Matt Levine’s Money Stuff: BitClout Wasn’t So Decentralized

BitClout

I don’t know, this is just a good economic model:

In 2019, Al-Naji began designing BitClout, a web and application-based social media platform with an interface that promised to be a “new type of social network that mixes speculation and social media.” …

BitClout’s “White Paper” (marketing materials that described the BitClout project) touted BitClout as “like Bitcoin” because it was “a fully open-source project” with “no company behind it – it’s just coins and code.”

The White Paper further explained that BTCLT would be the native token of the BitClout project.

According to documents prepared by Al-Naji in conjunction ...