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mounting pressure from banking partners and payment providers HN is often sceptical about use cases for crypto beyond speculation. This looks like one.
by TekMol 5y ago
mounting pressure from banking
partners and payment providers
HN is often sceptical about use cases for crypto beyond speculation.
This looks like one.
- root_axis 5y agoSo why do you think they decided to ban sexually explicit content rather than use cryptocurrency?
- nathias 5y agobecause the payment providers have 99% of market share?
- cblconfederate 5y agoand 99% of their revenue was from porn so i guess this business-ending decision is close to cryptopayment-parity
- xur17 5y agoI imagine their options were: * switch to crypto entirely * keep credit cards, but block sexually explicit content I doubt there was middleground where they could accept crypto for sexually explicit content, but still accept credit cards for everything else. Which makes me think that a smart move here would be to spin off a second company that does allow this content, but only accepts payments in crypto. I suppose if they don't, there is a opportunity ripe for a competitor to take advantage of.
- root_axis 5y agoAnd why is this the case when a variety of cryptocurrencies are trivially available to the public.
- nathias 5y agoMaybe because they had 30 years in establishing complete domination of global online economy and all traffic even the one that ends up in crypto goes through them ... Also there is nothing trivial for the public.
- short_sells_poo 5y agoI'm one of those vocal sceptics on HN. I agree with you! Here's finally a huge industry that is consistently shunned by the mainstream payment providers. I'm not being facetious. I believe it's a one of a kind opportunity for crypto currencies to step in, show the middle finger to the established payment pipelines and prove that a smooth, reliable and safe payment system can be operated even for the adult industry. According to the Guardian[1] the adult industry clears between $10bln-$100bln a year. That's a lot turnover and clearly they are not being served well by the current providers. I'd imagine the fees are also acceptably higher (due to the increased fraud, etc..) so the profit margins should also be potentially higher.
- __MatrixMan__ 5y agoYou're right. I'm sure somebody is working on cryptonlyfans already. I'm already preparing myself to be appalled by whatever the NFT scene does with this.
- o_m 5y agoWhat is stopping MasterCard and Visa from banning Coinbase and others if this happens
- sosuke 5y agoI'm not sure if that would have any effect at all. I put money into Coinbase and pull it out of Coinbase with a bank account. Buying crypto with a credit card isn't a great idea.
- bawolff 5y agoIf bitcoin didnt get banned over drugs and murder-for-hire schemes, i cant imagine porn will be the tipping point.
- acchow 5y agoMy sense living in America is that sex-related issues are taken more seriously than, say, gun violence, murder, etc.
- __MatrixMan__ 5y agoWell yeah, gun violence is our primary export.
- cma 5y agoDoes coinbase even take credit cards? https://help.coinbase.com/en/coinbase/getting-started/add-a-payment-method/payment-methods-for-us-customers https://help.coinbase.com/en/coinbase/getting-started/add-a-...
- goatmeal 5y agomost of the folks I know fund their exchange accounts via ACH and not their card
- deleted 5y ago[deleted]
- tomjen3 5y ago
- abetusk 5y agoHN often touts that crypto is either a Ponzi/MLM scheme or has as its only use criminal activity. If you make basic payment processing for services criminal, then, by definition, cryptocurrency's primary use case is for criminal activity.
- tofuahdude 5y agoPorn isn't criminal... ?
- micromacrofoot 5y agoSounds like a great way to get crypto federally banned. It would probably only take a single high profile trafficking case to get a law to sail through both houses.