BTC Utilty "The Hooker Point"

[kurious]

I just posted this on a topic elsewhere, but I wanted to give it a thread of its own as it is about BTC price and utility which are fundamental concerns to us all:

  i cant even get a hooker for btc.

This is one of the most insightful comments I have seen on this forum for some time.

As someone interested in economics, I think the establishment of a measure for the adoption level of a digital currency would be useful, and I think 'The Hooker Point' is perfect for it.

If we take an average city of (say) 100,000 inhabitants we can deem it to have reached this point when it is possible within the city's limits to find a locally available defined sexual service directly from a provider (without a 3rd party exchange involved) with a given currency in a (controlled) 24 hour period.

So a country can be defined by how many Hooker Point cities it has, or what proportion of its qualifying cities have reached the Hooker Point (for BTC).

Comparisons can be made over time and against other countries.

Since currencies go back to pre-literate times and prostitution is the oldest profession, it is a measure likely to remain current for the foreseeable future.


Further comment on price and utilty:
1. Market prices fall when more people want to sell than buy, and prices rise for the opposite reason.

2. People's choice as to whether they wish to be a buyer or seller is affected by their needs (entering or leaving a market due to the need to buy or sell what the market trades) or for reasons of sentiment (optimism or pessimism about the market price).

3. Although economics supposedly deals in rational situations in the market place, it is a fact that markets and sentiments are not necessarily rational.  A herd instinct, or copying instinct means that people often buy because people are buying - or sell because people are selling.

4. At present BTC has little practical utility (see 'Hooker Point' above).   Therefore, the market for it is much more heavily influenced by sentiment than other markets.  Since most people do not need to pay their rent or buy food with it, its value is almost entirely based on sentiment.

The only conclusion a rational person can reach in the light of the above is that any price predictions for BTC are very likely to be completely and utterly useless.

[jamesc760]

Maybe we should stick to the more accepted and widely popular "McDonald Big Mac Index?"

[kurious]

Maybe we should stick to the more accepted and widely popular "McDonald Big Mac Index?"

Fair point - except McDonalds have a global policy, hookers don't.

McDonalds could be refusing BTC even when it is widely adopted, so I still think the Hooker Point is more universal.

K

[cdog]

Hookers/strippers also have a lot more incentive to accept BTC than fiat, especially credit cards, which many escort services accept.

Also think of the customer: Eliot Spitzer never would have gotten caught if he had paid using BTC, and would now be Governor of NY State, instead of being a disgraced consultant.

[Albert Speer]

Interesting topic, thank you.

[kiko]

Maybe we should stick to the more accepted and widely popular "McDonald Big Mac Index?"

Just FYI the Big Mac Index is an alternative measure for purchasing power parity, it has nothing to do with the size of cities or reaching any tipping points. It's used to help determine relative cost of living (and hence currency over/under-valuation).

For what it's worth, I don't think you can beat good old fashioned market research. Note the Survey from the other week that found only 0.6% of Americans had ever used bitcoin: https://bitcointalk.org/index.php?topic=243025.0

[gog1]

I'm not sure if the average hooker will accept physical gold / platinum.

[Adrian-x]

I just posted this on a topic elsewhere, but I wanted to give it a thread of its own as it is about BTC price and utility which are fundamental concerns to us all:

  i cant even get a hooker for btc.

Since currencies go back to pre-literate times and prostitution is the oldest profession, it is a measure likely to remain current for the foreseeable future.

I accidentally unknowingly clicked girls going Bitcoin, a while ago, (the content was explicit) my conclusion you can use said virtual currency for said virtual services. Conclusion XBT has evolved further than you think.

In addition on the other extreme, the oldest profusion may be due for an upgrade in order to be compatible with the new money meme, the third oldest Banking is dealing with a challenge.   

[spiral_mind]

With other anonymous uses of Bitcoin nobody has to meet up. Since prostitution requires a meet-up I think it'd be very hard to make it work. Sting operations would simply be far too easy.

[bitfromit]

"Further comment on price and utilty:
1. Market prices fall when more people want to sell than buy, and prices rise for the opposite reason."

For every buyer there is a seller.

[linuxnewbie]

"Further comment on price and utilty:
1. Market prices fall when more people want to sell than buy, and prices rise for the opposite reason."

For every buyer there is a seller.

There are often two or more buyers per seller and vice versa.

[IIOII]

I just posted this on a topic elsewhere, but I wanted to give it a thread of its own as it is about BTC price and utility which are fundamental concerns to us all:

  i cant even get a hooker for btc.

This is one of the most insightful comments I have seen on this forum for some time.

