How to use BitClout to bet on the popularity of influencers like Elon Musk on the world’s first crypto social network

Elon Musk's profile on BitClout
  • BitClout allows users to invest in celebrity fame by buying tokens that increase in value as the creators gain popularity.
  • The site traded over $225 million within a month of its launch and is continuing to grow.
  • Here’s what you need to know to get started on investing in creators on BitClout.
  • See more stories on Insider’s business page.

BitClout, a cryptocurrency platform designed to operate as a social network, has already drawn in celebrities and investors from billionaire Chamath Palihapitiya to YouTuber Jake Paul.

The site has traded over $225 million within a month of its launch and is worth about $1 billion, according to a recent report from New York Magazine.

BitClout is designed to let people bet on the popularity of public figures by buying tokens associated with people’s profiles. Users can use BitClout coins to buy a Creator’s Coin and watch its value change based on the creator’s popularity on the site. The site started with 15,000 creator accounts preloaded from the most popular Twitter profiles.

At the moment, Tesla CEO Elon Musk has the most expensive Creator Coin, coming in at nearly $70,000. The Creator Coins gain or lose value depending on how many people buy coins associated with the profile, as there are between 100 to 1,500 coins in existence for each profile.

Individuals included in the 15,000 preloaded Twitter profiles can claim their account by tweeting their BitClout public key, found under the profile section, alongside #bitclout. The creator then receives a blue check mark next to their account name and can begin earning a percentage of the profits from the Creator Coins associated with their name.

Top creator accounts on BitClout
Top creator accounts on BitClout

Even people outside of public figures and celebrities can profit off their own Creator Coins, as well as generate money investing in other accounts. BitClout investor @Sigil told Insider, he invested about $150 Canadian dollars in his BitClout account and made thousands within three days. The 17-year-old was also able to push his own coin’s value from $0 to a market cap over $500,000.

How to set up your BitClout account

BitClout sign up page
BitClout sign up page

The first step to setting up your BitClout account involves keep tracking of a “seed” phrase for your account. The string of non-related words operates as a type of passcode or safety measure for protecting your account.

At this point, it is important to save a picture or write down your seed phrase, as the site will require the phrase whenever you need to log in or out of your account. The site warns that if you lose your seed phrase, your account, along with the money you put into it, will be lost forever.

BitClout seed phrase

The next steps to setting up your account involves providing a phone number and an email address, as well as verifying your phone number.

Once you have officially created your account, you can choose whether to buy BitClout coins immediately, browse Creator Coins to buy, or update your profile information by claiming a username and avatar image.

On your profile you can also set your “Founder Reward Percentage.” The percentage is automatically set at 10%, but can be shifted anywhere from 0% t0 100%. The Founder percentage allows you to keep a certain percentage of your Creator Coins. If a founder sets the percentage too high it can discourage potential buyers, but owning your own coins can also help push the value of your own Creator Coins up.

BitClout profile page

How to buy BitClout coins

The only way to buy BitClout is by using bitcoin. Thus, the first step is to download a digital wallet app or create an account on a desktop and buy bitcoin.

Once the wallet is set up, the next step is to go to the “Buy BitClout” tab on the site. Copy the address under “Send Bitcoin to this address” and go back into the wallet app. In the app, select “Send Crypto to another wallet.” Then, select the amount of money you want to convert into BitClout and hit “Continue.”

When the next page appears on the digital wallet, paste your BitClout address into the “To” field and select the preview button. You will see a preview of the transfer, as well as the network fee. If the amount is an appropriate number, you can hit “Send now” on the digital wallet.

It should only take a few moments, but the amount should then appear on your BitClout account, under “Buy BitClout.” If It does not immediately appear, you can also hit “Refresh” under “Amount Deposited.”

Buy BitClout page

Once the bitcoin has been deposited in your account, you can use the coins to buy BitClout coins. Prices for the coins fluctuate, but were $170 per BitClout on Friday.

