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Getting 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 ago
It 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 ago
  It'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 ago
    This would be the perfect spark for such a shift.
  - xur17 5y ago
    I 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.
- secondaryacct 5y ago
  But the issue is with traditional payment providers: how do you transfer from crypto to your employees bank account, how do you tranfer to the IRS for tax purpose, etc. Now you have two problems: you look shady as fuck transfer large crypto amounts and you're already flagged for profiteering off underage porn... As usual crypto is a solution that didnt solve the problem: how do you detect underage porn so that you can mark your profits in general.
  - toomuchtodo 5y ago
    But that’s not the problem. The problem is payments for services that aren’t illegal (legal age adult content), merely taboo and unwanted by a payments oligopoly (Visa and MasterCard). Yes, crypto incurs drag from fees and inconvenience for a platform to transact in it, but it can’t turn your payments off overnight. (and I make these comments as a crypto skeptic)
    - ByteJockey 5y ago
      So, is there a market for a credit card that caters to these things?
      - toomuchtodo 5y ago
        Such a product could not be a credit card, as it would run on rails of your traditional providers (Visa, MasterCard, etc). If you want to avoid traditional payment rails who can financially deplatform you, it has to be crypto (much to my dismay). Could you use ACH or Instant Payments from the Fed? For as long as the banks that support those payment rails don’t give you the boot. Think Privacy.com/Lithic.com but using crypto and instant fiat->crypto conversions when the payments are made. No chargebacks, no refunds. The crypto or stablecoin are decentralized rails.
        ByteJockey 5y ago
        > Such a product could not be a credit card, as it would run on rails of your traditional providers (Visa, MasterCard, etc). You'd have to build your own infrastructure, but you could make an actual credit card. It would have to be super jank at first (you might even have to cut actual physical checks at first). Fundamentally, a credit card is just you paying for somebody's transactions, and billing them at the end of the month (and suing them if they don't pay up). It would be slow, and the service would be horrible, but the people accepting your money don't have a ton of other options.
- fragmede 5y ago
  > As long as OnlyFans isn’t hosting illegal content The service promises huge amounts of money to, lets be honest, young women, to post nude photos of themselves. How much are you willing to be that every single photo, every video, of what has to be in the terabytes, is of someone over the age of 18. That no one 17 or younger, lured in by promises of big money, lied about their age to get it? That the platform's age verification system is 100% bulletproof and can't be fooled by photoshop.
  - deleted 5y ago
    [deleted]
  - esyir 5y ago
    You're basically asking for perfection. If that's the standard you hold anything to, then you can burn down everything and roll in the ashes. Rather, the obvious reading of that is that onlyfans isn't primarily or deliberately hosting illegal content.
deleted 5y ago
[deleted]

toomuchtodo 5y ago

It 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 ago
It'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 ago
  This would be the perfect spark for such a shift.
- xur17 5y ago
  I 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.
secondaryacct 5y ago
But the issue is with traditional payment providers: how do you transfer from crypto to your employees bank account, how do you tranfer to the IRS for tax purpose, etc. Now you have two problems: you look shady as fuck transfer large crypto amounts and you're already flagged for profiteering off underage porn... As usual crypto is a solution that didnt solve the problem: how do you detect underage porn so that you can mark your profits in general.
- toomuchtodo 5y ago
  But that’s not the problem. The problem is payments for services that aren’t illegal (legal age adult content), merely taboo and unwanted by a payments oligopoly (Visa and MasterCard). Yes, crypto incurs drag from fees and inconvenience for a platform to transact in it, but it can’t turn your payments off overnight. (and I make these comments as a crypto skeptic)
  - ByteJockey 5y ago
    So, is there a market for a credit card that caters to these things?
    - toomuchtodo 5y ago
      Such a product could not be a credit card, as it would run on rails of your traditional providers (Visa, MasterCard, etc). If you want to avoid traditional payment rails who can financially deplatform you, it has to be crypto (much to my dismay). Could you use ACH or Instant Payments from the Fed? For as long as the banks that support those payment rails don’t give you the boot. Think Privacy.com/Lithic.com but using crypto and instant fiat->crypto conversions when the payments are made. No chargebacks, no refunds. The crypto or stablecoin are decentralized rails.
      - ByteJockey 5y ago
        > Such a product could not be a credit card, as it would run on rails of your traditional providers (Visa, MasterCard, etc). You'd have to build your own infrastructure, but you could make an actual credit card. It would have to be super jank at first (you might even have to cut actual physical checks at first). Fundamentally, a credit card is just you paying for somebody's transactions, and billing them at the end of the month (and suing them if they don't pay up). It would be slow, and the service would be horrible, but the people accepting your money don't have a ton of other options.
fragmede 5y ago
> As long as OnlyFans isn’t hosting illegal content The service promises huge amounts of money to, lets be honest, young women, to post nude photos of themselves. How much are you willing to be that every single photo, every video, of what has to be in the terabytes, is of someone over the age of 18. That no one 17 or younger, lured in by promises of big money, lied about their age to get it? That the platform's age verification system is 100% bulletproof and can't be fooled by photoshop.
- deleted 5y ago
  [deleted]
- esyir 5y ago
  You're basically asking for perfection. If that's the standard you hold anything to, then you can burn down everything and roll in the ashes. Rather, the obvious reading of that is that onlyfans isn't primarily or deliberately hosting illegal content.

deleted 5y ago

[deleted]