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It's not like they have a choice. Their business was only ever viable at the behest of their payment provider. The reason no one has made an OnlyFans before,
by ramesh31 5y ago
It's not like they have a choice. Their business was only
ever viable at the behest of their payment provider. The reason no one has made an OnlyFans before, and the reason why people have tried and failed, entirely comes down to this.
- toomuchtodo 5y agoOh god I can’t believe I’m going to say this. Crypto/Bitcoin, in keeping with the relationship the Internet and adult content have. Congrats Coinbase, Venmo, and others enabling censorship resistant crypto payments on your revenue bump.
- mrRandomGuy 5y agoLOL This is would actually work! Holy crap if OnlyFans actually started accepting bitcoin that would be incredible
- traveltek 5y agotransaction fees would be too high, transactions would take too long, and the transactions would be public.
- toomuchtodo 5y agoOnlyFans could be the exchange. You send their public wallet the crypto buying a “OF coin” stable coin or similar (gift card funds essentially), they handle the distribution internally. Best practice would be for patrons and content producers to have dedicated wallets for OnlyFans transactions, to prevent data leakage from ledger analysis.
- bserge 5y agoOnlyFanBucks heh. Don't actually need crypto for that, but if it's better, then whatever.
- cody8295 5y agoOr just use a private crypto like Monero
- majewsky 5y agoIf the problem is scrutiny from investors, I don't think it's a viable solution to become a payment processor and therefore attract additional scrutiny from banking regulators.
- sureklix 5y agoYou still have to go through an on-ramp provider or OF does the on-ramp but then probably lots of reg headache. Plus I bet impulse buying is the way to activate OF users. One way to solve this can be to find an on-ramp solution w/ UX on par with card payments and then handle pay-in and pay-outs via Zcash or Monero or using Aztec protocol.
- glennvtx 5y agoLightning fixes all that.
- skinnymuch 5y agoIt’s not that special. Other adult sites and shadier stuff push crypto or only do crypto
- Alex3917 5y agoGetting a payment provider an adult business using crypto is going to be even harder than getting a payment provider for just an adult business.
- toomuchtodo 5y agoIt took me minutes to setup a Coinbase account to send funds to SciHub. As long as OnlyFans isn’t hosting illegal content and they’re meeting financial regulations (no laundering, robust accounting), I don’t see a blocker. Yes, you’re going to have to meet up with fiat rails somewhere, which is where incumbent crypto exchanges operating legally come in (Coinbase, Gemini, Fidelity Digital Custodial).
- davesmylie 5y agoIt's easy enough for someone with basic tech skills to do this sure. Onlyfans depends on joe average being able to do this (and not being scared off at the mention of the word "crypto") I think crypto is about 5 - 10 years away from this point
- deleted 5y ago[deleted]
- marvin 5y agoThis would be the perfect spark for such a shift.
- xur17 5y agoI agree it's a ways off from a user experience point of view, but people are willing to put up with a lot of "effort" if it's something they really want. This very well could be the impetus necessary to make crypto used more broadly for payments. With current tech this would just be a mobile wallet that holds stablecoins with some sort of built in funding mechanism.
- Alex3917 5y ago> It took me minutes to setup a Coinbase account to send funds to SciHub. The issue is getting money from Coinbase into Wells Fargo or wherever, not getting it into Coinbase.
- cblconfederate 5y agoAnd as always, porn leads the way
- bcheung 5y agoHaving worked as an adult programmer, they are really far behind technology trends. You're lucky if they use version control and staging servers.
- rejectedandsad 5y agoSomehow there is this meme that porn sites are technically impressive due to their scale/small video playback enhancements, neglecting that they have a slightly more captive audience that will forgive small hitches than most streaming video providers. The meme is dumb and should die imho.
- gowld 5y agoIt's not about quality of product. It's about motivation to deploy new technologies for the experience it enables.
- Shish2k 5y agoHaving worked at a porn site and a FAANG, I’d say my porn work was more impressive — because payment processors / ad providers / hosting companies / etc are so anti-adult-content, getting anything done is a lot harder.
- deleted 5y ago[deleted]
- jjeaff 5y agoHate to break it to you, but all these processors that are facilitating crypto are actively policing what you do with it. They will restrict you or kick you off their platform for using crypto for things they don't want you to use it for.
- tyingq 5y agoCurious how much work they put into this. Do they follow coinbase->private wallet->multiple payees at different times for lower amounts?
- paulpauper 5y agoThey have very advanced risk compliance. They know about Every trick in the book.. all tracked. You would need to do way more than that.
- grandmczeb 5y agoCoinbase has an extremely advanced chain analysis system. Simple tricks like that are unlikely to defeat it. https://www.coinbase.com/analytics https://www.coinbase.com/analytics
- tayo42 5y agoDark net people are pretty confident about tumbling. Or what about just converting coins.
- SturgeonsLaw 5y agoTransferring your coins to a tumbler flags your wallet address in tools like Chainalysis. They can't see where you sent them post-tumble, but they can see that you sent them to a tumbler, and that alone will be flagged on your account.