Under “Step Two” on the page, type the amount of BitClout you want to buy or convert all the bitcoin by hitting “Max.”

Buy BitClout page

In order to convert to BitClout, you must exchange at least 0.0001 Bitcoin, or about $6.40, according to the current value of BitCoin. Once the number has been entered, you can hit “Buy BitClout.” Then a review of your purchase will pop up on the screen; hit the “OK” button to complete the conversion.

After you hit “OK,” you will get a screen showing your new BitClout balance.

How to use the BitClout site

On the site you can follow other accounts, like, comment and direct message, much like Twitter. The feed is designed to emulate the feel of Twitter, but also uses a creator’s market value to determine which comments are prioritized on accounts. All posts are public on the site’s general feed.

BitClout

Each action requires users to maintain some BitClout coins in order to pay the gas fees for each action which is recorded on the blockchain.

Users can also invest in Creator Coins by searching for the profiles and selecting the “Buy” button, which will be followed by a confirmation page.

While the most expensive Creator Coin on BitClout currently belongs to Musk, BitClout investor @Sigil argues the best way to make money on the site is to invest in accounts that are valued near zero.

“They can only go up and you can help push them up by buying into the account,” @Sigil told Insider.

When you create a profile, there are initially zero coins in existence, which makes the price for the creator’s coins $0. When a user buys into another account, BitClout mints the coins and sells them according to a price curve, making it more and more expensive as more coins are purchased.

BitClout price curve
BitClout price curve

The money you use to buy the coins gets stored in the user’s profile and adds to the value of the account. You can also sell the coins and the profile will buy them back from you, causing the account’s value to go down.

While BitClout has become increasingly popular since it was launched over a month ago, the site is already facing criticism

Many critics of the site have questioned the security of the platform, as well as the anonymity of its creator known only as @diamondhands. BitClout’s bitcoin holdings, which typically are secured on the blockchain, are held privately in servers, NY Mag reported. The site also does not currently have an option to exchange its coins for US dollars.

BitClout responded to doubts about its security on Twitter. “A rumor has been going around that BitClout is insecure,” @Bitclout_ tweeted. “Just wanted to say this is untrue full-stop. The dev community completed multiple audits specifically around seed phrase handling prior to launch, and the nodes have been running since last year without issue.”

@Sigil told Insider he doesn’t see BitClout as any different than bitcoin. When the first decentralized cryptocurrency launched it also did not have a way to directly convert the bitcoins back to US dollars.

For now, users can sell their coins on various Discord servers or via Twitter threads. @Sigil is also working on his own business to solve this problem by building his own trading site called BitSwap, a site that allows people to buy and sell BitClout for Ethereum.

Read the original article on Business Insider

I tried KFC’s new sauces and compared them with Chick-fil-A’s to see which comes out on top

KFC New sauces
KFC’s new lineup of sauces features a brand new “KFC sauce,” as well as revamped versions of its barbecue, ranch, and honey mustard sauces.

  • Kentucky Fried Chicken launched its new “KFC Sauce” along with revamped versions of its core condiment lineup in the fall.
  • The “KFC Sauce” features a sweet and smokey flavor, a strikingly similar mix of flavors to Chick-fil-A’s signature sauce.
  • I tried KFC’s new line of sauces and compared it with Chick-fil-A’s to see whose lineup was the best.
  • While KFC’s are still dunk-worthy, Chick-fil-A is still the reigning champion of sauces.
  • Visit Business Insider’s homepage for more stories.

Chicken tenders are great, but the real superstars to any fast food cuisine are the dipping sauces.

In recognition of the importance of sauces, Kentucky Fried Chicken launched a new suite of condiments, including a never-before-seen, “KFC Sauce.”

The restaurant chain describes its new sauce as “tangy and sweet, with a bit of smokiness.”

For chicken-aficionados out there, you’ll notice KFC Sauce’s flavor profile is similar to Chick-fil-A Sauce, which the company describes as, “honey mustard and a smoky tang.”

