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Author Topic: Why hasn't the porn industry jumped on bitcoin yet?  (Read 2506 times)
BNO
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April 16, 2013, 04:33:03 PM
 #21

Interesting Question i asked myself the same. I think its mainly because of the volatality of price. And or the missing of way to fully automate the process to exchange btc to USD in realtime with 99.99% reliability. And this would of course have one prerequisite: a super reliable exchange. And again we are at Mtgox...

The thinking that has led us to this point will not lead beyond - Albert Einstein
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tartessos
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April 16, 2013, 04:52:56 PM
 #22

I saw a  porn website last night that use bitcoins,dont ask me the name cause don´t remenber, but definitly the whole industry should move to Bitcoin
jetto
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April 16, 2013, 04:57:53 PM
 #23

I think porn companies would be very wary of accepting bitcoins for two reasons: The first being that the tech savvy people who use bitcoins probably all already know how to get good porn for free, and how to easily pirate all the good non-free stuff. The second reason is that the porn industry in the past decade or so has been a repeated target for the U.S. government over "obscene" content. I don't think many companies out there would be willing to go out and accept an untraceable currency with limited benefit under this much scrutiny.
JordanL
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April 16, 2013, 04:58:22 PM
 #24

I saw a  porn website last night that use bitcoins,dont ask me the name cause don´t remenber, but definitly the whole industry should move to Bitcoin


Too dirty to admit to?   Cheesy
Epicurus
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April 16, 2013, 09:21:22 PM
 #25

I saw a  porn website last night that use bitcoins,dont ask me the name cause don´t remenber, but definitly the whole industry should move to Bitcoin

Why? To make it harder for people to buy porn? A credit card is about 100x easier and you have protection against shady merchants by initiating chargebacks.
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April 16, 2013, 09:35:56 PM
 #26

you have protection against shady merchants by initiating chargebacks.

Humour me - how would you be at risk of charge back from a bitcoin merchant? Indeed, the lack of charge back may be why porn sites are not head over heels to accept bitcoin.
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April 16, 2013, 09:40:44 PM
 #27

Would you advise new adult website startups to accept Bitcoin?
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April 16, 2013, 09:42:11 PM
 #28

As soon as Mustang Convertibles can be had for BTC the porn industry will switch.



Porsche sold for bitcoins recently.  See http://www.businessinsider.com/texas-family-we-sold-this-porsche-last-night-for-300-bitcoins-2013-4

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April 16, 2013, 09:46:50 PM
 #29

The porn industry likes credit cards because you can get someone locked into a subscription, and milk them for cash for a very long time (through making it hard to cancel subscriptions, hoping the customer will be too embarassed to call the cc company for chargebacks, the customer being to lazy to cancel subscription, etc)

The subscription model doesn't really work with bitcoin because the customer can stop paying whenever they want.
Epicurus
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April 16, 2013, 09:48:11 PM
 #30

you have protection against shady merchants by initiating chargebacks.

Humour me - how would you be at risk of charge back from a bitcoin merchant? Indeed, the lack of charge back may be why porn sites are not head over heels to accept bitcoin.

You aren't. You have protection against a shady merchant as a consumer when paying with a credit card as you can initiate a chargeback if you're not happy with what you received. Without a signature attached to a sale (either at the point of sale, such as in a retail store, or upon delivery of a physical item), it is very easy to just chargeback an item in the first 6 months after you've purchased it. With bitcoin, the merchant has all the power once you've given the merchant your bitcoins.

Porn sites (and any site selling things without a required signature or proof of delivery) would love to not have to worry about chargebacks from upset customers, or from customers whose kids 'borrowed' their credit cards. The trouble is, it's a pain in the butt to use bitcoins as a consumer currently, and it's a pain in the butt to accept them currently and then convert them into a usable currency.

Further, in a business like porn, your costs are in customer acquisition. If you can solve the customer acquisition problem, the 3% that credit cards take don't really matter compared to how important it is to make the payment process easy for the customer.
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April 16, 2013, 10:21:27 PM
 #31

I think all that's missing is an escrow client that is reputable. Maybe even a sub bitcoin? PornCoins anyone?
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April 16, 2013, 10:37:57 PM
 #32

Any business accepting BTC makes Bitcoin stronger and vice versa. I encourage all porn sites to start accepting Bitcoin.
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April 16, 2013, 10:59:22 PM
 #33

How would they choose between bitcoin, litecoin, ppcoin, opencoin and who knows what else might come out...
Epicurus
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April 16, 2013, 11:04:27 PM
 #34

Any business accepting BTC makes Bitcoin stronger and vice versa. I encourage all porn sites to start accepting Bitcoin.