As someone interested in economics, I think the establishment of a measure for the adoption level of a digital currency would be useful, and I think 'The Hooker Point' is perfect for it.

lol

While this is funny, your analysis has some merit.

However you should take into account that cash is easier to accept and more established than Bitcoin for the non-technical person. So even if there is a general willingness of hookers to accept Bitcoin they may shy away because of a lack of easy-to-use Bitcoin payment services which fit the demands of their profession.

[bitfromit]

"Further comment on price and utilty:
1. Market prices fall when more people want to sell than buy, and prices rise for the opposite reason."

For every buyer there is a seller.

There are often two or more buyers per seller and vice versa.

yeah you'r right, that is so.

[QuantPlus]

I just posted this on a topic elsewhere, but I wanted to give it a thread of its own as it is about BTC price and utility which are fundamental concerns to us all:

  i cant even get a hooker for btc.

... directly from a provider (without a 3rd party exchange involved)

You obviously don't use hookers.

Realistically, one can only track escort agencies that accept BTC:

(1) Independent hookers are dodgy, on drugs/booze, pathological liars, fly-by-night operators at best...
(And I don't care if they are "nice" and have a flashy web site)...
These flaky girls NEED an Authority Figure to keep them productive.

(2) Escort agencies are often well-established for > 10 years...
They keep the girls in line with Rules or they get fired...
And the Customer (almost always) gets what was paid for.

Isn't there a SlutCoin already? Can it not be adapted for this purpose?

[n8rwJeTt8TrrLKPa55eU]

It appears that Italy might be the first country to have reached "the hooker point".

http://www.sexandrome.it/crisi-il-sesso-si-paga-in-bitcoin/

Via Google Translate:

With the crisis, it will be that the 'hi-tech advances, will be both things together, the fact is that the world of eros is adapting to the times we live. No checks or cash, old stuff, now you are charged with sexual performance virtual money, the so-called bitcoin. Used by celebrities and entrepreneurs to not be "tracked", are becoming the new currency to launder illicit affairs, and also for the sex "you must not know."

THE TESTIMONY. Confirms it for me Pascal, Roman gigolo. "I was contacted by a lady Swiss - says exclusively to" Sex and Rome "-. During the dinner, including a chat the other, waiting to switch from wine to bed, I discover that she, like me, has invested in and used the bitcoin bubble of March. " Coincidence very welcome by the lady of Lugano. "Let's move on to the hotel - Pascal continues - and did my job of gigolo, she takes her iPad, asks me for my account number and I make a payment." Has paid on its portfolio 10 bitcoin that at present are approximately 1,000 Euros. "At the time I am amazed but then accept thinking that this could represent the future." Not bad for a night ... "I to this type of women never ask a figure - he says a little 'embarrassed - I'll leave it to them, but I must say that with the virtual payment I went pretty well. She then confessed to me that many of her friends are beginning to use this currency for payments. At this point - ends with air manager - I think in the short insert on my site direct payment in bitcoin.

Even women are gearing up, then, but for the moment to demand payment in virtual are mostly men. Sonia, Escort of the Old Town, I confessed: "I had to open my account in bitcoin, nearly one out of ten customers prefer this payment, they feel more confident of not being caught by the IRS. And I'm in it for more than the cash, because they generally pay more and a 20% more to hold off the edge of the exchange rate risk. " Intrigued by these statements, I do a tour on the web, and I find two Portaportese online ads for rendezvous where it is stated: "We accept bitcoin." It was once "We accept food stamps," changing times ...

[vokain]

progress!! 

[hashman]

I just posted this on a topic elsewhere, but I wanted to give it a thread of its own as it is about BTC price and utility which are fundamental concerns to us all:

  i cant even get a hooker for btc.

... directly from a provider (without a 3rd party exchange involved)

You obviously don't use hookers.

Realistically, one can only track escort agencies that accept BTC:

(1) Independent hookers are dodgy, on drugs/booze, pathological liars, fly-by-night operators at best...
(And I don't care if they are "nice" and have a flashy web site)...
These flaky girls NEED an Authority Figure to keep them productive.

100% bullshit.  You really think independent folks are more flaky than those who can't stand on their own?  Exactly the opposite is true in general.  More importantly your analysis leaves out the most important part: location.  These things are shaped by legal, historical, and societal factors and change greatly from place to place.  Support and be respectful of independent women.   

     

[NewLiberty]

In San Francisco, apparently you can...
http://classifieds.myredbook.com/term/bitcoin (NSFW)

[Dabs]

There are some tech-savvy girls out there who do these kinds of services. All they need to do is state that they accept bitcoin, and they usually have an android phone with them nowadays.

[BitcoinIssues]

Great point. Love it.