KFC’s effort to create a competing sauce against Chick-fil-A is no small feat, but it is vital as the Georgia-based company continues to expand.

Chick-fil-A was the third-largest restaurant chain in the US in 2019, garnering a whopping $11.3 billion and earning more than Taco Bell, Wendy’s, and Burger King.

And Chick-fil-A isn’t slowing down anytime soon as the company plans to continue expanding outside of the south.

That could spell trouble for KFC, who is already competing with the growing chain for dining dollars.

So who is saucy enough to reign supreme? I dipped in and compared KFC’s new line of sauces against Chick-fil-A’s lineup to see who is the best.

KFC sent me its line of new sauces in anticipation of its launch at all US restaurants on October 12.

KFC Sauce

I ordered a four-pack of the chain’s extra crispy tenders to dunk into the dipping sauces.

Chicken Tenders

I also ordered four-piece chicken strips from Chick-fil-A.

Chick fil A

To kick things off, I tried KFC’s new “Honey BBQ” sauce.

KFC

The sauce was sweet and lived up to the “honey” in its name. It tasted fine, but the flavor was pretty tame.

KFC

Next, I tried Chick-fil-A’s barbecue sauce.

Chick-fil-A

This was closer to a traditional barbecue sauce found at a grill out.

CHICK FIL A

The flavor was less sweet and relied more on savory-smokey tones. But it was still pretty muted and didn’t have any spice or pepperiness to it.

KS9.JPG

Between KFC and Chick-fil-A, the barbecue sauces were tied. Picking one just depends on whether you’re in the mood for sweet or savory.

KS10.JPG

For my second round of sauces, I went for KFC’s honey mustard.

KS11.JPG

KFC’s honey mustard had a tiny hint of sharpness.

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But mostly, it was a watery-consistency and didn’t taste out of the ordinary.

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Chick-fil-A’s honey mustard was sweeter in comparison to KFC’s version of the sauce.

KS14.JPG

It had a brownish-yellow tone and a vinegary-consistency.

KS15.JPG

Still, it was nothing out of the ordinary. They were both just okay.

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Up next was KFC’s “classic” ranch.

KS17.JPG

The sauce hit all the checkpoints I look for in a homemade ranch.

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The consistency was buttery and thick.

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There was a slight lactic-milk taste, but the herb mix was strong enough to contrast it with an oniony-kick.

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Overall, it met my Midwestern obsession for high-quality ranch.

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I cracked open Chick-fil-A’s “Garden Herb Ranch,” and while it was good, it didn’t live up to the KFC version.

KS22.JPG

It still had a nice, herby-zing to it, but the sauce was thinner.

KS23.JPG

If I brought KFC’s ranch to a Super Bowl party, people would be thanking me.

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Finally, I popped open KFC’s new house sauce.

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The KFC sauce tasted similar to a honey mustard with subtle hints of a smokey barbecue sauce.

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KFC Sauce isn’t thick, but it’s still packed with contrasting flavors that made each dip delightful.

KS27.JPG

I enjoyed it more than the other KFC sauces and expect it to become a popular addition for tender dippers everywhere.

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Next up, I compared it to the iconic Chick-fil-A sauce.

KS29.JPG

Both Chick-fil-A Sauce and KFC Sauce have a similar taste profile: Sweet, yet smokey. Tangy, but sharp. They were also similar in color.

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Chick-fil-A sauce was a tad bit sweeter, but the flavor was bolder than KFC’s offering.

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It also tasted like a sweet barbecue sauce mixed with sharp mustard.

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Its satisfyingly thick consistency and sweet, honey taste made Chick-fil-A Sauce absolutely addictive and superior to KFC Sauce.

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Overall, the honey mustard and barbecue sauces from both chains were on par with each other.

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KFC’s creamy ranch was definitely superior to Chick-fil-A’s offering.

KS19.JPG

But if you put Chick-fil-A Sauce and KFC Sauce head-to-head, there is no doubt the beloved yellow sauce packet is still at the top of the pecking order.

