PornHub now accepts Bitcoin and Litecoin (News coincides with BTC decline?)

[stompix]

it's 10.7$ without considering you pay also the tx fee, so even assuming the cheapest fee you still pay 10% more, just like LiveJasmin who has a 10% percent from the start.

Interesting, I wonder if this is intended to hedge volatility? Or if they are just fleecing crypto users, knowing they are happy to pay a premium to spend their coins?

In Pornhub's case, I will say it's the cost from the processor they have to pay also when batching transactions, they probably have to take another hit with the conversion, and those guys have to make some sort of profit on top of it, so..that's where the close to 10% goes, since we're talking about a small amount, 10$ in which probably just actual cost  take that bite.

Actually, went with a test (good, now I have two account on it, as I forgot what email I usd for the first one) :
While buying the yearly plan, worth $95.88 they ask for
Status:   Waiting for your funds...
Total Amount To Send:   0.00939000 BTC (total confirms needed: 2)

0.0094 which is 97$, so rather than a percentage is more like a fixed cost, of ~ 1$, so I'll have to accept they are not really praying on crypto users.

But, in LJ case, it's pure fleecing.

What costs 178 euro with a credit card costs 196 euro when paying with bitcoin.

[STT]

A large downtrend in BTC price followed shortly thereafter.

To really move the price of BTC you have to have a consensus around the world and multiple markets.    I dont think this particular outlet or usage for BTC counts as a negative effect especially and we know previously that the more BTC is used in various ways even while being spent it becomes a positive as it raises monetary velocity, circulation and usability.   The token is monetised by its acceptance and usage for value exchange and becomes closer to commonly accepted money, I still think most of the world does not yet see BTC as money but its generally good if we find as many easy ways to put it to use at our convenience.
   As Satoshi speculated originally this is easily a good application and my main concern is that utility is real to the website itself and it finds itself happy and at ease with accepting BTC for many years to come.   I'm always going to be bullish on fundamentals if BTC improves its ease of use and I hope we keep seeing that, price action is secondary to good news and improving utility.

[wiss19]

Funny thing is that I have seen better news than this Pornhub stuff, and price still declined with those better news, not to talk of this one. It’s quite good that Bitcoin is being accepted, but being accepted on pornhub can’t really get us to the level you’re imagining.

I think there are things and areas where Bitcoin needs to be adopted to boost the acceptance rate and those are the areas that we need to be targeting right now. Like I once saw a news that PayPal will start to allow their customers to exchange cryptocurrencies using their payment app, although that’s still considered a rumour for now. And we should also have it in mind that it doesn’t change anything, prices will still go up and down.

[jaysabi]

How would the causation work in your mind here? A new website is taking crypto and the price declines. How are the two related? No, there is no cause here. These two events are not related. Further, there’s no correlation here either. For a correlation to exist, there needs to be multiple data points showing a trend. This is 1 data point. At best you can call this a coincidence.

It is ridiculous and illogical to even link the crash in exchange rates to the acceptance of Bitcoin payments by PornHub. I am sure that more than 90% of the Bitcoin users haven't even heard about this news. PornHub is not a major online enterprise like Amazon or Ebay, to influence the exchange rates of Bitcoin. As far as I know, their annual revenue is less than $1 billion (for comparison, the same figure for Apple is close to $300 billion).

Well exactly, and any time a new merchant comes online, which increases the use case or at the very least doesn’t shrink it, there would only be upward pressure at best and no change at worse. So I’m baffled by the question that the two would be linked. It doesn’t make supply and demand sense.

[bryant.coleman]

Well exactly, and any time a new merchant comes online, which increases the use case or at the very least doesn’t shrink it, there would only be upward pressure at best and no change at worse. So I’m baffled by the question that the two would be linked. It doesn’t make supply and demand sense.

If we talk about supply/demand relations, then we would have noticed a spike after May 2020, as a result of the block reward halving. The spike didn't occurred then. A small spike was noticed during August, but again after one month the exchange rates went down. It looks to me that whales are manipulating the exchange rates to some extent. Any impact from Pornhub should be minuscule.

[AakZaki]

One of the advantages with using a credit card is that you don't need to prove that you are above 18 years of age. But then Bitcoin is an anonymous payment method and you may need to additionally verify your identity for using Pornhub. Moreover, many of the countries have become increasingly restrictive on porn usage. India has banned it completely, while a few other governments want the users to provide facial recognition through webcam, in order to gain porn access (the excuse being given is the same, i.e age verification).

