Explaining BitClout, the crypto social network that monetises celebrities A new platform promises to turn social value into financial value but skeptics are already raising concerns. "This, however, leads us to one of the major issues of BitClout: while you have to transfer money – real money – into the site in order to buy the BitClout cryptocurrency, as of now you cannot withdraw any money out. A user can send these tokens to other users or use them to buy creator coins but there is no way to redeem them for cash or Bitcoin. When you try, the following message is displayed: “BitClout is under brief maintenance. All funds are safe. Thank you for your support. We’ll be back shortly.” Understandably this message has not assuaged concerns and firms that specialise in cryptocurrencies have already likened BitClout to ‘Bitconnect’, a notorious 2017 Ponzi scheme and crypto scam. Skeptics of the platform have also raised other concerns. Crypto entrepreneur and co-founder of Tezos Kathleen Breitman told Coindesk that BitClout’s attempt to commodify individuals creates an “ick factor” that is especially off-putting to women, while blockchain researcher Lumi argued a marketplace that trades on the reputation of real people creates an incentive to “cancel” them. “All you have to do is open a short position and then try to mangle someone’s reputation,” they said. Criticism has also been directed at the platform for its decision to upload the profiles of 15,000 people without their consent. Brandon Curtis, the chief research officer for decentralised token exchange Radar Relay, has already issued a cease and desist order over its use of his name, photograph and likeness."