Tokenization: Here we go again
Curious about friendtech? Look up bitclout. It's the same concept with a few twists. It isn't new.
So I did the next reasonable thing after feeling a spark link the two seeming coincidences. Writing reminds one of photography. You spend so much time looking, that patterns form in your way of seeing. The final product captures details with attention.
The Wiki on BitClout starts like this...
BitClout is an open source blockchain-based social media platform. On the platform, users can post short-form writings and photos, award money to posts they particularly like by clicking a diamond icon, as well as buy and sell "creator coins" (personalized tokens whose value depends on people's reputations).
This latest buzz online is a flash in the pan that feels larger than it really is. It's an availability heuristic. A sudden buzz for decentralized social media is a front for bigger fish to swallow minnows and their meager wallets whole.
The beauty of Bitclout
In early March 2021, BitClout, a social platform with its own cryptocurrency, gained rapid attention as investors received a password-protected website link and were encouraged to share it with their contacts. Despite being unprepared for the surge in activity, the platform quickly gained traction. It officially launched on March 24, 2021, with notable investors and significant funds invested. However, it faced legal challenges due to the unauthorized use of individuals' names and likenesses. Over time, BitClout's journey included publicizing its code, capping the supply of its cryptocurrency, and introducing NFT minting and purchasing on the platform.
Friendtech: A thing of the past
Friendtech is just another pitch by the cabal. It reeks of Bitclout, another hype-type attention grab. Their new buzzword? Decentralized social media. Meanwhile, mature solutions exist- they simply lack key ingredients to reach a tipping point like its competitors. Bitclout overstepped in their launch by scraping data and making profiles for people. Ordered to cease and desist over impersonation, alias "diamondhands" also tried 'creator tokens' or tokenization of shares for people. There's an interesting fact stranger than fiction; David Bowie tokenized his music with what he called 'Bowie bonds'. While he had vision, today's takeaway is that Friendtech and Bitclout do not match up to the HIVE blockchain and are influencer strategy to recruit the unwitting to give up their hard-earned value.
Better business is coming
Analysts forecast 4 to 5 trillion dollars in issuance of tokenized assets by 2030. A safe assumption holds that at least a fraction of that value will go into previously-existing models. Hence, we see the zeitgeist for tokenizing shares of people in 2021 with Bitclout, and in 2023, presently with friendtech. The increased popularity shows the staying power of Hive. Every armchair critic has a word or two about its capability or room for improvement, but the development and resources for a better competitor isn't sitting on furniture.
Fortunately, tokenization has merit. Improved capital efficiency and democratization of access come to mind. I discussed the significance of a 20% APY savings rate with this man and saw today, almost as confirmation that in Ghana, Hive is bringing value to people's lives with running water.
How do we take attention off of speculating on influencer net worth and onto building living infrastructure in emerging nations?
Did I miss anything? Tell me if I'm too idealistic to think we can benefit the world with crypto more than using AI to make choices.
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You are welcome @thatkidsblack, that's with pleasure! We wish you a happy buzzy week 😊👍🐝
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Again a wonderful nugget of valuable insights! Thank you for sharing, was just checking what friendtech is about.. excellent timing!
Which insight did you like the most?
I think the bull run is set to stampede again in 2030 if 4 to 5 trillion dollars is projected to participate in anything blockchain related!
Nice, 6 more years of time to stack!
Yessir. Shoot, we might see a run sooner than ‘30, but I expect at least another by that point!
🤔💭
That the cabal is already starting an attempt to highjack web3 🤔
I see you.
The tipping thing will never work in my opinion. Not in the social media context. Why would I tip when I could just upvote coins into existence. On Hive you're essentially mining by using your brain, and choosing who you are sharing your reward with. Hive demands an attention sacrifice. Biology has a natural tendency to pick the least resource expenditure possible. We are biology, ya know?
This is my first time of seeing this and I appreciate you for sharing this with us.
If I may ask, is there a guide on the platform for new users?
Oh, I have virtually no idea. I make no endorsement of the platform. I can only recommend TURBO because I am building there.
HIVE is similar since I’ve used it 6 years.