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Mar 26, 2021 · 1h 22m · my-first-million

MFM #164: BitClout Explained & How To Successfully Angel Invest

Shaan Puri · 42m spoken
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Co-hosts Sam Parr and Sean Puri are joined by investor Ryan Begelman to break down the mechanics and speculation behind decentralized social platform BitClout, alongside actionable frameworks for angel investing and portfolio scalability.

How this conversation actually went

Every chapter scored 0–10 on four independent dynamics. Hover any point for the reasoning behind the score. The hosts hold 56.4% of the talking time here. How this is scored →

The hosts as informed peer 7.0 Guest teaching 3.1 Guest disagreement 3.1 The hosts pushing back 4.1
05100:0020:0040:001:00:001:20:000:28–6:44 · The hosts as informed peer 6/10 The Clubhouse Tweet Controversy and Andrew Chen Feud Shaan articulates a nuanced defense of his critical Clubhouse tweet storm, distinguishing sideline critics from experienced operators warning founders in the arena. Sam playfully needles him about getting blocked by Andrew Chen and Marc Andreessen.6:44–10:53 · The hosts as informed peer 7/10 Niche Fintech Products and Early Syndicate Check Sizes Shaan and Sam review the rise of niche branded credit cards and discuss check sizing psychology, where Shaan explains how check amounts dictate emotional engagement.10:53–17:14 · The hosts as informed peer 7/10 Ryan Begelman Joins: The 'Ikigai' Angel Investing Framework Ryan shares his 'Ikigai' investing thesis across curiosity, network, and fundamentals. Shaan quickly challenges Sam's proposed 30-deal target by running funnel math on time commitments, and expresses skepticism about investor value-add.17:14–46:17 · The hosts as informed peer 8/10 BitClout Explained: Mechanics, Incentives, and Creator Coins Shaan breaks down the BitClout whitepaper, token economics, and incentive loops while Sam expresses aggressive skepticism over locked withdrawals and speculative frenzy.46:17–58:37 · The hosts as informed peer 8/10 Scaling Investment Capacity: Boutique Family Offices and Rolling Funds Ryan explains how a founder hired analysts to form a micro family office, prompting Shaan to detail his zero-management-fee rolling fund architecture and carry-split model.58:37–1:03:55 · The hosts as informed peer 7/10 BitClout Trading Strategies and Comparisons to App 'Stolen' Shaan connects BitClout's social dynamics to Siki Chen's viral predecessors 'Stolen' and 'Famous AF', illustrating historical patterns in monetizing social standing.1:03:55–1:18:11 · The hosts as informed peer 8/10 Angel Investing as a Self-Directed MBA and Learning Vehicle The hosts and Ryan analyze angel investing as experiential learning and a self-funded MBA, with Shaan doing real-time fund return math on carry vs business building.1:18:11–1:22:35 · The hosts as informed peer 5/10 Short-Form Video Production and Social Reach Strategy A discussion on short-form viral clips pivots into Shaan's plan to execute a police 'civil assist' against a thief, igniting a humorous disagreement between Sam's aggressive stance and Ryan's pacifist approach.0:28–6:44 · Guest teaching 2/10 The Clubhouse Tweet Controversy and Andrew Chen Feud Shaan articulates a nuanced defense of his critical Clubhouse tweet storm, distinguishing sideline critics from experienced operators warning founders in the arena. Sam playfully needles him about getting blocked by Andrew Chen and Marc Andreessen.6:44–10:53 · Guest teaching 1/10 Niche Fintech Products and Early Syndicate Check Sizes Shaan and Sam review the rise of niche branded credit cards and discuss check sizing psychology, where Shaan explains how check amounts dictate emotional engagement.10:53–17:14 · Guest teaching 5/10 Ryan Begelman Joins: The 'Ikigai' Angel Investing Framework Ryan shares his 'Ikigai' investing thesis across curiosity, network, and fundamentals. Shaan quickly challenges Sam's proposed 30-deal target by running funnel math on time commitments, and expresses skepticism about investor value-add.17:14–46:17 · Guest teaching 4/10 BitClout Explained: Mechanics, Incentives, and Creator Coins Shaan breaks down the BitClout whitepaper, token economics, and incentive loops while Sam expresses aggressive skepticism over locked withdrawals and speculative frenzy.46:17–58:37 · Guest teaching 5/10 Scaling Investment Capacity: Boutique Family Offices and Rolling Funds Ryan explains how a founder hired analysts to form a micro family office, prompting Shaan to detail his zero-management-fee rolling fund architecture and carry-split model.58:37–1:03:55 · Guest teaching 3/10 BitClout Trading Strategies and Comparisons to App 'Stolen' Shaan connects BitClout's social dynamics to Siki Chen's viral predecessors 'Stolen' and 'Famous AF', illustrating historical patterns in monetizing social standing.1:03:55–1:18:11 · Guest teaching 4/10 Angel Investing as a Self-Directed MBA and Learning Vehicle The hosts and Ryan analyze angel investing as experiential