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New Frontier or another failure: Bitclout

by Tanush

Cryptocurrency has finally expanded into social media- and I’m not talking about crypto Twitter. Bitclout is the fresh new child of the crypto market, and it aims to combine the two things millennials love the most; social media and cryptocurrency.

Bitclout was released less than a month ago as a social media platform by anonymous blockchain users. According to its statement with Hypebeast last week, it allows users to “speculate on people and posts with real money, and it’s built from the ground up as its own custom blockchain”. Users are able to establish accounts to post images, share stories in a similar fashion to Twitter, a clear inspiration for the platform. Each account acts as its own NFT, and can be treated as its own coin. From there, other users can interact with the user and pay real money to invest in them, which boosts the price of the account. In essence, Bitclout commodifies your account into an NFT that you can profit from- depending on what you post.

Tony Wu, a pioneering junior investor notes the platform’s appeal. He suggests that his “early investments into people like Elon Musk have led to (him) making huge amounts of money”. He is currently in hold of several accounts that total to a portfolio worth over 10 thousand dollars. As the app is in its fledgling stages, early investment has seen massive returns due to the initial growth. The growth doesn’t appear to be slowing down either, as Diamondhand, the anonymous creator of Bitclout, reports legitimate foundations such as Jordan Belfort, Coinbase and Social Capital are backing Bitclout- adding to its own legitimacy as a platform.

But it isn’t all sunshine and rainbows for the newfound NFT. For one, Bitclout has created accounts for the top 15,000 users on Twitter, and commodifies their identities without their consent. Brandon Curtis, a victim of the auto-account system has filed a lawsuit against the platform for using his name and identity without his consent. Many also rallied arms on Twitter to point this out. Furthermore, it is unclear what power monetizing social media holds. As user prequelmemes on Bitclout points out, the capacity for “cancel culture” is heightened as money can be weaponized in a far worse manner than words. Techcrunch also points out that while investment may be easy, cashing out is not.

So, should you opt into Bitclout? Jordan Belfort was right when he said the answer is yes. If you have a decent knowledge of diverse investment and blockchain, then I would highly recommend creating an account and getting started. The site gives you an initial amount of coins, which is more than enough to get you started and grow- especially if you ride the early bird wave. If you feel comfortable enough to spend some money, then maybe dish out a little bit and practice investment through Bitclout.

Ultimately, the site is an enticing new twist on social media and investment, and should be watched by anyone interested in cryptocurrency. With a few hiccups regarding user information, it is fair to say that there is risk- but growth likely means that the platform will iron out its issues as times goes on. As for whether it’s a new frontier, only time- and money- will tell.

Resources

Dale, Brady, et al. “What Is BitClout? The Social Media Experiment Sparking Controversy on Twitter.” CoinDesk, 24 Mar. 2021, www.coindesk.com/what-is-bitclout-the-social-media-experiment-stoking-controversy-on-twitter.
Matney, Lucas. “Crypto Social Network BitClout Arrives with a Bevy of High-Profile Investors – and Skeptics.” TechCrunch, TechCrunch, 23 Mar. 2021, techcrunch.com/2021/03/22/crypto-social-network-bitclout-arrives-with-a-bevy-of-high-profile-investors-and-skeptics/.
Perper, Rosie. “BitClout Is the New Crypto Social Network That Lets You Bet on People’s Reputations.” HYPEBEAST, HYPEBEAST, 2 Apr. 2021, hypebeast.com/2021/4/what-is-bitclout-crypto-social-network-buy-trade-creator-coins.

Online Shopping on the Rise

The increase in online shopping because of COVID-19

Claire, Meighan & Sage

Ask almost anyone you know and they will probably tell you that they have engaged in online shopping. E-commerce sales have doubled exponentially each year but this pattern proves significantly more prominent this year. Will the recent pandemic have a lasting impact on the shopping industry?

As the public adapts to a new virtual world, a majority of Canadian consumers have flocked to online shopping. The COVID-19 pandemic has had a major effect on the shopping industry and e-commerce sales. Will the pandemic have a lasting effect? Or is it just a temporary situation. There isn’t a concrete answer. What we do know is that ever since the pandemic began, consumers have switched from in-person shopping to online shopping. Many people find it more convenient and therefore easier. With just the click of a button, you can order items to your house instead of taking time out of your day to drive to a brick-and-mortar store to search around and buy them. Even though brick-and-mortar stores have taken huge negative hits from these changes (especially small businesses), this switch is a positive for businesses that were already based online and for everyday consumers. Having the option and flexibility of being able to pick between online shopping and in-person shopping is great as they are two different channels of distribution.

We interviewed a couple of students from North Toronto Collegiate Institute to ask them about their shopping habits and if and how they have changed over the past year. Leah Reskinezy, a grade 10 business student said: “I shop online more because finding clothing items online is very straightforward and easy. When searching online, the items are usually tagged with direct links to the products, which is much more convenient than searching for the exact clothes in-person”. Another grade 10 business student, Dylan Vlaad also reports similar shopping habits: “I used to solely shop in-person but now I will only shop online.” From these two quotes, there is a significant pattern and connection between the pandemic and what type of shopping people take part in. Shopify reported, “in 2020 that over 150 million new shoppers migrated online in the past year, with 79% of consumers indicating they plan to continue shopping online.” This will undoubtedly affect the shopping industry for a long time to come but many consumers will still shop in person for the same reasons they did before: being able to try things on, the fun of it, not having to wait for delivery/shipping.

UNCTAD Secretary-General Mukhisa Kituyi reiterates that “The COVID-19 pandemic has accelerated the shift towards a more digital world.” This supports the fact that many people have modified their ways of shopping to purchasing online and are not as interested in going into stores and malls. Whether they are open or not, people gravitate towards online shopping because it’s more practical, and at this time, safe. We can see from this situation that when one market rises, another one tends to fall. The retail sector will most likely never be in a pre-pandemic state again as this unmatched time in history has emphasized the popularity and benefits of online shopping and the e-commerce market.

Works Cited

Akhtar, A.. “50+ Breathtaking Online Shopping Statistics You Never Knew.” MonsterInsights, 27 Nov. 2019, https://www.monsterinsights.com/50-breathtaking-online-shopping-statistics-you-never-knew/
“COVID-19 Has Changed Online Shopping Forever, Survey Shows.” UNCTAD, 8 Oct. 2020, unctad.org/news/covid-19-has-changed-online-shopping-forever-survey-shows.