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Topic: PornHub now accepts Bitcoin and Litecoin (News coincides with BTC decline?) - page 4. (Read 755 times)

jaysabi

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

Does correlation equate to causation in this case. From past history we know banks closed accounts of hundreds of porn stars for no apparent reason.

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.

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.

noorammak

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The porn market is a lot smaller than any other industry and pornhub is just one of them.
Based on the chart pattern bitcoin is moving to a price where whales can take profit so they will sell them to reap what they spend. After the sale is complete, they will continue to wait until they can buy back at a better price. One seller in every buyer will sell, and to a safe degree, all will sell. That is the reason they keep bitcoin from going into the higher price range. News is just the motivating factor, I see the price of bitcoin go purely, news person.

stompix

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Quote from: Lucius on September 05, 2020, 06:45:45 AM

Given the size of the porn industry, some will say that it is good that BTC has become a means of payment on PornHub - but that does not mean that users will start paying en masse that way.

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?

Or the case of overstock:

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.

Then set up a shop selling chastity belts with bitcoin payments only, to cleanse the reputation.

Arkann

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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.

bits4books

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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.

livingfree

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Quote from: Bitum on September 05, 2020, 03:58:37 AM

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

It was said and on the news before that they have already accepted Verge, an altcoin, another cryptocurrency. But that acceptance doesn't seem to gain demand through them.

And to correlate the crash with this news, I also don't think that there's any relation to it.

dothebeats

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I don't see why Pornhub accepting crypto caused the market to just crash and stay where it is currently. There are a lot of possible reasons that one can connect to the recent drop that bitcoin saw, but pointing fingers at one adult entertainment platform that caused this is just not going to cut it. Most cam chat service were accepting crypto even years before, and there were no reasonable decline whatsoever that bitcoin saw during those days. Personally, one huge platform accepting bitcoin is already a good thing, though some people might be uneasy about 'porn' but heck, it's 2020.

Quote from: suchmoon on September 04, 2020, 11:45:21 PM

Quote from: BayAreaCoins on September 04, 2020, 10:44:25 PM

Credit cards work WAY better.

Until your mom sees the charge on her credit card.

Idk why I laugh harder on this than I should have Cheesy

Cheesy

bryant.coleman

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This is definitely good news for Bitcoin users. But at the same time, I am worried about the long-term viability. Bitcoin fees is so high, and for making a payment of $19.99 or $29.99, you need to pay somewhere between $3-5 in transaction fee. Pornhub may face issues while converting the Bitcoin to fiat currency. And high transaction fee is one of the reasons why ventures such as Steam and Stripe dumped Bitcoin as a payment method after initially approving it.

Lucius

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Personally, I think this news has nothing to do with the current drop in the price of BTC - there are still some other things, and above all the stock market that has suddenly sunk.

Given the size of the porn industry, some will say that it is good that BTC has become a means of payment on PornHub - but that does not mean that users will start paying en masse that way. The reasons are different, but surely someone who has never had contact with BTC must first learn how to buy it, then how to transfer it to the service in question. All of this can be very complicated for most, and ultimately more expensive if all the fees to be paid are taken into account.

However, I believe that the BTC/LTC option will be a good way to protect privacy for those who know how to use it - although I have never had an account on such sites and I do not know what information should be given when registering and buying premium accounts.

Latviand

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Quote from: BayAreaCoins on September 04, 2020, 10:44:25 PM

Bitcoin is a bad fit for porn... Credit cards work WAY better.

Isn't it a good thing for bitcoin adoption in some other platforms online?

Porn industry is really popular nowadays due to the fact that people are exploring it and most of them are watching it. Let's be honest, almost everyday in the world, there are people who are accessing it. If bitcoin can be used to it and bitcoin can be adopted in this way, it is more likely that this cryptocurrency have a lot more to explore with.

Rikafip

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Quote from: wildan88 on September 05, 2020, 02:41:11 AM

not quite sure but i think they also accepts tron as before too actually not just pornhub but some known several sites too i forgot the names.

You are right, few months after adding XVG, pornhub started accepting Tron and Zcash too. Since Mindgeek controls a lot of other similar websites and its probably the leader on the market, it was kinda big deal for those altcoins.
Dunno, I always thought that crypto and adult industry go well together, so I'm glad to hear that BTC is now accepted as well.