learning and a self-funded MBA, with Shaan doing real-time fund return math on carry vs business building.1:18:11–1:22:35 · Guest teaching 1/10 Short-Form Video Production and Social Reach Strategy A discussion on short-form viral clips pivots into Shaan's plan to execute a police 'civil assist' against a thief, igniting a humorous disagreement between Sam's aggressive stance and Ryan's pacifist approach.0:28–6:44 · Guest disagreement 3/10 The Clubhouse Tweet Controversy and Andrew Chen Feud Shaan articulates a nuanced defense of his critical Clubhouse tweet storm, distinguishing sideline critics from experienced operators warning founders in the arena. Sam playfully needles him about getting blocked by Andrew Chen and Marc Andreessen.6:44–10:53 · Guest disagreement 1/10 Niche Fintech Products and Early Syndicate Check Sizes Shaan and Sam review the rise of niche branded credit cards and discuss check sizing psychology, where Shaan explains how check amounts dictate emotional engagement.10:53–17:14 · Guest disagreement 4/10 Ryan Begelman Joins: The 'Ikigai' Angel Investing Framework Ryan shares his 'Ikigai' investing thesis across curiosity, network, and fundamentals. Shaan quickly challenges Sam's proposed 30-deal target by running funnel math on time commitments, and expresses skepticism about investor value-add.17:14–46:17 · Guest disagreement 5/10 BitClout Explained: Mechanics, Incentives, and Creator Coins Shaan breaks down the BitClout whitepaper, token economics, and incentive loops while Sam expresses aggressive skepticism over locked withdrawals and speculative frenzy.46:17–58:37 · Guest disagreement 3/10 Scaling Investment Capacity: Boutique Family Offices and Rolling Funds Ryan explains how a founder hired analysts to form a micro family office, prompting Shaan to detail his zero-management-fee rolling fund architecture and carry-split model.58:37–1:03:55 · Guest disagreement 2/10 BitClout Trading Strategies and Comparisons to App 'Stolen' Shaan connects BitClout's social dynamics to Siki Chen's viral predecessors 'Stolen' and 'Famous AF', illustrating historical patterns in monetizing social standing.1:03:55–1:18:11 · Guest disagreement 3/10 Angel Investing as a Self-Directed MBA and Learning Vehicle The hosts and Ryan analyze angel investing as experiential learning and a self-funded MBA, with Shaan doing real-time fund return math on carry vs business building.1:18:11–1:22:35 · Guest disagreement 4/10 Short-Form Video Production and Social Reach Strategy A discussion on short-form viral clips pivots into Shaan's plan to execute a police 'civil assist' against a thief, igniting a humorous disagreement between Sam's aggressive stance and Ryan's pacifist approach.0:28–6:44 · The hosts pushing back 4/10 The Clubhouse Tweet Controversy and Andrew Chen Feud Shaan articulates a nuanced defense of his critical Clubhouse tweet storm, distinguishing sideline critics from experienced operators warning founders in the arena. Sam playfully needles him about getting blocked by Andrew Chen and Marc Andreessen.6:44–10:53 · The hosts pushing back 2/10 Niche Fintech Products and Early Syndicate Check Sizes Shaan and Sam review the rise of niche branded credit cards and discuss check sizing psychology, where Shaan explains how check amounts dictate emotional engagement.10:53–17:14 · The hosts pushing back 6/10 Ryan Begelman Joins: The 'Ikigai' Angel Investing Framework Ryan shares his 'Ikigai' investing thesis across curiosity, network, and fundamentals. Shaan quickly challenges Sam's proposed 30-deal target by running funnel math on time commitments, and expresses skepticism about investor value-add.17:14–46:17 · The hosts pushing back 6/10 BitClout Explained: Mechanics, Incentives, and Creator Coins Shaan breaks down the BitClout whitepaper, token economics, and incentive loops while Sam expresses aggressive skepticism over locked withdrawals and speculative frenzy.46:17–58:37 · The hosts pushing back 5/10 Scaling Investment Capacity: Boutique Family Offices and Rolling Funds Ryan explains how a founder hired analysts to form a micro family office, prompting Shaan to detail his zero-management-fee rolling fund architecture and carry-split model.58:37–1:03:55 · The hosts pushing back 3/10 BitClout Trading Strategies and Comparisons to App 'Stolen' Shaan connects BitClout's social dynamics to Siki Chen's viral predecessors 'Stolen' and 'Famous AF', illustrating historical patterns in monetizing social standing.1:03:55–1:18:11 · The hosts pushing back 4/10 Angel Investing as a Self-Directed MBA and Learning Vehicle The hosts and Ryan analyze angel investing as experiential learning and a self-funded MBA, with Shaan doing real-time fund return math on carry vs business building.1:18:11–1:22:35 · The hosts pushing back 3/10 Short-Form Video Production and Social Reach Strategy A discussion on short-form viral clips pivots into Shaan's plan to execute a police 'civil assist' against a thief, igniting a humorous disagreement between Sam's aggressive stance and Ryan's pacifist approach.

