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OnlyFans to block sexually explicit videos starting in October

bloomberg.com

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Re: OnlyFans to block sexually explicit videos starting in October

#151

Post by short_sells_poo »

TekMol wrote: post #116

mounting pressure from banking partners and payment providers HN is often sceptical about use cases for crypto beyond speculation. This looks like one.

I'm one of those vocal sceptics on HN. I agree with you! Here's finally a huge industry that is consistently shunned by the mainstream payment providers.

I'm not being facetious. I believe it's a one of a kind opportunity for crypto currencies to step in, show the middle finger to the established payment pipelines and prove that a smooth, reliable and safe payment system can be operated even for the adult industry.

According to the Guardian[1] the adult industry clears between $10bln-$100bln a year. That's a lot turnover and clearly they are not being served well by the current providers. I'd imagine the fees are also acceptably higher (due to the increased fraud, etc..) so the profit margins should also be potentially higher.

Re: OnlyFans to block sexually explicit videos starting in October

#152

Post by l33t2328 »

dweekly wrote: post #126

It sure sounds like this was forced on them by their payment processors, not that this was a voluntary move. https://twitter.com/danprimack/status/1428420774449266691?s=...

This is absolutely ridiculous.

What if they decide people can no longer buy dildos or lube or condoms or guns or alcohol or meat on Fridays?

There’s no law with respect to “payment neutrality”??

Re: OnlyFans to block sexually explicit videos starting in October

#153

Post by peepholeoptim »

Ajay-p wrote: post #21

That is a lot of people who are suddenly going to need to find work...but I think a lot of the sexually themed OF's will migrate to other cam websites. I wonder how much money OF will lose because of this decision?

Yes, and the South American and Eastern Europe sex slave cammers will follow them, like what happened with Chaturbate and CamSoda. OnlyFans didn't have to worry about this because nobody's going to subscribe to an account of three gay Colombianos half-heartedly diddling some poor girl, or an anorexic Russian getting anal for six hours straight. OnlyFans succeeded by not being part of that race to the bottom.

Re: OnlyFans to block sexually explicit videos starting in October

#154

Post by toomuchtodo »

Alex3917 wrote: post #141
toomuchtodo wrote: post #125

Earlier quoted context omitted.

Oh 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.

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.

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).

Re: OnlyFans to block sexually explicit videos starting in October

#156

Post by fzzzy »

tobyjsullivan wrote: post #101
Ansil849 wrote: post #97

This doesn't make any sense. It's like if the Food Network suddenly announced that due to mounting pressure from advertisers, they would no longer be airing any cooking shows.

So the history channel then?

This made me laugh out loud.

Re: OnlyFans to block sexually explicit videos starting in October

#157

Post by jpeter »

dweekly wrote: post #126

It sure sounds like this was forced on them by their payment processors, not that this was a voluntary move. https://twitter.com/danprimack/status/1428420774449266691?s=...

Why should payment processors force them to. They will make less money

Re: OnlyFans to block sexually explicit videos starting in October

#158

Post by lnjarroyo »

lotsofpulp wrote: post #120
LatteLazy wrote: post #83

Payment processors need to be declared a utility. Any legal business shouldnt have banks playing morality police.

This supposedly coming soon system should ideally be able to serve as the electronic payment utility. https://www.federalreserve.gov/paymentsystems/fednow_about.h...

Curiously similar to "Pix" launched by brazilian central bank about a year ago. A quick Google search will show you dozens and dozens of countries getting instant payment systems promoted by their own central banks during the last years. Really makes you wonder who could be behind such a "coincidence".

Re: OnlyFans to block sexually explicit videos starting in October

#159

Post by ctoth »

From my understanding, one of the major reasons that payment processors don't like porn is the regretful customer problem, which makes this sort of content a lot more likely to be disputed/have chargebacks. One of the oft-mentioned downsides to Cryptocurrency is the 'no takebacks' property. Perhaps these two things fit together? Also avoids the problem of payment processors dictating morality.
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