Summary

The author expresses disillusionment with BitClout (now DeSo), citing a significant decline in their coin value, the dissolution of the Creator Fund, and a shift in personal focus towards other ventures, leading them to stop posting on the platform.

Abstract

The article reflects on the author's journey with BitClout, a blockchain-based social network that has rebranded to DeSo. Initially optimistic due to the listing of $DESO on Coinbase and personal financial gains, the author's enthusiasm waned as the platform's currency value plummeted and the anticipated Creator Fund, which had initially invested in the author's coin, prematurely cashed out. Despite an early sense of community and the potential for content creators to benefit from the platform, the author's interest dwindled amidst a broader decline in user activity and search interest. The author's decision to cease posting on DeSo was influenced by a refocus on other professional endeavors, such as course creation and freelancing, and a perceived lack of long-term commitment from key figures in the DeSo ecosystem. Nevertheless, the author acknowledges the potential future of DeSo's technology and the valuable connections made during their time on the platform.

Opinions

The author was initially bullish on BitClout, seeing potential after $DESO was listed on Coinbase.
The author's optimism faded with the decline in $DESO's price, the tanking of coin values, and the reduction in active users and new signups.
The Creator Fund's withdrawal from investments in platform coins, including the author's, contributed to the loss of faith in the platform's longevity.
The author's professional shift towards creating courses and freelancing, along with reduced emphasis on writing, led to less engagement with BitClout/DeSo.
Despite the setbacks, the author recognizes the platform's potential and the value of connections made, maintaining that early adoption risks were minimal.
The author speculates on DeSo's future, acknowledging its impressive tech stack and its aim to be the base layer for web 3.0 content platforms, while also considering the possibility of it meeting the same fate as Vine.

BitClout Is Dead to Me (For Now)

The rise and fall of Vine 2.0

I was bullish on BitClout (aka DeSo).

Last December, I wrote about how it’s not a scam. The app’s currency, $DESO, had just been listed on Coinbase. This is one of the biggest online platforms for buying and selling crypto.

“With this week’s news about Coinbase, I’m confident the platform is here to stay. Whether it’ll achieve its mission and go on to disrupt the social media landscape remains to be seen.”

— Author, December 2021

The price of $DESO had risen to $180.00 and my coin price was $127.67:

Since then, things have unravelled.

The price of $DESO has fallen and coin values have tanked. Mine’s down over 94%. It’s a similar story for other users:

This is half the story.

People who onboarded me have stopped posting. Active users are down. New signups have slowed.

Here’s a Google trend showing BitClout search interest:

Interest has declined since March 2021. This was when BitClout burst onto the scene.

People said it’s a scam.

Don’t get involved.

It’s worth noting the app is now called DeSo. The trend for this keyword doesn’t look as bad (if you ignore the dotted line):

I joined in July 2021 and enjoyed the early hype. Money was everywhere. It was exciting. We were trailblazers!

Even now, there’s a strong sense of community, but I haven’t posted in over a month.

Here’s what changed.

The Creator Fund Didn’t Happen

I was excited about this.

One of the app’s most well-known users, Mario Nawfal, launched the “Creator Fund”. This was an investment vehicle to support creators on the platform.

Here he is talking to the Krassenstein Brothers about it:

Around the same time, one of his funds invested in my coin:

Happy days!

However, not long after $DESO was listed on Coinbase, the Creator Funds cashed out.

It wasn’t just my coin. The funds cashed out on them all:

I was still posting at this point, so it wasn’t because of that.

Something had changed.

My coin’s value shrank:

I don’t think Mario’s a bad guy. He’s a businessman and made a pretty penny. All power to him.

The thing that got me was how he talked about being in it for the long haul. It seemed he believed in the platform, just like everyone else.

When he cashed out, my belief eroded.

My Focus Shifted

I didn’t stop posting because of the Creator Fund.

Sure, it was a setback, but I was never in it for the money.

Not really.

It was easy creating posts. I repurposed my content from other platforms.

And some of my posts were still doing well.

These were the reasons I stopped:

Writing became less of a focus. After attending Google University, I thought I wanted to write full-time. I gave it a go and realised it wasn’t for me.
I’m putting more time into creating courses and freelancing. My second course with Zero to Mastery is coming out this summer.
I got out of the habit. There wasn’t enough of an incentive to keep going. Likes for the sake of likes are meaningless.

BitClout is dead to me — for now. I won’t be posting on there again anytime soon.

Nonetheless, being on the app has been a positive experience. I’ve made connections. People have taken my courses. They’ve also followed me on other platforms.

My thoughts on this haven’t changed since I first wrote about BitClout:

“One of the great things about being early on a platform like BitClout is the reward far outweighs the risk.

“Sure, the platform could end up like Vine. (Dead.) However, there’s also a chance BitClout could go mainstream and you’ll have a head start.

“If the latter doesn’t happen, it’s still possible to get value from BitClout. Let’s run through the worst-case scenario where the platform dies.

1. Your likes disappear.

2. Your followers disappear.

3. Your profile disappears.

4. You cash in diamonds for dollars.

5. You sell the stocks of other content creators for dollars.

6. You sell your content creator stock for dollars.

7. You keep the visits to your website.

8. You keep the email subscribers.

“When viewed through this lens, the risks seem minimal.”

— Author, September 2021

The bigger question is this:

Is BitClout dead for you?

Since the name change, its developers have made it clear it’s not trying to be a social media platform. DeSo is trying to be the base layer for all web 3.0 content platforms.

This is yet to happen, but their tech stack is impressive.

I don’t think this story is over. DeSo could have a future.

On the flip side, it could be the next Vine.

Dead.

The future will decide.

Article inspired by thought-provoking questions from Sam :)