speaking balance: gold is the hosts, purple is the guest (3 minute bins)

0:00 · the hosts 35.2% · guest 64.8%0:00 · the hosts 35.2% · guest 64.8%3:00 · the hosts 88.8% · guest 11.2%3:00 · the hosts 88.8% · guest 11.2%6:00 · the hosts 43.5% · guest 56.5%6:00 · the hosts 43.5% · guest 56.5%9:00 · the hosts 68.5% · guest 31.5%9:00 · the hosts 68.5% · guest 31.5%12:00 · the hosts 29.1% · guest 70.9%12:00 · the hosts 29.1% · guest 70.9%15:00 · the hosts 59.9% · guest 40.1%15:00 · the hosts 59.9% · guest 40.1%18:00 · the hosts 80.2% · guest 19.8%18:00 · the hosts 80.2% · guest 19.8%21:00 · the hosts 35.4% · guest 64.6%21:00 · the hosts 35.4% · guest 64.6%24:00 · the hosts 68.2% · guest 31.8%24:00 · the hosts 68.2% · guest 31.8%27:00 · the hosts 67.2% · guest 32.8%27:00 · the hosts 67.2% · guest 32.8%30:00 · the hosts 95.6% · guest 4.4%30:00 · the hosts 95.6% · guest 4.4%33:00 · the hosts 92.3% · guest 7.7%33:00 · the hosts 92.3% · guest 7.7%36:00 · the hosts 45.2% · guest 54.8%36:00 · the hosts 45.2% · guest 54.8%39:00 · the hosts 59.6% · guest 40.4%39:00 · the hosts 59.6% · guest 40.4%42:00 · the hosts 47% · guest 53%42:00 · the hosts 47% · guest 53%45:00 · the hosts 19.2% · guest 80.8%45:00 · the hosts 19.2% · guest 80.8%48:00 · the hosts 24% · guest 76%48:00 · the hosts 24% · guest 76%51:00 · the hosts 57.9% · guest 42.1%51:00 · the hosts 57.9% · guest 42.1%54:00 · the hosts 57.3% · guest 42.7%54:00 · the hosts 57.3% · guest 42.7%57:00 · the hosts 31.7% · guest 68.3%57:00 · the hosts 31.7% · guest 68.3%1:00:00 · the hosts 82.6% · guest 17.4%1:00:00 · the hosts 82.6% · guest 17.4%1:03:00 · the hosts 75.1% · guest 24.9%1:03:00 · the hosts 75.1% · guest 24.9%1:06:00 · the hosts 31.1% · guest 68.9%1:06:00 · the hosts 31.1% · guest 68.9%1:09:00 · the hosts 73.1% · guest 26.9%1:09:00 · the hosts 73.1% · guest 26.9%1:12:00 · the hosts 93.7% · guest 6.3%1:12:00 · the hosts 93.7% · guest 6.3%1:15:00 · the hosts 35.9% · guest 64.1%1:15:00 · the hosts 35.9% · guest 64.1%1:18:00 · the hosts 48% · guest 52%1:18:00 · the hosts 48% · guest 52%1:21:00 · the hosts 11.3% · guest 88.7%1:21:00 · the hosts 11.3% · guest 88.7%
Sharpest disagreement ▶ 36:32 Sam calls BitClout total bullshit