Age verification is very important to do. Because to avoid children under 18 years of age from being able to access adult films. Some governments do prohibit and block pornographic sites, including in Indonesia too. With the adoption of bitcoin by pornhub or other adult sites, everything will become anonymous and age filters will no longer be useful because everyone will be able to access premium features more freely.

There are many pros and cons when talking about adult sites like this, because indirectly the effect will affect the next generation.

[South Park]

Funny thing is that I have seen better news than this Pornhub stuff, and price still declined with those better news, not to talk of this one. It’s quite good that Bitcoin is being accepted, but being accepted on pornhub can’t really get us to the level you’re imagining.

I think there are things and areas where Bitcoin needs to be adopted to boost the acceptance rate and those are the areas that we need to be targeting right now. Like I once saw a news that PayPal will start to allow their customers to exchange cryptocurrencies using their payment app, although that’s still considered a rumour for now. And we should also have it in mind that it doesn’t change anything, prices will still go up and down.

Years ago a news like this could have sparked all kind of discussion about what this could mean for the market and similar stuff like that, but now in 2020 we cannot expect that it generates more than a mild discussion, I am happy for the additional adoption this could bring but if we want a true significant change to happen then we will need the whole industry adopting bitcoin as the standard for their payments something I do not see happening.

[naikturun]

With banks becoming more crypto currency integrated, it could naturally follow they would temporarily crash the price of bitcoin, for whatever reasons they've often decided to make life harder for pornstars and adult entertainers in the past.

So those who dumped on BTC have something to do with the porn industry? Maybe they don't want to get involved with currency with porn? Or since there are a lot of payors using BTC and then PornHub started dumping everything at market price it caused the crash?

I think it would be easier for the people who buy the services for privacy concerns but harder for the pornstars with their salary. Maybe they should just learn how to use BTC. Maybe it could spark greater interest with crypto by the watchers.

I am also not sure or agree that the fee for each transaction using BTC, I think it will be big enough for some transactions that may only be not more than 100 $, so there is no reason PornHub throws away all their BTC resulting in BTC dump, of course the fees received by actors in the form of cash, maybe the owners save the BTC they get if they really think smart.

[AicecreaME]

I don't watch porn(even free porn) and would never pay for porn,but I respect every company that decides to give Bitcoin a try.The Adult industry is a giant untapped market for the crypto world and it makes me wonder why Bitcoin still hasn't conquered the online adult industry.There's must be a reason.Maybe BTC is not as user friendly as the traditional payment methods,or maybe people are scared by the BTC price volatility.
Anyway,I hope that other big Adult Brands will start accepting BTC payments.

I think the reason why bitcoin hasn’t conquered the adult industry yet is that majority of these companies are still not confident enough to trust the cryptocurrency world.

Some websites already adopted the crypto mode of payment which is an advantage for the companies because it has a lower transaction fee when they’re paying the artists/performers compared to what the banks offer. Aside from it, some companies opted to jump in crypto is the anonymity it offers to the consumers which the latter demands, especially those who are addicted to watching it.

But then, despite its advantages, many people are still thinking twice whether to use and switch into bitcoin because its price is volatile unlike that of fiat money which is only affected during a market crash. Bitcoin’s price varies over time and its increase and decrease in value are unpredictable. It depends on the season. Another thing is the convenience. Bitcoin as a mode of payment for the adult industry can so a hassle to the consumer because it takes about 10 minutes for a single transaction, while in credit/debit cards, it would only take seconds or a minute or two.

Another thing why bitcoin hasn’t take over yet the porn industry is that companies are afraid to take the risk because the majority of their consumers are just like you. They are just driven by impulsive emotions and libido. They won’t bother to spend a penny for a porn video because they can just click the incognito and search for other sites that offer free clips to watch.

[Febo]

Pornhub announced support for bitcoin and litecoin on september 1st. A large downtrend in BTC price followed shortly thereafter.

Maybe when PornHub accepts your coin that means it is over with it. IT same happened with Verge 3 years ago. As soon as it was on PornHub everyone forgot about Verge. Same with Tron a year ago. As soon as PornHub accepted Tron whole Bittorent and Warren Buffet lunch and love Tron was forgotten.

[Haunebu]

I don't think Pornhub accepting BTC and LTC has anything to do with the market crash currently. The market crash was always expected since the prices continued surging and a correction was expected at some point.

People always try to associate some reason or another with market surges and crashes without properly researching whether they are properly linked or not.

Pornhub accepting 2 major cryptocurrencies is a good thing though since it will definitely drive adoption rates upwards in a small meaningful way in my opinion.

