DRAFT: Ethical obligations on BitClout

Subheader: Decentralization ≠ diffusion of responsibility onto others

There seems to be an open question around here about what a creator’s ethical obligation is to the holders of their coin. General consensus seems to be: 1. not to sell one’s own coin 2. Increase one’s coin price.

I believe this is misguided. A higher ethical standard should apply — not only in a creator’s duty to their coinholders, but also to the Clouter Community at large.

First let’s break down a creator’s obligation to coin holders.

1. To represent oneself as a creator truthfully so as not to deceive would-be coinholders. That is to say, to be transparent and up-front with who you are, and what, exactly, you’re bringing to the table.

A. Verification:

-If you are not a legitimate person of interest outside of BitClout — i.e. not verified on another platform — but are verified on BitClout, you are misrepresenting yourself as a bona fide person of public interest. That’s unethical.

-Others may disagree, but I consider it to be fraud. Why? Though savvier users have cottoned onto it, verification commands a higher coin price. You are deceiving people into paying a higher price for your coin*.

-Verification commands a higher coin price because

1. Looks “safe” to lay users and more importantly

2. The intrinsic value of verified coin is higher because a big fanbase elsewhere is part of the “portfolio” folks are investing in/betting on.

-If you are a legitimate person of interest outside BitClout, cross-link your profiles. If your public key is not in your off-world profile, then you need to pin the post where you claimed your account. You should be verified under the account name you claimed on BitClout, else verified on BitClout under your first and last name.

B. To represent ones “Creations” honestly.

-don’t plagiarize

-obtain artists permission before reposting or at the very least

-note when you are not the originator of a work of art

C. The intrinsic value of your coin should be derived from something other than how much money you are pumping into it.

D. If you feel the need to use sales tactics, make sure your coin sales tactics:

- align with the best practices as outlined by the US Federal Trade Commission

-Could not be misconstrued as securities fraud

E. Make sure you’re representing BitClout honestly.

-Service is not free to use so don’t say that

-Let people know about the $50 gas fee to exchange BitCoin

-Engagement ≠ higher coin price so don’t say that

-Quality content shared here ≠ higher coin price so don’t say that

F. If you’ve received something of value in exchange for your endorsement/engagement with a creator, disclose disclose disclose.

#ad

#i’m an investor

#he’s my best friend

#he sent me 30 bitclout

Why? We’re supposed to be better. Not just that, though: it’s a fiduciary obligation to protect the good name of BitClout.

As a creator on BitClout, you have an ethical obligation to every Creator on BitClout — not just your coinholders. Do not “decentralize” your responsibility onto others.

-First, let’s start from this premise: We’re all here because we want BitClout to succeed.

-Thus, We have an obligation to protect our investment in $BitClout by protecting the reputation of BitClout.

2. Premise 2: BitClout is a better place than other social media. That’s what makes it special.

-The intrinsic value $BitClout holds is derived (near as I can tell) from the value of the community of BitClout.com. Community should be above all else.

-Or, to put it my way, the ethos is community > content > coin.

-You not only have an ethical obligation to your coin holders. Because you are a member of this community, you have a responsibility to hold yourself and others to a higher standard. You have an ethical obligation to every user on here.

-If you invest in someone or RC someone, you’re giving your endorsement.

-You have a responsibility to divest from unethical creators. This is because people will follow you into the investment.

-The higher your coin price in USD, the greater the duty to vet (as coin price, like the verification check, conveys credibility and status.)

Something something white paper. A major beef lay creators have with this place is that profits are centralized, but responsibility and risk are decentralized. The upside is enjoyed by the few, but the downside is diffused onto others. You have a responsibility to everyone. Let’s all do our part to protect the intrinsic value of BitClout.

— — I moved a paragraph and now it sounds

DRAFT: Conclusion In addition to community>content>coin, I’d like to introduce another ethos: Consumer Rights are Human Rights. (If you disagree, I’d love to hear a reasonable argument in counter). Consumer rights are human rights — everyone deserves a fair shake, to seek the truth, and make informed decisions.

— Footnotes:

  • Using this definition: To lie =df to make a believed-false statement to another person, with the intention that that other person believe that statement to be true (or believe that the statement is believed to be true, or both), violating that person’s right to exercise liberty of judgment. (Grotius 2005) https://plato.stanford.edu/entries/lying-definition/
  • See also “a seller who takes advantage of fraud, or a temporary monopoly, to charge an excessive price for an item would be acting unjustly, insofar as his price is in excess of the price at which similar goods typically sell in the relevant market.” (Emphasis mine, https://plato.stanford.edu/entries/exploitation/)
  • Further reading: Pojman, Louis P. The Moral Life: An introductory reader in ethics and literature. Oxford University Press: 2004.

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