I'm unclear on this. I don't know enough to be sure it's not, but I know enough to know that the tech it's potentially offering is something that would be extremely useful, and it would be more profitable to not be a scam.
Conversation
a lot of things are scams, but some aren't, what in specific makes you think this is a scam?
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-can’t withdraw money
-they suggest creators buy their own tokens
-bitclout running everything through their coin instead of an ETH smart contract
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im kinda a noob so pls educate me but:
1 doesn't seem too crazy to me? there's an active otc market and not-listed-on-exchanges-yet seems kinda normal
2 im less clear on. i personally haven't spent a cent on bitclout, but i was auto verified
3 are there any benefits to that
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I’m also new so could be wrong
1 iiuc if it was ERC20 that wouldn’t be a problem
3 not necessarily, just part of the untrustworthy vibe
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I don't know enough to know if there's a clear response to this. I do know there's reasons why people make blockchains besides just using tokens on eth, but I'm unclear if there's a good reason for this or not.
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The problem is that this thing isn’t even a blockchain haha
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I’m guessing it’s more “we don’t know if it’s technically a blockchain, and even if it is, having a blockchain on one computer only removes all the benefits”
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ok this makes more sense for me
would we expect to start seeing a ... slowdown? if more transactions take place on one or a few computers? what is the impact on a blockchain if the processing power is more limited?
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so the issue isn’t processing power, but consensus and transparency
if there aren’t other nodes validating the work, they could be doing anything they want to change bitclout transactions
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That would be the least of the issues with their setup. The larger possibility is that from one day to the other Bitclout disappears and people lose money or source of income by having the rug pulled from under their feet.
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