[shoreno]

I don't think Pornhub accepting BTC and LTC has anything to do with the market crash currently. The market crash was always expected since the prices continued surging and a correction was expected at some point.

People always try to associate some reason or another with market surges and crashes without properly researching whether they are properly linked or not.

Pornhub accepting 2 major cryptocurrencies is a good thing though since it will definitely drive adoption rates upwards in a small meaningful way in my opinion.

its a good thing so the effects should also be good but it would be strange to think that btc and ltc decrease after adoption or after some company supports them .  what happened ? do people got turned off after hearing the coin will be supported on a porn site  .

 this isnt dirty but this better than crypto being known to be used by criminals . and people shouldnt act clean because they also watch porn  .

[ReiMomo]

~snip~
Pornhub announced support for bitcoin and litecoin on september 1st. A large downtrend in BTC price followed shortly thereafter.

I heard this before that they are accepting bitcoin as payment of membership but now they are totally announced of supporting bitcoin and not the only bitcoin but also altcoin.

This is also a marketing strategy because I saw there that they had an advertisement from a stake.com a gambling site which is also use cryptocurrency.

Well, this adult site is very popular for all adults and I guess most who visited here are of course are adults. Another positive points to bitcoin when they saw this ads pop up on their screen upon searching for a good videos.

[inoes]

We can't blame BTC, because crypto is a tool, it all depends on who uses it. If chosen from the field of technology this is an advance because there is a real adoption of the goal of Crypto as payment. although on the other hand, it is necessary to regret normally because the crime of pornography will increase

[Wawa2013]

In my opinion it was just a coincidence when Pornhub accepted Bitcoin and Litecoin as payment, after that the crypto market price
has decreased. So don't because Pornhub is an adult site, then concluded that investors were disappointed about it. I believe more
and more companies are adopting crypto, will make crypto prices even better. So until now I still don't believe the market crash was
caused by Pornhub.

[STT]

do people got turned off after hearing the coin will be supported on a porn site  .

Dollars are accepted by just about every site in existence, its really not a proper reason to avoid anything.    The crash as its described is a 20% pullback at present which is quite normal volatility for BTC and comes after we more then doubled the price easily, everything is in context but I think crypto is mature enough now that any one site or use is not going to be sole definition in peoples minds.     I hope to see BTC develop and spread its usage, I do think thats vital to its success far more then all the speculation we do on price action the actual fundamental utility is something I hope to hear regularly.

[LogitechMouse]

Just pure coincidence I think that the correction of Bitcoin happened when they announced it.
Or a "history repeat itself" scenario because when they accepted Verge (shitcoin), the price of the coin went down as they announced it. Just a theory about this .

Either way, the correction of Bitcoin is somewhat expected already because it needs it. In the past weeks we saw Bitcoin's price go up and up so it needs to make a bit of a correction and this is it. I expect for a sideways move for the price of Bitcoin for a few days to weeks. Regarding PornHub accepting BTC and LTC, good publicity for the crypto but I hope that there are some who will use it to pay.

[FlightyPouch]

We can't blame BTC, because crypto is a tool, it all depends on who uses it. If chosen from the field of technology this is an advance because there is a real adoption of the goal of Crypto as payment. although on the other hand, it is necessary to regret normally because the crime of pornography will increase

I think that is a bit of a stretch to the information we have here. Relating crimes to pornhub accepting bitcoin is just absurd here, I am one of those people that would not use bitcoin paying a premium in these sites but will continue to access these sites since I am satisfied whether I have a premium or not. Still, I am not committing any crime because of it.

[NavI_027]

do people got turned off after hearing the coin will be supported on a porn site  .

I will not sugarcoat everything. For me, this news lies in neutral I guess. It has bad and good points. I find it disturbing in a sense that it is now used in porn industry. But if you will realize, bitcoin was used on dark web so many years ago and until now so why most of us feel triggered in this small adoption? .

Now, if you asked me if I'm turned off then my answer is NO because an adoption is an adoption. We can't undervalue it just because it didn't meet our ideals. I guess all we need to do is to focus on the brighter side.

[Chrystora123]

Actually adult websites are the best candidates to use crypto. I therefore find such initiatives to be beneficial for all of us, because even more people will accept crypto as a means of payment

Taking advantage of cryptocurrencies for payments is a great opportunity for mass adoption..  the porn business is a business with a very large turnover, users definitely need privacy, and making payments with cryptocurrency can hide the user's identity properly.  I honestly don't really like using Bitcoin as a means of payment because for me Bitcoin is gold and it is very valuable, it would be great if porn sites adopt more LN and stable coins for payment..