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Comment by rejectedandsad | Hacker News Reader

The fact that OF is not all in on crypto payments is a massive indictment of crypto as a payment mechanism.

Even if OF could accept crypto, they'd still need an off-ramp back into fiat. They can't operate only on crypto, even just stablecoins, which is itself the indictment of crypto.

There's plenty of services for that - e.g. Coinbase has an enterprise one for that use case.

nope, not for adult content/services https://commerce.coinbase.com/legal/terms-of-service-2021-08...

Okay, that seems much worse than OF since there's no chargebacks or anyone over them for it to be an issue.

It's not about chargebacks its about sex trafficking liability

But if coinbase doesn’t want to be associated with OF, they no longer have that avenue.

They need a bank no matter what. They can't do payroll in stablecoins.

Ah.. DeFi only exists because of CeFi.

"only exists on top of CeFi" is another accurate way to put it

It might be easier to operate a dodgy site off of USPS money orders than it would be off of cryptocurrency.

I'm still surprised nobody tried to bridge the two .. it seems like the most obvious of shark fad business move

I assume because as soon as you become the "place where people get crypto for adult content" then the same issues that OF is running into now become your issues as well.

Unless people are getting paid directly in crypto, they are purchasing it from somewhere, and wherever that entry point is will have this problem.

Yes, already now buying cryptos is ridiculously difficult. Any reputable operator requires KYC, which is a similar process to opening a bank account including submitting a photo ID. That's a pretty good deterrent for the random Joe against signing up on a porn site even if it's all legal.

While cryptos in of themselves are decentralized and inherently unregulatable, people forget that the interface with the real financial world is very much vulnerable.

True, but there are services like Purse.io which let you order on Amazon and pay with crypto. So theoretically, you could have your fans pay you in crypto, and you could convert that to whatever goods you want. It might not work as your only income, but could be a valuable way to supplement it.

Huh? Many services on the Internet accept crypto, Namecheap is a good example.

Alongside credit cards not in lieu of them.

It also highlights the lack of anonymity with crypto - everyone gets to see what you spend money on.

Not if you use Monero.

https://www.getmonero.org/get-started/what-is-monero/

I love Monero, but I think it is more intimidating for no-coiners than bitcoin.

You can’t buy it on Coinbase or many other exchanges, and the wallets are not as polished as the btc wallets I have used.

So if you’re trying to get your fans to pay you in XMR, you would be creating a lot of friction for them.

With most crypto, yeah. Monero happens to be private and anonymous.

This is a massive exaggeration. I've spent a fair amount of crypto without trying to hide it, please tell me what on.

Maybe the state can find my addresses with a bit more effort than they can find my CC purchases but random people or friends and family not so much unless I want them to.

> random people or friends and family not so much unless I want them to

What I mean is if you ever send F&F money they'll see all your previous purchases too, and if OF is a well known wallet its easy for them to see that detail.

Presumably OF would use a ton of auto generated wallets which a random family member wouldn't easily connect to them and remotely savvy users will send money from their exchange to a separate wallet for either family or OF.

Most wallets create new change addresses for every transaction which eliminates that sort of trivial transaction association.

There is no limit to the number of addresses you can have in Bitcoin. Best practice is to NEVER reuse an address. So this is all a lot harder than you're making it out to be. If I sent you some BTC right now, you wouldn't know what else I'd been up to with it, how much I have, which addresses are mine, etc.

If you never reuse an address that makes it easy to ignore those right? I'm not sure how it helps.

The issue is likely that if there are hacks and leaks of wallet addresses tied to personas from a exchange for example then someone can build a tree pretty easily off of that

Sure, and there can be leaks from OF or equifax or a payment processor showing your purchase, too.

Or that crypto is only 12 years old which is really fucking young for a currency.

Or that just the transfer fees would be more than most payments.

Or that no one would be able to properly use those payouts.

Nothing is on crypto payments because you never know how you are actually paying

There are stable coins as well, where you know exactly what you're paying.

That's not young at all. How much trouble did people have accepting Euro in 2011?

A government mandate certainly helps a currency develop.

Arguably scepticism towards the Euro as a currency and Britain wanting nothing to do with it after the crisis was a key pillar of Brexit, so I wouldn’t say it went down amazingly. I remember during the campaign there was a fairly widespread notion that an overly Europhile government like Tony Blair’s might irreversibly commit the UK to the Eurozone, which was always an act that polled terribly.

idk... the Euro was introduced in 1998/1999 I heard it was already pretty huge a couple of years later.

You're comparing a government mandated currency change vs grassroots currency.

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