No, not vice-versa. Bitcoin is a currency to a merchant that's going to use them. It makes no difference how strong Bitcoin is, because the only way widespread merchant adoption is going to happen is if merchants have the ability to near-instantly cash out of bitcoins into a currency they can use for things like taxes, legal salaries, and so on.

I can confidently say that I'd accept sheep as payment if I could convert them quickly and painlessly into USD. Same with bitcoins. How strong the sheep market or bitcoin market is just doesn't matter to a merchant though, as the merchant isn't going to hold onto those sheep or bitcoin.
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April 16, 2013, 11:13:04 PM
 #35

Common use-case: buy prepaid credit card for bitcoins and pay for nearly anything with it (including porn).
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April 16, 2013, 11:36:37 PM
 #36

Any business accepting BTC makes Bitcoin stronger and vice versa. I encourage all porn sites to start accepting Bitcoin.

No, not vice-versa. Bitcoin is a currency to a merchant that's going to use them. It makes no difference how strong Bitcoin is, because the only way widespread merchant adoption is going to happen is if merchants have the ability to near-instantly cash out of bitcoins into a currency they can use for things like taxes, legal salaries, and so on.

I can confidently say that I'd accept sheep as payment if I could convert them quickly and painlessly into USD. Same with bitcoins. How strong the sheep market or bitcoin market is just doesn't matter to a merchant though, as the merchant isn't going to hold onto those sheep or bitcoin.


Merchant accepting BTC don't pay 3% to Visa/Amex etc, and transactions are non-reversible so merchant don't get cheated even when selling to Nigeria.
Rash
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April 16, 2013, 11:56:52 PM
 #37

Because of volatility. Also, most merchants that have adopted Bitcoin has not been a success. Very little customers are using Bitcoin, it is still a niche market and will remain so for the foreseeable future.
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April 17, 2013, 12:03:52 AM
 #38

you have protection against shady merchants by initiating chargebacks.

The opposite is true also. As a former affiliate I experienced things like 3 month chargebacks (and even heard of 5 month charged back)  or that customers charging back immediately after they got refunded. As far as I know the CC companies allow only a 1.5% chargeback rate or hefty fines apply. Not to mention that the CC system is insecure by design and it is the merchant who has to take the risk.
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April 17, 2013, 12:05:26 AM
 #39


Hi, just one more newbie emerging from the water! Wink

The question on the subject is a honest one.
Usually they are early adopters of all kids of technology (even 3d for g*d's sake).
I believe bitcoin, for them, would increase revenues (due to "anonymity") and decrease costs (with payments).
Also it would greatly increase the bitcoin economy! Wink


Anyway, just my 0.2(BTC)
Union

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http://www.strip4bit.com/

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Epicurus
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April 17, 2013, 12:18:41 AM
 #40

you have protection against shady merchants by initiating chargebacks.

The opposite is true also. As a former affiliate I experienced things like 3 month chargebacks (and even heard of 5 month charged back)  or that customers charging back immediately after they got refunded. As far as I know the CC companies allow only a 1.5% chargeback rate or hefty fines apply. Not to mention that the CC system is insecure by design and it is the merchant who has to take the risk.

I hear you. I've got one company that I own that's been accepting credit cards since 1997, and for virtual stuff rather than physical stuff, so there is no protection against chargebacks like you have with point-of-sale purchases or sign-on-delivery. I almost got blacklisted in 2001 after our gateway screwed up and submitted 16 transactions for every one it was supposed to. Nothing makes me angrier than getting a chargeback 6 months later (6 months is generally the limit) when I am positive the person doing the chargeback authorized the transactions and just wants a refund. It sucks, and we're just out the money when that happens. That's just part of the cost of doing business, along with fraud prevention generally.

But here's the thing: Of course it's the merchant that takes the risk. The merchant needs the money of those customers a lot more than the customers needs that merchant. I run an online games business, for instance, and if I don't make it easy and safe for a customer to spend money, many of them won't. There are plenty of other online games for them to go play. They don't need me as much as I need them. There's almost no business in the world that isn't in that position barring true monopolies or in certain edge cases like so-called 'food deserts' where there's only a single small food store serving a poor area.

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