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Comment by the_stc | Hacker News Reader

>the same business model applied to a fiat currency

Ding ding ding, winner! So many of these just have no point in being as companies, let alone as a token.

At The STC, we're going to end sex trafficking in just like Apple and Amazon (and now Google and Spotify) ended music piracy. To operate, we must be an extrajurisdictional company which makes cryptocurrencies a useful way to get investment and pay dividends. But we're not going to issue tokens -- only shares. Ethereum will help us keep track of share ownership and allow easy trading, but we're not a "blockchain company".

I hope we see a new wave of post-ICO companies using these technologies as a means to an end, not an end in and of itself. We're probably leaving money on the table by saying that and not hyping up tokens and tech. Oh well, we're going to create a valuable business instead.

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I thought this was a joke comment but I clicked on your user profile and now I'm not sure.

Absolutely not a joke. We're very serious about fixing, in many ways, the sex industry. It is rare that one gets to work on a project that will significantly improve many peoples lives, tackle a serious social issue, and actually be profitable. What we're doing may be frowned upon in some countries. But it is morally right, and being ethical is a cornerstone for any successful extrajurisdictional company.

Our main founder has had this idea for a while. But it wasn't until last year that cryptocurrencies showed they're going to be around and usable for non-geek users. This is crucial as it allows us to contract people (marketing, design, photography, transport, security, boarding, and on and on) without having to run risky front businesses to handle money or try to convince people that this strange internet coin money is useful.

The ICO craze annoys us because it blinds people to the real possibilities. It is our belief that within the next few months ICOs will need to measure up to ventures like our own and show true profit potential or at least some commonsense business fundamentals.

Your plan is to stop sex trafficking by building an adult services website? On the off chance this isn't bait, what on Earth are you thinking?

Think more of an app like Uber (without the sexism) than a website. We are not a listing site or a marketplace. We take both sides of the trade, offering full support and customer service. We have direct relationships with providers. This puts us in a position where we have a real chance of detecting coercion and offering assistance. At a minimum this means access to our lawyers. We are aware this is a delicate and complicated matter with human lives on the line. A couple of us have direct experience in this area. We know this is not something that just code or any amount of decentralized blockchain buzzwords will solve.

I can explain more in private (details in profile), or shortly we'll have more public details available and I can send you a link if you like.

But suffice to say that in the cities we operate, we will end up putting a significant dent in coerced sexual services.

PimpCoin.

It is really the opposite of that. Pimps take a huge cut or 100% and generally have a more ownership-like relationship. Our platform is about providing services that empower individuals to decide how/when/etc they want to work.

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