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The fact that OnlyFans isn't even trying to move to crypto to keep their business alive is a stunning indictment of the state of crypto as a viable payment meth

The fact that OnlyFans isn't even trying to move to crypto to keep their business alive is a stunning indictment of the state of crypto as a viable payment method.

marvin 5y ago
Couldn't the explanation be as simple as them lacking imagination? They're not a Silicon Valley funded startup. My impression is they lucked into the golden goose, and this move makes me think they're downright clueless about their options when things get adversarial.
- cbdumas 5y ago
  I guess that's possible, but it's hard for me to imagine that with billions of dollars at stake they didn't even consider it. I think they made the calculation that forcing their customers and creators to use crypto would lose them even more business than banning their core product.
  - marvin 5y ago
    I just can't fathom such a risk-averse decision. I mean, their business is dead. Even if you're not normally the type of leader to bet the farm on a wild shot, certainly it's the rational choice when the other option is a guaranteed 90% loss in expected valuation. What are those last 10% worth to you? Unless it's still the difference between personal financial independence and wage slavery for the majority owner, I can't see how that's the rational choice. That's why I'm concluding lack of imagination and borderline incompetency.
WC3w6pXxgGd 5y ago
USD are the only legal tender in the US. Thus, there are unfortunate regulatory hurdles for a business to accept cryptocurrency.
Acrobatic_Road 5y ago
Who says they won't? PH did when this happened to them. Now they accepting like 60 diffferent cryptocurrencies.
wraptile 5y ago
Why do we somehow assume that OnlyFans - a company that basically stumbled into success with zero innovation or business prowess - is even capable of adopting crypto in such way? Of all companies that could adopt mass crypto this one would be somewhere at the bottom of the list imho.
toomim 5y ago
There simply aren't enough consumers with crypto to spend yet. The percentage of consumers with crypto is maybe 1%. The percentage with credit cards is maybe 90%. If OnlyFans moves to crypto, they cut their addressable market by 98%.
xvector 5y ago
It's really just an indictment of OnlyFans lacking any imagination, or, well, balls. They are going to crash and burn anyways - they could have at least tried something like this. Instead they will just pathetically fizzle out, desperately clutching to the few pennies they will have left after this, unwilling to take a risk that might reap great reward and actual change.

The fact that OnlyFans isn't even trying to move to crypto to keep their business alive is a stunning indictment of the state of crypto as a viable payment method.

marvin 5y ago

Couldn't the explanation be as simple as them lacking imagination? They're not a Silicon Valley funded startup. My impression is they lucked into the golden goose, and this move makes me think they're downright clueless about their options when things get adversarial.

cbdumas 5y ago
I guess that's possible, but it's hard for me to imagine that with billions of dollars at stake they didn't even consider it. I think they made the calculation that forcing their customers and creators to use crypto would lose them even more business than banning their core product.
- marvin 5y ago
  I just can't fathom such a risk-averse decision. I mean, their business is dead. Even if you're not normally the type of leader to bet the farm on a wild shot, certainly it's the rational choice when the other option is a guaranteed 90% loss in expected valuation. What are those last 10% worth to you? Unless it's still the difference between personal financial independence and wage slavery for the majority owner, I can't see how that's the rational choice. That's why I'm concluding lack of imagination and borderline incompetency.

WC3w6pXxgGd 5y ago

USD are the only legal tender in the US. Thus, there are unfortunate regulatory hurdles for a business to accept cryptocurrency.

Acrobatic_Road 5y ago

Who says they won't? PH did when this happened to them. Now they accepting like 60 diffferent cryptocurrencies.

wraptile 5y ago

Why do we somehow assume that OnlyFans - a company that basically stumbled into success with zero innovation or business prowess - is even capable of adopting crypto in such way? Of all companies that could adopt mass crypto this one would be somewhere at the bottom of the list imho.

toomim 5y ago

There simply aren't enough consumers with crypto to spend yet. The percentage of consumers with crypto is maybe 1%. The percentage with credit cards is maybe 90%. If OnlyFans moves to crypto, they cut their addressable market by 98%.

xvector 5y ago

It's really just an indictment of OnlyFans lacking any imagination, or, well, balls. They are going to crash and burn anyways - they could have at least tried something like this. Instead they will just pathetically fizzle out, desperately clutching to the few pennies they will have left after this, unwilling to take a risk that might reap great reward and actual change.