- SilverRed 5y agoCan you explain what the features on this page are being used for? Are you suggesting that if you buy coins from coinbase and they later detect that you are using them to pay for adult content that they will block your account?
- rodneyg_ 5y agoCoinbase, Venmo, and others are not enabling censorship resistant crypto payments. Coinbase does track who and where you send your crypto to, so in theory they can control what you do with it. The workaround would be to send your crypto to wallets not associated with them, even still.
- adrusi 5y agoCoinbase and Venmo's role is analogous to a bank that offers account holders debit cards that can access CC networks, not the organizations in control of the CC networks themselves.
- stale2002 5y ago> so in theory they can control what you do with it. And yet, that isn't happening to the same degree as visa or mastercard. So, for whatever reason, visa and mastercard are currently, successfully, forcing OnlyFans to do this kind of policy change, whereas coinbase is not. When the actual rubber meets the road, crypto is defacto, not as censored as visa or mastercard.
- lmm 5y agoYou could say the same about, say, Amex or Discover being de facto not as censored as Visa and Mastercard. The pressure is on Visa and Mastercard because they're where the vast majority of the money flow comes from.
- bcheung 5y agoBut most coins are public ledger. And the "know your customer" exchanges are not allowing privacy protecting coins.
- abecedarius 5y agoZcash is on Coinbase, Gemini, Kraken, ...
- lui8906 5y agoAnd Zcash is not private by default (though can be shielded). Monero is private by default and is also available on Kraken and others.
- abecedarius 5y agoGood point about exchanges with Monero. (It's also on Coinbase, of the others I listed.) The "private by default" criticism is misleading: - While this is important in a design which mixes your transaction with a limited set of other recent transactions, in Zcash the privacy set is all of the shielded transactions ever. - It's not a "default" technically, it's a choice of transparent and shielded, both of which are useful. "Default" is a wallet UX question. I think the latest reference wallet auto-shields things so you don't have to remember to shield what comes in from a transparent transaction.
- deleted 5y ago[deleted]
- 3np 5y agoMaybe OnlyFans talk to these guys and see if they can worm something out https://spankchain.com/ https://spankchain.com/
- dj_gitmo 5y agoThis is the first time I've seen x-rated Corporate Memphis https://en.wikipedia.org/wiki/Corporate_Memphis https://en.wikipedia.org/wiki/Corporate_Memphis
- gogopuppygogo 5y agoCensorship resistant currencies are more like Monero…
- thinkmassive 5y agoHeh, there are already multiple streaming payments platforms built on the Bitcoin Lightning Network, and they're not oblivious to this market: https://twitter.com/get_zion/status/1428417401297723397 https://twitter.com/get_zion/status/1428417401297723397
- x0x0 5y agoRight, but... is that 99% of their content, 99.9%, or 99.99%? Cause I bet it's at least 99%.
- gtirloni 5y agoHow do sites like Pornhub get paid then? Why can't OnlyFans switch to whatever provider they use?
- tshaddox 5y agoDon't pornography companies typically use payment processors that are considered pretty shady? Or, these days I'd imagine most of them accept cryptocurrency.
- gowld 5y agoThey are "shady" only by circular reasoning, because they handle porn.
- tylerhou 5y agoObjectively, they also charge much higher fees because of the high chargeback rates associated with porn. They also tend to process other unsavory transactions, which also have higher chargeback rates; hence they are "shady."
- lol768 5y ago> How do sites like Pornhub get paid then? At the moment I'm pretty sure they don't. At least, not via card-based payment systems.
- LegitShady 5y agopornhub is having exactly this issue. https://bravenewcoin.com/insights/pornhub-crypto-news https://bravenewcoin.com/insights/pornhub-crypto-news from february
- dvdkon 5y ago> "This is good for adoption! Next up, Onlyfans." Sadly it doesn't seem to be working out as the crypto-enthusiast author might have wanted.
- rich_sasha 5y agoNothing particularly noble about porn, but it irks me that payment providers act as unofficial censors of business. Why should legal businesses be denied access to the de facto legal tender of 21st century? And on a whim of unelected CEOs...
- mdoms 5y agoI suspect it has less to do with their puritanical values and more to do with the enormous amount of fraud in the industry and the customer support load it places on them from the husbands, wives and children who swear up and down they aren't responsible for the charges found on the bill.
- rich_sasha 5y agoWell, ok, disable credit cards. But debit cards don’t have these protections, transactions are essentially immutable. I get they are less popular in the US but are probably, hmm, 70% of cards in Europe? So that’s a viable option.
- mdoms 5y agoMy Visa debit card has all of these protections.
- yurishimo 5y agoYeah, Visa and Mastercard debit cards carry the same fraud/abuse protections as a credit card. They usually don't cover all the extra crap the credit cards do (car rentals, etc) but they will absolutely give you your money back and perform chargebacks in cases of fraud or denial of services tendered.
- SilverRed 5y agoDebit cards have exactly the same fraud protections as credit cards as far as I know in Australia.
- thaumasiotes 5y ago> The reason no one has made an OnlyFans before Patreon?