

0
0
0.000
avatar
(Edited)

I created an account, but I dont have any clout, tried getting the free clout by verifying my phone number but it is not working, just get a msg that says you have been blocked...

here is my wallet address BC1YLiTLGBoGQysedbwF1c2afCxGYoAB4ZJtUXvqVZuHFMjm5k6beLm if anyone is feeling generous and wants to send me some clout so I can update my profile...

0
0
0.000
avatar

I sent you $1. It only costs .11 cents to set up your profile so let me know when you do and I'll follow you. brixboston100 on bitclout.

0
0
0.000
avatar

Damn, I might have to try this and link it to my WordPress account.

Something to dig into next few days!

Cheers!

Posted Using LeoFinance Beta

0
0
0.000
avatar

I'll be curious what kind of activity and engagement you get there on posts. If that pushes good numbers that to me would be worth the investment to reach new audiences.

Posted Using LeoFinance Beta

0
0
0.000
avatar
(Edited)

Well I created an account, now it wants be to buy clout, errr no. Who the hell gifted you $100 worth?!?

0
0
0.000
avatar

You only need a few cents if you phone verify they will give you about 30 cents worth which will last a long time.

0
0
0.000
avatar

I was sort of put off by the phrase 'we can text you at any time'. Standard rates apply.


Posted via proofofbrain.io

0
0
0.000
avatar
(Edited)

You can bypass by using your own clout. After their first text there will likely be an option to "stop". I doubt they text people though.

0
0
0.000
avatar

What is your page? I will follow you. Brixboston100 on Bitclout.

0
0
0.000
avatar
(Edited)

I think the hardest part for people (and possibly Hivians especially) is and will be the social money concept--- people take those buying and dumping their coin personally. People joining would be well to understand they are essentially a public corporation simulation once they have joined. And people will trade shares heartlessly. If you set your FR to 10-20 and ignore it, you will accumulate free FR. If you engage, you'll get diamonds. Most people frown upon when creators sell their own coin. But it's normal to sell diamonds you receive. When selling ones own coin, I've heard it's polite to announce the sell ahead of time to your coinholders so they can pivot if desired, and to divest slowly. Selling off (oneself or someone else) is often shamed as "rug pulling" (which it's not but that's the phrase people are using to shame others into not divesting.)

I've been there 130 days approx and in my main profile have done 6K without active trading, and another account 8k without active trading. About 1k PUT in total. But I've forgotten about the money part now. It's a nice little social network!

0
0
0.000
avatar

I think BitClout is a clever idea with a great user interface. However, at this point, it feels like yet another NFT echo chamber to me. Yes, it has a particular use case but I feel something is subtly missing to be adopted by the masses. It's too over-the-top and too elitist at its very heart. BitClout seems like it's fine for the task at hand but certainly not something people will actually become attached to. Of course, I might be wrong and only time will tell, as this is really just my initial impressions

0
0
0.000
avatar

Yeah I'm getting that feeling too, a lot of the NFT's are god awful. I made an epic one, and no one gives a damn.

Posted Using LeoFinance Beta

0
0
0.000