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I mean, if it's really a great market that's underserved, then you should launch a payment processor that serves the market. People think this is about moralit
by FranksTV 5y ago
I mean, if it's really a great market that's underserved, then you should launch a payment processor that serves the market.
People think this is about morality, but it's a lot more about the cost of operating in that market. I bet that there are way more claims of fraud, money laundering investigations, subpoenas and other overhead that the banks don't want to deal with.
Like teenagers stealing credit cards to pay camgirls is probably pretty common. And there are likely a lot of prostitution investigations.
The real problem is that sex work isn't treated like normal work, which just creates freedom for criminals to take advantage of vulnerable people.
If it was licensed and regulated, then it would be easier to tell the crooks, and victims of human trafficking from the people who are legitimate, voluntary workers.
Then the economics might make sense for banks to keep serving these customers.
- the_gipsy 5y ago> if it's really a great market that's underserved, then you should launch a payment processor that serves the market. A credit card for porn… good luck.
- harles 5y agoI’m pretty sure the majority of consumers don’t want to be associated with such a thing - almost certainly tied to SSN and part of any credit report.
- fragmede 5y agoPayment processor for porn, not a credit card. That is, the part you put your credit card into. Some already exist, but they charge a high premium due to increased risk, but they still only exist because the banks continue to allow them to.
- croes 5y agoA payment processor is useless without the possibility to pay with a credit card. And that means you depend on Visa, Mastercard and Amex.
- wiseStab 5y agoI think we should have some sort of internet money that can be used to transact without any central authority.
- mkr-hn 5y agoSo far every option has a usability problem that's been solved by companies with the same KYC requirements as credit card processors. This will remain the case as long as people also want to transact in fiat currency, and that will be true as long as it's how people pay the bills and buy food. Any crypto-only platform that solves the problem of everyone needing a copy of the ledger and gains meaningful adoption will face the same legal, PR, and regulatory pressures as anything else in the same place.
- bobthepanda 5y agoFedNow would also make this theoretically possible, no? No middle man, just transfer money between accounts.
- mkr-hn 5y agoA government program has to abide by First Amendment protections. Most restrictions payment processors and banks put in probably wouldn't survive a civil rights lawsuit.
- issa 5y agoDefinitely being worked on: https://interledger.org/ https://interledger.org/
- lpa22 5y agoFound this recently I think it fulfills your idea https://dogecoin.com/ https://dogecoin.com/
- fidelramos 5y agoBut without a central authority how would everyone agree on what's the truth? How would you avoid double-spends, protect against Sybil attacks and basically prevent people from creating money out of nothing? If someone could solve that it would be truly revolutionary. /s
- portman 5y ago>> then you should launch a payment processor that serves the market Checkout.com was most recently valued at $15 billion.
- imtringued 5y agoYou can simply offer a product that operates under the necessary constraints. There is no need to offer conventional payment processing if the conveniences it offers are so unsustainable as you say.
- harles 5y agoMy guess is it’s the chargebacks that banks really care about, which licensing and regulation won’t solve.