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Topic: PornHub now accepts Bitcoin and Litecoin (News coincides with BTC decline?) - page 2. (Read 755 times)

bryant.coleman

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Quote from: jaysabi on September 10, 2020, 01:49:48 AM

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.

jaysabi

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Quote from: bryant.coleman on September 05, 2020, 01:40:39 PM

Quote from: jaysabi on September 05, 2020, 12:01:13 PM

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.

wiss19

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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.

STT

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Quote

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.

stompix

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Quote from: exstasie on September 09, 2020, 03:09:27 PM

Quote from: stompix on September 09, 2020, 12:44:39 PM

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) Grin

Grin

Grin

:
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.

Quote

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

exstasie

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Quote from: Hydrogen on September 04, 2020, 07:52:32 PM

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

Does correlation equate to causation in this case.

Why would a merchant adopting BTC cause a price decline? It was a coincidence. In my opinion, the drop was much more about a technical failure at $12K and subsequent influx of BTC supply on the market.

Quote from: stompix on September 09, 2020, 12:44:39 PM

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?

stompix

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Quote from: Lucius on September 06, 2020, 06:11:06 AM

Quote from: stompix on September 05, 2020, 11:24:54 AM

~

I have to admit that I didn't know that the sites you mention also accept BTC as a means of payment, although I know about them - but maybe this news is so highlighted because PornHub is the king of the online porn industry (although I may be wrong about that).

Well, now my history looks like a porn addict but I have gathered a bit of info on this.

The first one is that if you pay with crypto you don't actually pay the same amount, while with a cc card you pay 9.99 with BTC:

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.

As for the impact, pornhub might have more visitors but it's totally trailing behind in terms of revenue, the entire company that owns pornhub and others has recorded 500 million in revenue while the video chat industry (in which al of the top3 accept bitcoin) is said to gather close to 2 billion a year. But I doubt more than 1% of the payments are made in cryptos on any of them.

Also, people talked about verge but seems like there is another altcoin, pumapay, who is accepted on a lot of porn website, bever heard of it before.

justdimin

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I am not entirely sure how could pornhub accepting bitcoin could mean anything to bitcoin falling down, I do not think that there is any connection at all, it is such an obvious situation that they are not connected at all. Bitcoin goes up and down all the time, this was just a period it went down and it just so happens that at the same time PH started to accept bitcoin as well, coincidence at best and nothing more, we shouldn't really look into it too much.

Obviously there are times when we assumed that something major changed the price of bitcoin, there are days major news do have an impact on the bitcoin price, but this is not something that could change the price, it is neither major news nor it is a bad news neither, how could it be considered something bad for general crypto world?

arwin100

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Quote from: grabpopcorn536 on September 09, 2020, 06:31:42 AM

The permission for payments in Bitcoin and Litecoin has nothing to do with the price of bitcoin because investors are not more interested in a porn site than financial information sites and bank directors' statements.
The price of bitcoin fell due to some investors taking profits and the price dropped was not related to Pornhub.

Somehow you have a point but try to consider the advertisement given for that addition, imagine if millions of users can see that on the option for sure they will be curious to try this and also bitcoin is not new so provably those who have little knowledge about it will try to use that option. And maybe they could discover on how to earn with it if they will research further on how to use bitcoins.

For now we cannot relate to anything but its a good start anyways.

Ucy

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Well, In regards to the morality of allowing adulterous people and fornicators from using Bitcoin, I think it will be pure hypocrisy to do that without banning other sinners from using bitcoin for sinful/immoral activities.
Basically all fiats are used and accepted for all sort of immoralities that are approved or accepted by people...immoralities like blasphemy, murder, abortion, fornication, hate, approval of junk foods, drunkenness, corruption, greed, cheating, false knowledge, lies, hypocrisy, etc
When it's time to regulate sins/immorality(the Church is currently helping in this regard) , I hope people will be ready to ban people from using their currencies for all sinful/immoral activities?
Bitcoin or any good/serious cryptocurrency should be able to help prevent most/all immoralities through decentralized governance.

grabpopcorn536

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The permission for payments in Bitcoin and Litecoin has nothing to do with the price of bitcoin because investors are not more interested in a porn site than financial information sites and bank directors' statements.
The price of bitcoin fell due to some investors taking profits and the price dropped was not related to Pornhub.

Kong Hey Pakboy

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I heard about this news before that Pornhub would start to accept Bitcoin as a payment for making a Premium Subscription. Since Pornhub is one of the most popular Porn sites, I think accepting cryptocurrencies like Bitcoin and Litecoin could help to increase crypto's mass adoption. But are we sure that there will be people who will used their bitcoins as payment for premium subscription?

semobo

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Quote from: cryptoperkele on September 06, 2020, 04:31:13 PM

Why they haven't before this is beyond me. I am betting that their actors have been asking for this years now. I might actually support them and buy a premium or something i can buy with it. Can i buy single videos or just premium? Do their models have to accept btc as well or can they decide what to payments methots they accept for premium videos?

You need to buy the subscription by doing this you may have access to all the premium contents mostly the videos but for the cam chats you need to pay the model and it should be anything in your choice and the payment process will pay the amount paid in the way the models want.

bryant.coleman

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Quote from: Bezobraznike on September 06, 2020, 08:25:11 AM

It's spreading on all' sides, and I think that gambling and porn industry can spread it on all other business. These two because
most of the users value privacy and anonymity, on top on that fast and cheap transactions. It has to start somewhere, so why
not from business on the margins of society.
Don't worry Tbterryboy we will see the whole world making most of the purchases using some crypto-currency, that time is
coming.

