A New Type of Social Network

The world of blockchain and cryptocurrencies is creating interesting situations that in some cases can be risky or difficult to define.

The Mysterious Influencer Stock Market Worth $1 Billion

• That was not least because the company, which describes itself as “not a company,” but a “new type of social network” — a sort of bitcoin-meets-Twitter — had ripped off some 15,000 profiles of famous people and influencers from actual Twitter and opened accounts in their names without their permission.
• There are coins reserved in the names of Snoop Dogg and Ariana Grande; Joe Rogan and Beeple, the digital artist; Spanish football clubs and venture capitalists; Jonas Brothers, Kardashians, and Clintons; even some journalists, including — much to my surprise — myself.
• The question of what that virtual money is and what it’s worth is still an open one: BitClout accepts bitcoin — more than $225 million has flowed in so far — but it doesn’t have a mechanism yet for taking it out, creating a kind of crypto roach motel.

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