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I’m the last person to jump on the bitcoin bandwagon, but this is one case where I think it’s warranted.
I love the idea of crypto currency and I really do think, one day, some form of it will be out future. But Bitcoin today just doesn't fit that bill at all.
Earlier quoted context omitted.
> The new flow I suggest is: BTC -> Coinbase -> PayPal The flow still can be censored. As a matter of fact, you now have two opportunities for your payment to get nixed.
The point is to spend out of btc via means of PayPal though. The shift card died because Switzer land couldn't hold it up.
Bitcoin Cash to the rescue!
Bitcoin will solve this problem.
Earlier quoted context omitted.
My hunch is that would incur unwanted liability from FOSTA-SESTA [1]. Producing content and paying talent out directly is fairly straightforward for adult entertainment. There be dragons if you're attempting to build a marketplace to do something similar. "The Stop Enabling Sex Traffickers Act (SESTA) and Allow States and Victims to Fight Online Sex Trafficking Act (FOSTA) are the U.S. Senate and House bills that as…
AFAIK Pornhub is Canadian. However your objection still stands; I would imagine that there are similar laws in Canada against sex trafficking.
What are the biggest cost centers for a new payment provider? Software engineers? Rack space? Dispute (fraud) resolution? Marketing?
Bitcoin will solve this problem.
Not until it's near as stable as the dollar it won't.
...or just for PH to support stable coins internally.
As weird as it sounds I honestly think they should pair with one/more exchanges to support low friction onboarding/exchange - who knows, maybe some of them will convert to traders! :)
A contributor once wrote on hn about the huge market for a porn friendly payment system. Key feature, must not look suspicious on credit card bill...
There are a lot of porn friendly payment systems. The big issue is chargebacks and fraud.
A contributor once wrote on hn about the huge market for a porn friendly payment system. Key feature, must not look suspicious on credit card bill...
1) Chargebacks -- people chargeback the shit out of these kinds of transactions. Significant other sees the bill, gets pissed / confused about the charge / whatever and gets it charged back. 2) Fraud -- people use stolen CC's to pay for this kind of thing. 3) Porn operators are, as a whole, rather shady themselves and present their own set of risks to a payment provider. A lot of those chargebacks in #1 are actually valid chargebacks.
You could say "use bitcoin", which would solve the chargeback problem but do nothing for fraud and shady porn sites. If anything it would exacerbate the shady behavior because consumers would have no recourse against fraud.
In short, collecting payment for porn sites a tough, costly business.