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The sauce’s unique honey mustard and barbecue blend made me want to dunk my pizza into it, or maybe even drizzle it on a salad.

KS37.JPG

But while KFC’s attempt to match its growing rival fell short, all of the new sauces, including KFC Sauce, are still dunk-worthy.

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Read the original article on Business Insider

Michael Jackson’s Neverland Ranch finally sold for less than 1/4 of its original price after more than 5 years. Look inside the 2,700-acre property that was once asking $100 million.

michael jackson ranch
Jackson’s former property was listed for $100 million in 2015.

  • Michael Jackson’s famed Neverland Ranch has finally sold to billionaire Ron Burkle for $22 million after more than five years on and off the market, Katherine Clarke reported for the Wall Street Journal. 
  • Burkle, co-owner of the Pittsburgh Penguins and owner of members-only club Soho House, paid $22 million for the property after spotting it from the air and calling the owner directly, per the Journal.
  • Jackson’s former home was rebranded as Sycamore Valley Ranch and listed for $100 million in 2015, but it languished on the market for more than five years even after multiple price cuts.
  • The ranch includes a 12,598-square-foot main residence, two guest houses, a lake, a 50-seat movie theater, and a Disney-themed train station.
  • Visit Business Insider’s homepage for more stories.

After more than five years and multiple price cuts, Michael Jackson’s famed Neverland Ranch finally sold – for less than a quarter of its original asking price, Katherine Clarke reported for The Wall Street Journal.

The estate now belongs to Pittsburgh Penguins co-owner Ron Burkle, the managing partner of private investment firm The Yucaipa Companies. Burkle, who’s worth $2 billion and also owns members-only club Soho House, paid $22 million for the ranch, which he saw as a “land bank opportunity,” his spokesperson told the Journal.

After hitting the market for $100 million in 2015 under the moniker Sycamore Valley Ranch, the California ranch was discounted to $67 million in 2017 and then relisted again in 2019 for $31 million. In February 2020, Compass confirmed to Business Insider that it had been pulled off the market. But according to the Journal, Burkle called the owner directly after seeing the ranch from the air.

Real-estate investment firm Colony Capital has co-owned the ranch since 2008, when Jackson defaulted on a loan after financial hardships and entered into an ownership agreement with the firm for $23 million. The late singer bought the ranch in 1987 for $19.5 million and lived there for more than 15 years.

The 2,700-acre property in Los Olivos includes a French-Normandy style main residence, two guest houses, a lake, a 50-seat movie theater, a 14-foot lagoon-style pool, a dance studio, barns, staff facilities, and a Disney-themed train station.

The ranch featured prominently in “Leaving Neverland,” a 2019 documentary about multiple accusations of child sexual abuse by Jackson. 

Take a look inside the Sycamore Valley Ranch.

April Walloga and Alyson Penn contributed to an earlier version of this story.

Welcome to Sycamore Valley Ranch, formerly Neverland Ranch, that once belonged to Michael Jackson.

michael jackson ranch

After years of price cuts, the ranch finally sold to billionaire Ron Burkle in December 2020 for $22 million — a fraction of its original $100 million asking price, the Wall Street Journal reported.

Burkle, who advised the singer on financial matters in the mid-2000s, saw the property as an investment opportunity, per the Journal. While the ranch wasn’t publicly listed for months, Burkle reportedly saw the property from the air and called the owner directly to ask if he would sell it.

Jackson purchased the ranch in 1987 for $19.5 million.

The 2,700-acre property was first put up for sale for $100 million in 2015, but it was taken off the market in early 2020 after almost five years of price cuts and renovations, Compass confirmed to Business Insider at the time.

michael jackson ranch

The ranch was last publicly listed for $31 million in 2019 — a nearly 70% discount from its original asking price.

