Wealth-Reputation Paradox

Steph Smith shares concerns about BitCloud's approach to monetizing personal reputation through cryptocurrency, highlighting fundamental issues with the platform's structure and long-term viability.

Key Points:

• Current Platform Issues:

  • No way to withdraw money
  • Questionable legal practices in platform seeding
  • Monetizing identities without permission

• Reputation Monetization Risks:

  • Creates perverse incentives where people can bet against someone's reputation
  • Enables manipulation of public perception for financial gain
  • No clear exit mechanism for creators who want to leave

• Fundamental Problems:

  • Platform offloads all risk onto creators while taking none themselves
  • Unclear terms about what coin holders actually receive
  • No protection against reputation manipulation

• Creator Perspective:

  • Reputation is a lifelong asset that affects wealth, happiness, and audience building
  • Current platform structure puts this crucial asset at unnecessary risk
  • Existing platforms (Twitter, Patreon, Substack) have clearer agreements and exit options

• Suggested Improvements:

  • Need for proper regulation and opt-in mechanisms
  • Clear identity verification systems
  • Defined terms for what coin holders receive
  • Established exit procedures for creators

• Marketing Paradox:

  • Platform's initial success in attracting 15,000 influential people is both strength and weakness
  • Wealthy creators likely to abandon platform as reputation risk outweighs potential gains
  • Early adopters could become platform's biggest critics

• Existing Alternatives:

  • Most proposed features already exist on other platforms
  • Current solutions don't require putting reputation at risk
  • Question whether added benefits justify increased exposure