NewbieNudes

A Bitcoin is a new online currency.

• It's peer-to-peer and the system is open source.
• Bitcoin transactions can not be charged back.
• There is no organisation in control of bitcoins that can restrict their use by the adult industry.
• They can be pulled out of the online space for cash at one of many markets that have been set up.
• The bitcoin is not affected by inflation or devaluation of currencies like the USD

This is the perfect solution to the payment issues we as an industry face and have faced for years.

No over regulation, No chargebacks, No merchant fees. It's a major boon for online commerce

The Bitcoin economy is growing steadily but we need to embrace it to get it into everyone's awareness.

http://bitcoin.org
http://weusecoins.com

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- LOL -

spazlabz

this is definitely an interesting way to buy and sell. I also like that they are upfront and honest with some of the risks of using this currency, definitely something to look into

HomerSimpson

no recurring billing - it's out!

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NewbieNudes

Yes and the more people that use it the more stable the market will become.

In our implementation we'll just be assigning the price of memberships dynamically based on the last 7 day avg of the market price on http://mtgox.com

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spazlabz

I am just thinking out loud here

We all know there is a certain percentage of surfers that are never going to recur as well as a large group that are paranoid about spending money on an adult site and it not being anonymous. Based on what I read at the site this will satisfy both.

Like I said I am just thinking out loud and the site itself made me curious

NewbieNudes

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NewbieNudes

That's right there is always a significant %age of people that are never comfortable with cc's or re-billing and this is an additional way of monetising those guys.

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Bladewire

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seeandsee

Payments system working on open source scheme

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spazlabz

I have to admit it... that little detail there definitely gives me a moment of pause

Davy

What's that thing about mining with graphic cards? I don't get it. *confused*

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candyflip

Didn't the bigcoin guy post here one day explaining things? It would take quite a bit of PC power to make your coins.

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candyflip

You basically run the app on your program and it creates bitcoins over time. The more power you've got, the more you can mine.

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NewbieNudes

The mining thing serves two purposes.

1) It incentivises people to run the nodes the network requires for it's integrity/transactional distributed database

2) It provides a way of distributing the currency at a fixed rate to allow for increasing demand, but at a fixed pre-determined rate.

The mining thing is a distraction from the purpose, which is a new online de-centralised fee fre medium of exchange.

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pornguy

I think his point is that if no recurring billing is available then lots will make Half or less of the income.

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12clicks

I too, have invented a new internet currency.
you see it in my sig.
just hold out your virtual hand and spend it as you please.
its better than money, its better than credit cards!
and its closed source.
I win

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iSpyCams

And by taking payments in a currency that no one uses they will lose the rest of it.

96ukssob

can i pay my mortgage with bitcoins?

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TeenCat

is this some game or what?

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NaughtyRob

Just use Paxum and all is well.

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Due

It's a great concept.

How can I use the actual money I get on real products whenever I want ? IE: buy stuff in bestbuy, airline tickets etc etc ? Is there an actual exchange system setup to cash out in EUR or USD ?

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Barry-xlovecam

No Liquidity

Fiddler

Make so much from recurring not sure the risk is worth it to have people who might recur using an option that won't allow them to as easily.

ilnjscb

ilnjscb

Two really big things. One, the mining. That confuses the issue, and is a drawback from the seriousness of what you are attempting. Two, the first (and most reasonable) question anyone would have is: exchange. Plenty of things are in demand but that does not make them currency. Beads are in demand at Mardi Gras. Girls who wouldn't take their shirts off for $100 will do it for beads. But since beads have no real exchange, they are functionally worthless as a currency regardless of the demand.

Emil

What's the problem with mining? The currency needs to be distributed in some kind of "fair" and stable way.
As the number of users grow so does the rate of the currency (because of the CPU power). The person with the fastest CPU (or the biggest botnet) will benefit most but is there any better way to distribute the currency?

You can exchange from USD to bitcoin and from bitcoin to USD today if you want to. LibertyReserve works the same way and lots of people are using that.

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Lint

Yes, there are several exchanges. You can also buy prepaid virtual visa cards for bitcoins.

ilnjscb

The base of all currency is gold. Civilizations have risen, dominated, expanded, collapsed, and died thousands of times and through it all gold has been the constant. Every real currency has to have a direct or one step indirect link to a real medium of exchange.

If bitcoin has a real rate, do yourself a favor and post it against 10 major currencies, then, have a list of every vendor that accepts it directly.

As for mining, one does not mine dollars or any other currency based on precious metals or based by governments with reserves. Bitcoin has no intrinsic value, so creating them in a manner not linked to a reserve currency only verifies the appearance of valuelessness or random valuation.

There are examples of "found" e-currency, such as MMPORG currencies, and one site (as MFC) instruments, but they all have a pretty clear peg to a backed currency.

Vendzilla

this has been tried before and it didn't work

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think about that

cherrylula

how will they sneak in cross sales? pre-checked bit coins? oh noooz

chronig

Gotta say I don't completely under-fucking-stand the concept....

If you did accept bitcoins... say for an adult site... wtf do you do with the bitcoins afterwards? You have to worry about selling them? Who the fuck wants to buy them?

czarina

I'll just wait for paypal to accept adult again./..