Kyle Forsyth of Compass, one of the former listing agents for the ranch, told Business Insider in February 2020 that the agents representing the ranch had found interested potential buyers. But no deal could be reached with Colony Capital, so the ranch was pulled off the market, Forsyth said. 

Colony Capital, the private investment firm that manages the ranch, did not immediately respond to Business Insider’s request for comment for this story.

The Sycamore Valley Ranch spans 2,700 acres in Los Olivos, California, about 130 miles northeast of Los Angeles.

michael jackson ranch

Source: Sycamore Valley Ranch

Under Jackson’s ownership, Neverland Ranch was a Peter-Pan inspired fantasyland with an amusement park, exotic animals …

michael jackson ranch

Source: CBS News

… and a Disney-themed train station.

michael jackson ranch
The Disney-themed train station at Michael Jackson’s former ranch.

Jackson famously threw parties and held events at the ranch, including a 14th birthday party for Kim Kardashian, who called the ranch “the most magical place on earth.”

But in 1993, Jackson and his home made headlines when child sexual abuse allegations were brought against him.

Michael Jackson

He would go on to defend himself against additional lawsuits over the next decade, which contributed to his mounting debt. By 2008, he faced foreclosure on Neverland Ranch.

After he defaulted on a loan, Jackson entered Neverland into an ownership agreement with private investment firm Colony Capital for $23 million in 2008.

Michael Jackson

Source: ABC News

Colony Capital spent millions restoring the ranch after Jackson’s death in 2009.

michael jackson ranch

Source: ABC News

Neverland Ranch was rebranded Sycamore Valley Ranch and put on the market for $100 million in 2015.

michael jackson ranch

Source: ABC News

It was renamed Sycamore Valley Ranch for the rolling hills, majestic sycamore trees, magnificent oaks, and manicured grounds that the Santa Ynez Valley is known for.

Michael Jackson

Source: Sycamore Valley Ranch

There are several possible reasons why Sycamore Valley Ranch had trouble selling.

michael jackson ranch

Most obvious, of course, is the property’s well-publicized connection with Jackson.

“It was priced where it was in the beginning to capture a celebrity trophy buyer, someone that was willing to pay the extra money because it was Michael Jackson’s,” real estate expert Michael Corbett, the host of Extra’s “Mansions and Millionaires,” told Yahoo Entertainment. “Unfortunately now, since there’s been a lot of negative press, someone is probably not going to purchase it for that reason … Now someone’s going to buy it because it’s an amazing piece of real estate.”

The property’s location could also be unappealing to some buyers. According to Zillow real estate expert Brendon DeSimone, the property sits about 130 miles northeast of Los Angeles and five miles from Los Olivos, which is outside of the majority of the area’s highest-end homes.

Village Properties real-estate broker Wayne S. Natale told Bloomberg that it’s typical for properties listed for more than $3 million in Santa Ynez Valley to be on the market for two to three years.

michael jackson ranch

Priced well above $3 million, Jackson’s former ranch sat on the market for more than five years.

The ranch is secured by a gate, and a long, scenic road weaves through the property’s grounds.

michael jackson ranch

Source: Sycamore Valley Ranch

The property boasts a 12,598-square-foot French-Normandy style residence with five bedrooms and eight bathrooms.

michael jackson ranch

Source: Sycamore Valley Ranch

The mansion is crafted with exposed timber beams, brick and stonework, five fireplaces, and 18th-century French oak parquet flooring from two chateaus in France.

michael jackson ranch

Source: Sycamore Valley Ranch

Entering through the front doors brings you inside to the spacious main foyer. The door to the right connects to the kitchen.

Michael Jackson

Source: Sycamore Valley Ranch

Large golden chandeliers hang over the lofted main entryway.

Michael Jackson

Source: Sycamore Valley Ranch

Down a few sets of stairs from the foyer is the main living room with two fireplaces.

Michael Jackson

Source: Sycamore Valley Ranch

Walking back through the main foyer under an arched doorway brings you to the newly renovated kitchen.

