Bitcoins And The Adult Industry
 

Not just Bitcoins but all kinds of cyber or crypto-currency, Internet Money; whatever it ends up being called.

Once at the forefront of Internet Marketing, the Adult Industry is actually responsible for much of the way the 'net is as we know it; the Industry now stands around like an old belligerent jackass, dug in and refusing to move.

Internet Money, cyber currency, crypto currency; whatever you want to call it is here to stay.

Makes no difference if Bitcoins, Litecoins or Shitcoins end up being dominant, the reality is here and it's not going to go away.

The Adult Industry can either embrace it or lose out and lose out big time. The Industry is on a cusp; ready to tilt one way or the other.

It's all up to you; the Adult Webmasters to which this post and this forum is dedicated.

Which way will you tilt?

:2 cents:

based on real life experience with former ecurrencies the ratio of people using ecurrency vs. normal payment methods is less than 1 in 20 or even worse...

they are a pain in the ass and credit cards are more convenient

Any morons involved with bitcoins should just send their information to DOJ and the FBI and save them the trouble. Free Trade Agreements will fuck your dumbasses. Everybody connected now, get it dumbasses?

Sally, do you buy your dresses and make up with bitcoins?

Sally, do you buy your dresses and make up with Indian rupees?

So sayeth Silly Rant. :1orglaugh

http://worldonline.media.clients.ell...cf7613005fe067

http://comicsagogo.files.wordpress.c...lc-airport.jpg

Oh the irony... :winkwink:

:stoned

ADG

You "anti-bitcoin" people, so tell me this, you can seriously see no good and no future for Bitcoins?

Please open your eyes before answering.

I am not pro or anti-bitcoin. I can see a future for it. I think eventually the dust will settle and it will be a niche currency. There are a few reasons I say this.

1. The price, at least right now fluctuates so much that many people are afraid of it. I don't want to pay $100 for a bitcoin on Weds only to be have it worth $50 on Friday. The same goes for a business that takes them. I don't want to sell someone $100 worth of stuff one day, have them pay me with bitcoins and a few days later the bitcoin is worth half as much.

2. Most people don't know about it. When GFY started turning into the bitcoin board about a month ago I did a casual survey of my friends. I asked 20 different people, all of which use the internet pretty much every day if they had heard of bitcoins. One of them had. This is just my circle of friends, but I still think most people don't know what it is and never will.

3. Using it, right now, isn't easy. It isn't terribly difficult, but it isn't super easy either. I have to get a wallet and use a code and store the bitcoins etc. It is more involved than just pulling out my credit card and typing the number into a box. Most people are lazy and don't want to put forth the effort using bitcoins will take.

4. Limited use. This could change, but right now there are not a lot of places that take bitcoins as payment. If they were widely accepted they would be more useful. As I say, time may fix this one.

5. Competition. We are already seeing Litecoins and other competitors start to pop up. At this point it is hard to say which, if any, of these will work in the long run, but the more competition there is the less chance bitcoin has of getting users.

6. History is against them. There have been other internet currencies. I remember Flooz which was promoted by Whoopie Goldberg. It wasn't the same thing as bitcoins, but it failed. There have also been other token systems that have come and gone. Again, they aren't the same as bitcoin, but none of the succeeded.

7. The government won't/doesn't like it. Governments tend to not like things they can't control. I would not be surprised if laws started getting passed that limited the legality of bitcoins.

These are just a few things I can think of off the top of my head.

Like I said, I am not for or against it. I am in a wait and see mode. If it starts to catch on I might use it. I am actually planning to sell a few ebooks I am writing right now. Maybe I will off bitcoins as a payment option since the dollar amounts will be pretty small.

Maybe it will be huge, but I think, in the end, it will be a niche product that some people will use and most will not. Just my 2 cents.

What about a company selling a psychical product

Should we accept bitcoin just because its the trendy thing to do ?

What happens if bitcoin crashes again and loses 60% of the value? You know after we shipped the product...paid the affiliate ... employee's ...etc

Once bitcoin can stay stable within a 5% margin for atleast 6 months I think more adult companies will pick it up


What about webcam sites? Should they just say yup send us your bitcoins and then when bitcoin crashes again and loses value they are out of pocket to pay the models and webmasters?


You would need a separate system for cam models and webmaster who want to go in and take the risk with you.

What if a webcam company accepted bitcoin when it was at 244? They would of still not of been close to being recovered from the crash.

Todays low on bitcoin was 127 ... the high is now 152. That is still way too much movement to be taken as a serious alternative currency when it comes to running a business.

