5 ms·

Seems like cryptocurrencies would be the way to go for this.

lawn 8y ago
It's a perfect fit for a peer-to-peer electronic cash system (title of Bitcoin's whitepaper) yes. This is the problem with permissioned transactions which cryptocurrencies remove. The only thing missing is adoption. With the fees and issues I don't understand why the porn business isn't pushing harder for cryptocurrency use on their sites. There's huge amount of money to be saved here.
- mratzloff 8y ago
  It's almost like being paid a salary in an unregulated Internet Buck that landlords and grocery stores won't accept would make things difficult for people. ;-)
  - shabda 8y ago
    That argument might have been valid in 2015. Today converting BTC to USD is nearly automated if you so want.
    - Retric 8y ago
      Bitcoin is not viable due to it’s high transaction fees and low transaction rate. Some random Alt coin might work, but getting PornCoin adopted is difficult.
      - swift532 8y ago
        You don't have to have PornCoin, they can use an exchange like Binance which has a lot of different currencies supported, and the customer could pay in any one of these. Or they could use Request Network if that pans out. And lastly, Bitcoin fees currently aren't large and you can get a confirmation with a few cents fee. That might stop being so if it becomes too popular again, but if off chain solutions like Lightning Network pan out, then that'd be sorted out.
        Retric 8y ago
        For the average person to buy something you need to buy a coin, that's 1 transaction on the block chain. They need to buy something with that coin that's transaction #2. The merchant needs to sell that coin that's transaction #3. Granted #1 and #3 can be much larger reducing the costs, but the average user is likely to be splitting #1 across a small number of transactions. Further 2 exchange fees sit on of those 3 coin transactions. In theory you can have an exchange handle all 5 of these transactions, but then your using the exchanges book's not a block chain.
vortico 8y ago
Yes, definitely. I barely use Bitcoins or other cryptocurrencies at all (because USD works great for everything I do), but cryptocurrencies are perfect for this industry because they are - fast enough. 15 minutes to validate a transaction is sufficient for a porn site. - as certain as wiring money. There's no chance a customer can force money back from you once paid. - anonymous. Your wife won't find out in a bank statement, so less chance of "fake-angry" customers trying to force money back. - The money goes directly to the content creators. No need for sketchy middleman services. The disadvantage is that most people don't know how to use crypto. Therefore, laymen-friendly online wallets are the solution that basically baby users into uploading cash, clicking a big "send" button, and copy-pasting a wallet ID. I have not seen an online wallet simple enough for the average computer to use, but it's close. A quick Google search shows a few sites that accept Bitcoin, but they probably make up less than 0.1% of the market. Why don't major sites use cryptocurrencies at least as an alternative option? It seems like a quick and easy 100%-commission payment method to me for the customers that are capable of it.
- lawn 8y ago
  > fast enough. 15 minutes to validate a transaction is sufficient for a porn site. There's a thing called 0-conf where you accept a transaction even before it's included in a block. This is used by BitPay, the worlds largest Bitcoin payment processor, to accept Bitcoin Cash in just a couple of seconds. It's safe enough (there's always a risk/reward trade-off) for smaller purchases if you just use a few simple heuristics like requiring a sane fee and checking for double spend attempts for a couple of seconds.
  - swift532 8y ago
    They can convert it back into a national currency through an exchange like Bitstamp, paying a fee of 0.25% for conversion to dollars/euros and however much the fee for wiring money is(it's surely less than 1%).
- TheCoelacanth 8y ago
  > anonymous. Your wife won't find out in a bank statement, so less chance of "fake-angry" customers trying to force money back. Right, she'll think you're buying drugs instead when she sees the charge for cryptocurrency.
nailer 8y ago
The article mentions how tokens are already being used.
wintorez 8y ago
I came to say this. :)

lawn 8y ago

It's a perfect fit for a peer-to-peer electronic cash system (title of Bitcoin's whitepaper) yes. This is the problem with permissioned transactions which cryptocurrencies remove. The only thing missing is adoption. With the fees and issues I don't understand why the porn business isn't pushing harder for cryptocurrency use on their sites. There's huge amount of money to be saved here.

mratzloff 8y ago
It's almost like being paid a salary in an unregulated Internet Buck that landlords and grocery stores won't accept would make things difficult for people. ;-)
- shabda 8y ago
  That argument might have been valid in 2015. Today converting BTC to USD is nearly automated if you so want.
  - Retric 8y ago
    Bitcoin is not viable due to it’s high transaction fees and low transaction rate. Some random Alt coin might work, but getting PornCoin adopted is difficult.
    - swift532 8y ago
      You don't have to have PornCoin, they can use an exchange like Binance which has a lot of different currencies supported, and the customer could pay in any one of these. Or they could use Request Network if that pans out. And lastly, Bitcoin fees currently aren't large and you can get a confirmation with a few cents fee. That might stop being so if it becomes too popular again, but if off chain solutions like Lightning Network pan out, then that'd be sorted out.
      - Retric 8y ago
        For the average person to buy something you need to buy a coin, that's 1 transaction on the block chain. They need to buy something with that coin that's transaction #2. The merchant needs to sell that coin that's transaction #3. Granted #1 and #3 can be much larger reducing the costs, but the average user is likely to be splitting #1 across a small number of transactions. Further 2 exchange fees sit on of those 3 coin transactions. In theory you can have an exchange handle all 5 of these transactions, but then your using the exchanges book's not a block chain.

vortico 8y ago

Yes, definitely. I barely use Bitcoins or other cryptocurrencies at all (because USD works great for everything I do), but cryptocurrencies are perfect for this industry because they are - fast enough. 15 minutes to validate a transaction is sufficient for a porn site. - as certain as wiring money. There's no chance a customer can force money back from you once paid. - anonymous. Your wife won't find out in a bank statement, so less chance of "fake-angry" customers trying to force money back. - The money goes directly to the content creators. No need for sketchy middleman services. The disadvantage is that most people don't know how to use crypto. Therefore, laymen-friendly online wallets are the solution that basically baby users into uploading cash, clicking a big "send" button, and copy-pasting a wallet ID. I have not seen an online wallet simple enough for the average computer to use, but it's close. A quick Google search shows a few sites that accept Bitcoin, but they probably make up less than 0.1% of the market. Why don't major sites use cryptocurrencies at least as an alternative option? It seems like a quick and easy 100%-commission payment method to me for the customers that are capable of it.

lawn 8y ago
> fast enough. 15 minutes to validate a transaction is sufficient for a porn site. There's a thing called 0-conf where you accept a transaction even before it's included in a block. This is used by BitPay, the worlds largest Bitcoin payment processor, to accept Bitcoin Cash in just a couple of seconds. It's safe enough (there's always a risk/reward trade-off) for smaller purchases if you just use a few simple heuristics like requiring a sane fee and checking for double spend attempts for a couple of seconds.
- swift532 8y ago
  They can convert it back into a national currency through an exchange like Bitstamp, paying a fee of 0.25% for conversion to dollars/euros and however much the fee for wiring money is(it's surely less than 1%).
TheCoelacanth 8y ago
> anonymous. Your wife won't find out in a bank statement, so less chance of "fake-angry" customers trying to force money back. Right, she'll think you're buying drugs instead when she sees the charge for cryptocurrency.

nailer 8y ago

The article mentions how tokens are already being used.

wintorez 8y ago

I came to say this. :)