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I think user-generated porn already has a greater attraction to surfers than does produced porn. I'm convinced the popularity of a site like youporn.com is due to its true amateur porn, not due to some of the "illegal" content that may be there as well.
It's just that the market at the moment is vastly dominated by produced porn, there's a taboo associated with freely submitting your own porn which is why it may not ever truly thrive as much as user-generated content on youtube and the likes does. Until very recently there hasn't been a proper medium for user-generated content.
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