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.