Controversial Crypto Social Media Bitclout gets a Cease and Desist

The latest social media experiment on the blockchain, Bitclout, has been shrouded with controversies as it started getting into Crypto Twitter’s significant profiles attention in the wrong way.

By
Wilfred Victor
on
March 24, 2021
Category:
Breaking News

What is Bitclout?

According to its OnePager, Bitclout is a new type of social network that lets you speculate on people and posts with real money, built from the ground up as it owns the custom blockchain and is open source. The idea is that since people are more long-term, users can bet on their reputation or on their post reputations. A controversial type of speculations that have set people off about the social network: from the OnePager, the structure is similar to Bitcoin with support for complex social network data like posts, profiles, speculation features, and much more with higher throughput.

Access to its website is through a password as pretty much accessing any of the website features is via invite and the BTCLT tokens, a feature the anonymous founders are hoping to change soon.


Bitclout - A True Clout Project or Built for the Controversies?

Profiles without Permission: The controversies started rolling when some CT influencers started discovering their identities, profiles, and including posts that have been created on the new social network without their permission. Like the founder of Messaricrypto, Ryan Selkis, in his Tweet response.

According to one of the founders interviewed by Coindesk, a leading crypto newsdesk, accounts created on the network without the profile owners’ consent or attention have been allocated tokens based on their followings, reputation, and posts. When owners claim them after following a verification process, they can activate the tokens and own the right to determine how they are being used/mined. An idea that seems interesting to some and irritating to others.

Tweet reaction from CryptoCobain, another famous CT influencer


Controversial Token Purchase: So far, the sales of the native token BTCLT that powers all of the activities on Bitclout is a one-way street. Users can only obtain the token when they send their BTC, but there is no way they can exit their position. This move that has been heavily criticized by many such as James Prestwich, the founder of Summa, also responsible for the planned class action on the platform.

According to this Tweet by Larry Cermak, the network has raised 2705 BTC, approximately $155 million tracked HERE.


Cease-and-Desist

Brandon Curtis, the product lead for decentralized token exchange Radar Relay, has fired a legal warning shot at the alleged creation of the controversial social network for using Curtis’ likeness without his consent.

Anderson Kill P.C., the law firm representing Curtis, has sent a letter to Nadar Al-Naji, formally claiming the alleged founder breached California’s civil codes. The law firm cites California’s Civil Code section 3344, which protects an individual’s right to profit from the commercial value of their own identity and is established throughout the U.S. in both statute and common law. Section 1798 of the California Civil Code, which Anderson Kill also cited, protects an individual’s right to privacy in the state.

The lawsuit is the latest of the recent twist and turns currently experienced by the social network trying hard to establish relevance.


Concluding Thoughts - Finding More Truth

There seems to be a lot more than meets the eye about the project. A closer look at this Bitclout Tweet;

Suggest that social networks may not be the first of its services. The quoted handle is the first handle of the platform, which shows its service as a Bitcoin mining company in the early years of the ecosystem.

The project may have the backing of prominent VCs in the industry, as speculated by this Tweet;

Further confirmation from verified handles of Tyler Winklevoss, Cofounder of Gemini exchange, and Jordan Belfort, famed former wall street trader popularly known as the Wolf of Wall Street.

There is definitely more than meets the eyes, and users should treat the project and the token with a great deal of caution. Each new day, there seems to be more controversy associated with the social network, a situation that does not always end well.

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Wilfred Victor

Ace finds himself as a blockchain enthusiast who is focused on growing with the entire crypto sector. He is an energetic and passionate writer who believes that all things are achievable.