Agreed with everything else, but not with the "fast and cheap transactions part". Let's be realistic. There are various advantages with making Bitcoin payments, but being fast and cheap are not among these qualities. A confirmation takes anywhere between 5 to 60 minutes (compared to 1-2 seconds with Visa/Paypal) and the average fee is around $5 now (credit card payments usually charge a fee of around $0.30 for small transactions).

bits4books

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Quote from: Arkann on September 05, 2020, 09:41:22 AM

Quote from: bits4books on September 05, 2020, 08:29:23 AM

Will this affect the status of cryptocurrencies as a marginal sphere? Think about it-there used to be a General opinion that cryptocurrencies are only needed for black markets. Now what? "PornHub supports payment in BTC" - if I didn't understand this, I would be even more convinced that the crypto world is some kind of marginality and nothing more.
Not very good news as for me which does more reputational harm than good.

Of course, I understand your indignation, but nevertheless, many cryptocurrency users invest in projects that preserve their anonymity and confidentiality. Of course, one of the most important reasons for such investments is freedom and independence, which will not be violated by the state and various state structures. The same situation, in my opinion, is developing with users who want to remain anonymous when using Pornhub content and therefore pay for viewing the content not with credit cards, but with cryptocurrencies, which will make it possible to visit the resource incognito.

Well, again , there is a strong connection between the concepts of "privacy" and [any disapproving behavior].
You can say as much as you want that everyone is watching porn and there is nothing wrong with it but you know perfectly well that this is just hypocrisy and nothing more.
And every time in the end, as some similar [not the brightest] companies integrate a token into their payment mechanisms , I am not happy just because it only works to strengthen the not the best reputation of the cryptocurrency as a whole.

cryptoperkele

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Why they haven't before this is beyond me. I am betting that their actors have been asking for this years now. I might actually support them and buy a premium or something i can buy with it. Can i buy single videos or just premium? Do their models have to accept btc as well or can they decide what to payments methots they accept for premium videos?

jademaxsuy

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Quote from: suchmoon on September 06, 2020, 08:27:18 AM

And yes, I realize that Google now thinks I subscribe to PornHub. It's ok, me and Google have an open relationship.

This is how google work. They tend to give the consumers its best to offer like the interest of that certain like for example in the likes of visiting porn sites. Google will then suggest another porn sites that might interest their users. This is also how they earn from the ads being offer to users that will buy or subscribe to which it will ask for payment. Google really earn a lot in the internet and porn site ads is just a part of it.

suchmoon

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Quote from: Lucius on September 06, 2020, 06:11:06 AM

I’m not sure how PornHub presented this new payment method to its customers (if at all), but if there is no benefit of this method of payment, then most won’t even use it. I first came up with privacy protection, but after reading that PornHub uses a 3rd party biller that actually hides that someone paid a premium account, then it’s much clearer why their customers use credit cards.

It still shows up on the credit card statement and it's one google search away from being figured out. This didn't work as a privacy feature even in the 1980s for mail-order dildos so not sure what they're trying to do there other than to mislead their customers.

Loading...

And yes, I realize that Google now thinks I subscribe to PornHub. It's ok, me and Google have an open relationship.

Bezobraznike

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Quote from: tbterryboy on September 06, 2020, 06:27:09 AM

Seriously, I didn’t get why some people were happy about this earlier this week, they were just posting about it and it was annoying for me because this is not what I need for Bitcoin, I expect something better, this Pornhub shouldn’t even be a news at all because it doesn’t make any sense, there are better things to consider.

Imagine right now that the whole world is making most of their purchases from online businesses, imagine those online businesses are the ones that are accepting Bitcoin for a payment? That’s the kind of news I prefer to see, and not pornhub. When they were spreading this news of porn and Bitcoin I wasn’t happy with it, because I knew it’s only going to create negative reactions from the public.

It's spreading on all' sides, and I think that gambling and porn industry can spread it on all other business. These two because
most of the users value privacy and anonymity, on top on that fast and cheap transactions. It has to start somewhere, so why
not from business on the margins of society.
Don't worry Tbterryboy we will see the whole world making most of the purchases using some crypto-currency, that time is
coming.

Vishnu.Reang

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Quote from: Lucius on September 06, 2020, 06:11:06 AM

Quote from: stompix on September 05, 2020, 11:24:54 AM

This is the thing people tend to ignore, if websites strat accept bitcoins it doesn't mean that users are also paying with it.
If that would be the case we would have seen a bigger impact when LiveJasmin started doing this, as we're talking about a website where spending money is the key, same for chaturbate. They both offer BTC payments, but the question is, do user pay via BTC?

I have to admit that I didn't know that the sites you mention also accept BTC as a means of payment, although I know about them - but maybe this news is so highlighted because PornHub is the king of the online porn industry (although I may be wrong about that).

I’m not sure how PornHub presented this new payment method to its customers (if at all), but if there is no benefit of this method of payment, then most won’t even use it. I first came up with privacy protection, but after reading that PornHub uses a 3rd party biller that actually hides that someone paid a premium account, then it’s much clearer why their customers use credit cards.

Quote from: https://help.pornhub.com/hc/en-us/articles/360044323434-Is-it-secure-and-discreet-

We use the best 3rd party biller for adult content, Probiller. The charge will show up as something discreet on your credit card bill which does not make mention of Pornhub.

Porn sites are frequently hacked and a lot of times, the customer information is leaked. Not just the credit card information, but the personal data of the customers were made available in the public domain by the hackers. Rather than the transactions showing up in the credit card statement, the probability of such a data leak is more worrying for the customers. I am not sure what role Bitcoin can play here, because identity verification is not linked to the payment method in this case.

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