There are a lot of factors that can decide the fate of bitcoin. It's still in the growing pains stage and has a lot of hurdles to overcome before it is widely accepted by everyone. So knowing that, it's just too early to say either way. The largest hurdle right now is the average guy trying to figure it out, and adding a wallet, backing it up, and all of that is not easy. When Bitcoin is as easy to use as Paypal, then it's probably going to explode.

That said, I personally believe the government will step it at some time and heavy regulate it somehow, be it pressure they put on the exchangers or some new way no one has thought of yet. That may not be the end of it, but at the very least they will eventually try do away with people using it for illegal activity such as human trafficking, money laundering, drugs, firearms, and the usual no-nos.

If you use a processor like BitPay or OKPay you always get the amount you charge.

Let's say you charge $100 for your product.

When a customer buys something the amount of BTC they will pay is always the amount that matches the $100. So it could be 1 BTC one day, 5 BTC the other day, but it will always be $100.

And with systems like OKPay you can automatically convert the BTC to USD after every sale, so you have no risk of the exchange rate changing, because it has already been converted to USD in your wallet.

So as long as you use a processor that charges the equivalent of your charge in BTC at the current exchange rate and always convert the BTC to USD immediately after the sale the fluctuating exchange rate has hardly any influence.

Ah okay i was not aware BitPay did it like that. I was under the impression that they kept the funds in BTC until you executed a sell order to USD

Within the next 2 years BitCoin will be offered as a payment option on all mayor adult and gambling sites. I have no doubt about this. All the naysayers just don't get it.

The BTC to USD exchange happens within 15 minutes of the sale so there is no real fluctuation and then every day they do an EFT. You can also specify any % that you want sent in BTC to your wallet.

Until bitcoin stops fluctuating so much, this is the way to go. We make the same USD as a normal sale, affiliates make the same cut, etc.

edit. just saw NYMD's post already explaining it.

They EFT once a day, the USD exchange is performed within 15 minutes.

Of course a site keeping the bitcoins for week(s) would gamble, but you can quick sell. We're a webcam site and thinking at a bitcoins revshare feature. If the bitcoins are sold quickly as soon as we got paid, and we "round our way" on the exchange (we are the middlemen...), there is no issue for the site, about volatility.
But currently my idea is to pay the affiliates in bitcoins for their revshare, so I would not officially exchange btc<->usd, as that is danger to do on a big scale.

Real issue I see in next months and years, it is ALL the exchanges will be closed, so you can't really convert btc<->usd back.

Perhaps look what it happened to these exchangers recently:

U.S. Banks no no:
Bitfloor -> closed due to circumstances outside of our control
BitFloor must cease all trading operations indefinitely.
CapitalOne closed the Bitfloor U.S. bank account.
Capital One viewed the exchange as a MTB (Money Transmitter Business)
it requires separate licensing in 48 states, cost $10+ million in fees...

UK banks no no:
http://transferwise.com/blog/2013-04...ers-april-2013
our banking providers are not comfortable with Bitcoin and want us
to restrict payments to these firms.

Poland banks no no:
https://bitcoin-24.com/ -> closed (The Polish authority closed our Bank account in Poland)
https://dl.dropboxusercontent.com/u/2329063/BTC24.pdf

Governments are very slow, but then after 1-2 years they bust for sure. In USA we got for now:

Financial Crimes Enforcement Network (FinCEN)'s Virtual-Money Guidelines:
Any company handling bitcoins needs to abide by Know Your Customer and Anti-Money Laundering rules and reporting. (not going to happen so much with bitcoins)

exchanger = who exchange of virtual currency for real currency,
funds or other virtual currency (include bitcoins to litecoins exchange...).
(if your users pay in bitcoin, you should pay revshare in bitcoins.. or if you pay in dollars, you are an exchanger - big big warning)

At the moment it is single banks who close the accounts of who is mainly involved in bitcoins, as they do not want the risk... it is a little like when banks figure you're in adult and they close your account due to that. What better than a bank learns this is adult + bitcoins business at same time :)

For sure, after 1-2 years, US, Canada, Euro Union etc. will have specific regulations done, and go threat the few banks left who still process bitcoins on their risk, to check against those regulations, which will be impossible to comply with as most regulations in any field.

Still there can be business for 1-2 years, until it will exist some way to cash bitcoins in dollars somewhere. If all the mtgox's and btc-e's will have "bank account closed" as the 3 smaller ones above, I imagine the BTC<->USD value to drop quite quick anyway.

Finally, after bitcoins there will be other competing currencies. This will be confusing.

Let's bookmark this thread and bump in next 1 and then 2 years.

Not sure if my post also came across like that, but I'm not anti-bitcoin, on the contrary. I'm just anti SallyRand, the crossdressing freak who acted like he was a middle aged woman with his other nick.