Sam flatly refuses to buy into the BitClout euphoria, arguing that the system is either a scam or driven by excessive capital delusion.

 Hardest push from the hosts ▶ 11:23 Shaan dismantles Sam's angel pacing

Shaan immediately challenges Sam's proposal to do 30 micro-investments by calculating the meeting hours and ongoing portfolio maintenance required.

 Biggest teaching moment ▶ 13:10 Ryan's Ikigai angel investing thesis

Ryan delivers a structured framework mapping curiosity, proprietary access through networks, and fundamentals derived from 60 past angel investments.

 The host holds their own ▶ 55:16 Shaan's rolling fund operational blueprint

Shaan demonstrates deep domain operational knowledge by breaking down how he scaled to $4M per year with dedicated scouts and carry splits without taking management fees.
the scores for every segment, with the reasoning behind each
ChapterTopicThe hosts as informed peerGuest teachingGuest disagreementThe hosts pushing backWhy
The Clubhouse Tweet Controversy and Andrew Chen Feud 6234 Shaan articulates a nuanced defense of his critical Clubhouse tweet storm, distinguishing sideline critics from experienced operators warning founders in the arena. Sam playfully needles him about getting blocked by Andrew Chen and Marc Andreessen.
Niche Fintech Products and Early Syndicate Check Sizes 7112 Shaan and Sam review the rise of niche branded credit cards and discuss check sizing psychology, where Shaan explains how check amounts dictate emotional engagement.
Ryan Begelman Joins: The 'Ikigai' Angel Investing Framework 7546 Ryan shares his 'Ikigai' investing thesis across curiosity, network, and fundamentals. Shaan quickly challenges Sam's proposed 30-deal target by running funnel math on time commitments, and expresses skepticism about investor value-add.
BitClout Explained: Mechanics, Incentives, and Creator Coins 8456 Shaan breaks down the BitClout whitepaper, token economics, and incentive loops while Sam expresses aggressive skepticism over locked withdrawals and speculative frenzy.
Scaling Investment Capacity: Boutique Family Offices and Rolling Funds 8535 Ryan explains how a founder hired analysts to form a micro family office, prompting Shaan to detail his zero-management-fee rolling fund architecture and carry-split model.
BitClout Trading Strategies and Comparisons to App 'Stolen' 7323 Shaan connects BitClout's social dynamics to Siki Chen's viral predecessors 'Stolen' and 'Famous AF', illustrating historical patterns in monetizing social standing.
Angel Investing as a Self-Directed MBA and Learning Vehicle 8434 The hosts and Ryan analyze angel investing as experiential learning and a self-funded MBA, with Shaan doing real-time fund return math on carry vs business building.
Short-Form Video Production and Social Reach Strategy 5143 A discussion on short-form viral clips pivots into Shaan's plan to execute a police 'civil assist' against a thief, igniting a humorous disagreement between Sam's aggressive stance and Ryan's pacifist approach.

