Is BitClout a SCAM or the biggest land grab for marketers?
To answer if BitClout is a SCAM or not might not be what we really need to answer here.
I think the better question is if we can benefit from BitClout as a marketer or not.
Sure, I know, there’s the idea of reputation that is important too.
Perhaps, that being someone who openly talks about it is a risk if it does turn out to be a scam.
So here’s my take on BitClout.
But first, you might be interested in learning about it for free at the very first BitClout Virtual Summit (register for free at BitCloutVirtualSummit.com)
My take on if BitClout is a scam
Before we can address if BitClout is a scam or not, let’s look at why people are saying it is…
- You have to pay to play
- You have to pay in Bitcoin
- You can’t withdraw
- The creators are anonymous
- The creators said they received huge VC funding from big names but none of them confirmed it
- They created accounts without asking people
- In beginning they were sending your seed phrase to their servers
That’s quite a big list of red flags, wouldn’t you say?
When I looked up BitClout, I saw all those reg flags being raised by people.
I certainly totally agree with them all and it definitely means you have to be very careful with what you invest here.
Read that again…
It means you have to be very careful with what you invest here.
Not financial advice
Of course, we have to get the legalities out of the way.
I’m not a financial advisor and this post in now way should be considered financial advice to invest or not in BitClout.
You must make that decision yourself based on your own interpretation of the information available to you.
Ok, now, let’s get back to our regularly scheduled program…
What does it mean then?
Personally, I asked myself these questions:
- What is the cost if it turns out to be a scam?
- What is the cost to not using if it turns out to be legit?
- What is the benefit I’d get even if it was a scam?
For me, it’s really about those questions.
So the cost includes things like monetary amounts, reputation and time spent.
The benefits include things like new fans, new followers, new sales, new relationships and monetary results.
Is benefit greater than loss?
It really comes down to this question.
Will you benefit more from your cost to take action than the loss you’d suffer if it turned out to be a scam?
Keep in mind this is a very subjective question.
Only you know how much value you put on your reputation or the loss of your time.
How did I decide to invest in BitClout?
As you’ve no doubt gathered by now, I certainly decided to invest and plow forward in BitClout but was it a simple thing to decide for me?
To be honest, it didn’t take very long for me…
I saw the opportunity to get followers and new new fans while platform was brand new.
Being part of a new social platform when it’s in it’s infancy because of the land grab value was very very high for me.
Compare that to the $100-$500 I might loose or the 5-15 minutes day spent posting and commenting, it was an easy decision for me.
As for reputation, I feel that taking a risk on something you have no control over is my own decision – if anyone else joins BitClout and it turns out to be a scam and they blame me for their losses, well, that’s something I can’t control other than to say it’s your own decision.
What changed in the last 30 days
Now that BitClout has been around for over a month (it became officially public on March 23rd 2021), there has been lots of stuff happening.
We still don’t know if it’s a scam or not in these sense than many of the questions at the beginning of thise post are net yet answered.
However, there’s been lots of positive things that happened.
Most notably is that the node code has been made publicly available on GitHub.
That’s a huge deal because it allows anyone to get a copy of the blockchain and setup their own frontend node to the data.
There have have been numerous projects born of this code release and the sky is wide open as to what is possible.
My final interpretation of if BitClout is a scam or not is that it’s not.
Just like any other business, it may fail and the founders might disappear with funds deposited but with the release of the source code and the ability for anyone to have a copy of the blockchain data, even if that were to happen, anyone can continue the project.
I hope you’ll join us in the free BitClout Virtual Summit so you can learn all about it.
Watch the video for even more insights into this hot topic.
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