Ravage

All fine and dandy until the US Gov. decides to step in and shut it down on the basis of money laundering and being an unlicensed money transmitting service.

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John.

interesting reading

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adultmobile

^^ I agree on what he said.

I add that any small guy with 4 million dollar can buy all the bitcoins in the planet today and end its economy, that's small.

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cam_girls

If you think the world is going to go around to the tune of BitCoin.org you are nuts!

the BitCoin dude posting here said himself other contenders will join in the mining/p2p in years to come and dilute the pool.

I've got it all worked out! I'm already in negotiations for CHARGECARD.com so getting a VISA card to withdraw your money is all sorted.

The hard bit is buying eGold.com off Rick Schwartz, he sells StupidDomain.net for $1,000,000 these days so it won't be cheap.

Here is a HomePage draft I wrote for eGold after reading about bitcoin!

eGold won't be peer to peer but I might do a 1 year mining intro phase - with a maximum mining permit of 10 PC CPUs worth per account, 1 mining permit per credit card authorisation... but you won't have to mine for weeks for 1 bitcoin! every 5 seconds you earn 1 eGold coin!


-------------eGOLD-------------

eGold is a digital signature token system for passing tokens to each other.

eGold is not legal tender in any country.

Exchanging eGold for a country's legal currency is outside the
scope and juristiction of eGold.com website.

eGold is a free public service for information token tracking only.

eGold transactions are non-refundable, non-reversible and any losses due
to transferring eGold tokens are not the responsibility of eGold.com or
it's employees.

eGold.com does not hold any eGold, except during an automated escrow transaction
until both parties agree to transfer the eGold, or 1 party decides to cancel
the escrow and the eGold is returned.

eGold is mined like real gold with a mining permit to verified members.

The amount of eGold in circulation is always increasing but at a slower
and slower rate, mining permits prevent single users from mining too
much eGold per day.

1 eGold coin looks like this:
0000000001000000000132445344546435354566767834423
|<-----------------------eGold digit string------------------------>|

To forge an eGold coin is mathematically equivalent to picking 1 atom out of the entire Universe of atoms!

eGold.com is mirrored at eGold1.com eGold2.com eGold3.com eGold4.com eGold5.com eGold6.com eGold7.com eGold8.com eGold9.com eGold0.com
hosted in 10 different countries! Only 1 site needs to be online to transfer eGold.

There is no software to install, and no registration is required, if you can send someone a 100 digit number you can send eGold!

AdultKing

let me know when hell freezes over

Lint

Please be so kind and explain exactly how the US Government would shut it down?

Emil

So you think it's better if it was more easy to generate bitcoin? Dont you realize that it would just cause inflation? In the beginning of Bitcoin it was more easy to generate Bitcoins, it will get harder and harder so the supply of new bitcoin keeps stable.

The guy posting here was not the creator of Bitcoin, he was the creator of a bitcoin-service.

The main thing with bitcoin is that it would be very hard to close it down for the goverment or anyone else. It doesn't matter if the website bitcoin.org goes down, the network will stay up. It doesn't matter how many domains you would put up, it can easily be taken down.

Also with Bitcoin: no one can close down your account, no papers need to be signed, you can be anonymous.

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Ravage

Just research the cases against eGold. It doesn't matter how much encryption or security and validation you can do to create a virtual currency. Once real world $$ values and begin to be transferring, like it does now, the service is deemed an "unlicensed money transfer service" and constitutes money launderding.

So as the topic suggests, if Adult sites begin accepting these bitcoins for memberships that relate to real world $$ valuse, you've just set yourself up to be investigated and charged for money laundering activies.

If you think anyone can just come up with a virtual currency economy and apply real word dollar values to without being licensed and regulated by the world governments, then I've got a bridge in SanFran to sell you.

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Agent 488

it's p2p and decentralized. it can't be shut down.

Ravage

Doesn't need to be physically shut down. They just need to go after companies accepting them and disbursing real $$ for them to kill it.

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halfpint

I kinda like this idea and if this does take off the people who get into this first will make some bank

Cpanel is also open source and so many of us use it

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r0bman

This is the future, maybe not primary for adult but it's gonna be big

r0bman

There would be nobody to hold responsible ... this is decentralized personal currency with no company or head office at the forefront.
Like a seed in the wild!

halfpint

Ok Iv downloaded the client and im minning ...lets see how this works out

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Tempest

Really??? So who has the millions of dollars that would be required every month for all the programs etc. to get actual cash? How reputable are they? Are they backed by banks? I mean really.. A fantasy currency is all nice and all but there has to be real money backing it up.

ThatOtherGuy - BANNED FOR LIFE

Decentralized Banking. LOL Thats funny.

Emil

The USD isn't backed by shit, just like Bitcoin. You can use both currencies to trade for products, you can also exchange both currencies into other currencies.

I think mining is way better than to let the goverment buy money (backed by nothing) from federal reserve (which works like a private company) that they just printed.
They seem to do a pisspoor job considering the inflation of the USD.

Bitcoin got a "controlled" inflation system which will generate bitcoins until it reach the limit. After the limit is hit, not a single bitcoin can be generated. The Bitcoins is made all over the network, not one single person get all of them.

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