Statements from this episode (12)

Assertion Open · timeframe Mar 2021
Shaan Puri: Andrew Chen and Marc Andreessen blocked me on Twitter
“So I was surprised when he blocked me, he, him and Mark Andreessen blocked me. So both of whom, you know, followed before and then went straight to block without like, you know, anything in between I'm cool with that.”
Shaan Puri Mar 26, 2021 ▶ 2:27
Insight
Shaan Puri: Size angel checks to ensure focus, but avoid emotional distress
“You want to be betting an amount of money that will matter to you where you care and you'll track it and you'll do the work. So not too little, but also not too much where you become emotionally wrapped up in the outcome, which you cannot control and is, you k…”
Shaan Puri Mar 26, 2021 ▶ 10:29
Opinion
Shaan Puri: Value-add angel investing is 'a load of shit'
“What I found is that like the whole kind of like value add side of investing is sort of a load of shit.”
Shaan Puri Mar 26, 2021 ▶ 15:25
Assertion Supported
Shaan Puri: Tier-one VCs are involved in BitClout
“And a bunch of the big name tier one VCs are involved in it.”
Shaan Puri Mar 26, 2021 ▶ 19:47
Assertion Supported
Shaan Puri: BitClout supports deposits and purchases but lacks withdrawals
“You could transfer money in and you could buy coins, but there's no withdrawals right now. So I can go in and verify. I could claim my 50,000 dollars. What I can't do is put that in my bank account. That's a feature that conveniently is not available and not b…”
Shaan Puri Mar 26, 2021 ▶ 26:36
Assertion Supported
Shaan Puri: BitClout preloaded profiles for the top 15,000 Twitter influencers
“For the top 15,000 influencers on Twitter, it's preloaded into the platform.”
Shaan Puri Mar 26, 2021 ▶ 31:32
Prediction Not checkable as stated
Shaan Puri: BitClout founder rewards will drive a massive creator hype cycle
“And so they're going to get a lot of big people to tweet this thing out, which is going to create this like enormous hype cycle.”
Shaan Puri Mar 26, 2021 ▶ 32:07
Disclosure
Shaan Puri: I charge a zero percent management fee on my rolling fund
“No, I took zero percent management fee because I didn't know if anyone would really want to invest in the rolling fund.”
Shaan Puri Mar 26, 2021 ▶ 55:17
Disclosure
Shaan Puri: My startup investing scaled from $200K to $4M annually
“And now we're doing four million dollars a year of startup investing. You know, that's up. I was doing probably, I don't know, 200,000 dollars a year before that.”
Shaan Puri Mar 26, 2021 ▶ 56:59
Prediction Not checkable as stated
Shaan Puri: BitClout is 'brilliantly designed' and will grow
“This is designed brilliantly, and this will grow in the way that it's designed.”
Shaan Puri Mar 26, 2021 ▶ 1:03:34
Insight
Shaan Puri: Good VC funds 3x their capital; great funds 5x
“A good fund is going to like, let's say three X its money over the kind of like seven to 10 year period. Great will be, you know, five X or more.”
Shaan Puri Mar 26, 2021 ▶ 1:05:28
Assertion Not checkable as stated
Shaan Puri: My rolling fund deploys its $1M quarterly allocation in two months
“Now I have to deploy a million dollars a quarter. And actually I run out within the first two months of every quarter.”
Shaan Puri Mar 26, 2021 ▶ 1:13:29
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