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mounting pressure from banking partners and payment providers HN is often sceptical about use cases for crypto beyond speculation. This looks like one.
What is stopping MasterCard and Visa from banning Coinbase and others if this happens
Why can PornHub successfully sell a premium porn service but OnlyFans cannot? Is it just the size of the company?
pornhub is having this issue exactly. They got PNG'd by all the payment processors. They only have crypto payment options now. My bet is pornhub is doing a lot worse now than they were before. https://bravenewcoin.com/insights/pornhub-crypto-news
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Why should there be? It seems absurd to MANDATE anyone participate in the sex trade. There are payment processors who specialize in adult content.
At the mercy of Visa and MasterCard, I would guess. Doesn't OnlyFans work with CCBill, who exclusively work with adult content providers? More info is needed to conclude, but it wouldn't surprise me if their upstream providers made demands.
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
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It's not like they have a choice. Their business was only ever viable at the behest of their payment provider. The reason no one has made an OnlyFans before, and the reason why people have tried and failed, entirely comes down to this.
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.
It seems a lot of people in this post are opposed to payment processors pressuring OnlyFans to do this. When Google, Apple, Amazon, et al. simultaneously took actions that resulted in the shutdown of Gab it seemed a lot of people supported it. Now they could very well be completely disjoint groups, but I’d be interested if anyone who opposes the payment processors pressuring OnlyFans but supported the actions taken a…
This feels akin to saying something like, "Oh, you were onboard when the government criminalized murder, how do you feel now that they're criminalizing weed?!"
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Probably the reputational risk to them from being associated with porn is not worth whatever OnlyFans brings in.
Payment processors and financial institutions like to use the (IMO mostly political) cover of "AML regulations" to decline service to sex workers and sex worker-adjacent businesses. Prior to the internet and OnlyFans there was at least a tenuous connection: sex work was a cash business and all cash businesses are at "higher" risk for money laundering. Pizza shops, nail salons, car washes, etc. Of course the pizza sho…
I remember PH having the same issue. Do payment processors take on liability for facilitating sexual content that is illegal in some way? Is it a PR thing? Is mastercard owned by the Holy See? What's the deal?