Michael Jackson

Source: Sycamore Valley Ranch

Though the main house is unoccupied, a full-time staff keeps the kitchen pristine.

Michael Jackson

Source: Sycamore Valley Ranch

Sycamore Valley Ranch has a guest house about 150 feet from the main house.

michael jackson ranch

Source: Sycamore Valley Ranch

Walking through the kitchen to the main dining room, you’ll find more wall-length windows that offer a view of the backyard.

Michael Jackson

Source: Sycamore Valley Ranch

A hallway lined with windows connects you from the dining room to other rooms on the first floor.

Michael Jackson

Source: Sycamore Valley Ranch

There are eight bathrooms in the main residence. This one features a copper bathtub.

Michael Jackson

Source: Sycamore Valley Ranch

Down the hallway is the first-floor master bedroom where the King of Pop slept. The master includes a private loft and two baths, two walk-in cedar-lined closets, and a private outdoor garden.

Michael Jackson

Source: Sycamore Valley Ranch

A massive walk-in closet connects you to the master bedroom and bathroom. Jackson stored valuables in a “secret room” hidden around the corner in his closet, according to the Associated Press.

Michael Jackson

Source: Associated Press

The master bathroom sports a sunken bathtub and is surrounded by large windows.

Michael Jackson

Source: Sycamore Valley Ranch

Exiting the master bedroom will bring you back to the hallway. Continue down the hallway back to the foyer and you’ll find a staircase.

Michael Jackson

Source: Sycamore Valley Ranch

Moving up the stairs to the second floor, you’ll find four bedrooms. Here is an upstairs bedroom with polished oak flooring.

Michael Jackson

Source: Sycamore Valley Ranch

Walking down a hallway will lead you to another bedroom with white carpeting and walls lined with shelves.

Michael Jackson

Source: Sycamore Valley Ranch

Coming back down the stairs to the first floor, you’ll see doors across the main entryway that lead out to the ranch grounds.

Michael Jackson

Source: Sycamore Valley Ranch

The property’s grounds include two guest houses, a lake, a 50-seat movie theater, a tennis court, a lagoon-style pool, a pool house, barns, and separate staff facilities.

michael jackson ranch

Source: Sycamore Valley Ranch

Next to the pool house is a sunken, lighted tennis court with a viewing area.

michael jackson ranch

Source: Sycamore Valley Ranch

The grounds of the property are extensively manicured …

michael jackson ranch

Source: Sycamore Valley Ranch

… full of stonework and colorful flower beds.

michael jackson ranch

Source: Sycamore Valley Ranch

The property features a four-acre lake with two fountains, swans, boat stops, and a private beach.

michael jackson ranch

Source: Sycamore Valley Ranch

Whimsical statues can be seen around the grounds.

michael jackson ranch

Source: Sycamore Valley Ranch

A gazebo complete with lighting and a grill offers a space for outdoor entertaining.

michael jackson ranch

Source: Sycamore Valley Ranch

Although Sycamore Valley Ranch no longer has exotic animals like elephants, you can still find pigs, lambs, and a llama on the property.

michael jackson ranch

Source: Sycamore Valley Ranch

The ranch’s large red barn was built originally for Clydesdales.

michael jackson neverland

Source: Sycamore Valley Ranch

Neverland Ranch used to include an amusement park. But Colony Capital removed the rides and turned the area into a “zen garden” when it purchased the ranch in 2008.

Michael Jackson

Source: Sycamore Valley Ranch

The owners did decide to keep Jackson’s famous Neverland train station during renovations.

michael jackson ranch

Source: Sycamore Valley Ranch

Train tracks weave all around the property …

Michael Jackson

Source: Sycamore Valley Ranch

… along with train stops.

michael jackson ranch

Source: Sycamore Valley Ranch

Children and adults both used to ride in the train when Jackson threw parties, like during this holiday celebration in 2004.

Michael Jackson

Jackson lived on the ranch for more than 15 years.

Read the original article on Business Insider