Quote from: crwth on September 05, 2020, 05:52:06 AM

I think they are accepting an altcoin and not BTC directly. I'm not sure though. Found this article from 2018

They did accept altcoins only, up until few days ago when they added BTC as one of the payment options

https://news.bitcoin.com/pornhub-accepts-bitcoin-top-adult-site-cryptocurrency-payment/

crwth

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Quote from: The Sceptical Chymist on September 04, 2020, 10:50:02 PM

Yeah, that's the part I don't get about that theory, that the banks crashed the price of bitcoin. I don't see any reason for them to do that, nor do I think there's an easy way for them to manipulate the market that drastically without putting their own money at high risk.

We all know that banks invest the money that comes into their system, what we need to know is where do they invest? I don't think the majority of banks don't like crypto.

Quote from: The Sceptical Chymist on September 04, 2020, 10:50:02 PM

So no, in this case I don't think the correlation is indicative of causation. My guess as to why bitcoin fell a couple thousand dollars is that traders who made a profit from the price rise cashed out en mass. I mean, come on. We've seen these kinds of price movements many times before, and usually there's no obvious cause.

I think whales are starting to cash out as well, probably they would need it for something or preparation. Maybe there's something behind the works that we might not know about until it happens. It's not new and these DeFi projects are a new hype IMO and it's going down now.

Quote from: The Sceptical Chymist on September 04, 2020, 10:50:02 PM

Also, I could swear Pornhub already accepted bitcoin. Maybe it was some other porn service--my memory of such things isn't all that sharp since I detest pornography.

I think they are accepting an altcoin and not BTC directly. I'm not sure though. Found this article from 2018

https://www.coindesk.com/pornhub-adds-crypto-payment-option-verge-token

aioc

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Quote from: BayAreaCoins on September 04, 2020, 10:44:25 PM

Bitcoin is a bad fit for porn... Credit cards work WAY better.

At least from what I saw during my time involved with the Webcam Industry.

People would MUCH rather give away money they haven't earned yet vs give away something they already paid for.

That's not a good way of using a credit card, you still going to pay it and if you missed payment it will incur interest and will give you bad credits, there's a lot benefits in using Cryptocurrency in porn sites one of the biggest is of course anonymity, there are countries that are discreet when it comes to porn sites and I don't want my credit company to know that I'm into porn, although I am not.

Bitum

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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

wildan88

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Quote from: Rikafip on September 05, 2020, 02:32:03 AM

Quote from: The Sceptical Chymist on September 04, 2020, 10:50:02 PM

Also, I could swear Pornhub already accepted bitcoin. Maybe it was some other porn service--my memory of such things isn't all that sharp since I detest pornography.

Porhnub started accepting XVG back in mid 2018, so maybe that's what make you think they accepted BTC before as from what I can recall it was kinda big news.

Regarding the question, I don't think that Porhnub accepting BTC now has to do anything with recent BTC price going down. It was kinda expected to get some small correction before we go up again, just people taking the profits, nothing else imho.

not quite sure but i think they also accepts tron as before too actually not just pornhub but some known several sites too i forgot the names. i do agree with your opinion i really don't think the recent BTC price down has nothing to do with this.

Rikafip

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Quote from: The Sceptical Chymist on September 04, 2020, 10:50:02 PM

Also, I could swear Pornhub already accepted bitcoin. Maybe it was some other porn service--my memory of such things isn't all that sharp since I detest pornography.

Porhnub started accepting XVG back in mid 2018 as a part of partnership deal between Verge and Mindgeek (company behind Porhnub and some other popular porn sites like Brazzers and Redtube) so maybe that's what make you think they accepted BTC before as from what I can recall it was kinda big news.

Regarding the question, I don't think that Porhnub accepting BTC now has to do anything with recent BTC price going down. It was kinda expected to get some small correction before we go up again, just people taking the profits, nothing else imho.

Janation

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I can watch good videos without buying a premium account, still that might help in a way.

Still, I agree that I don't think we need to use Bitcoin in paying these premium accounts. I mean some of the people I knew are thinking that they will be buying some of my bitcoin to pay for their account, they can do it directly, and I don't understand why will they still go such lengths since they would just pay for the anonimity of their transaction which I don't think Pornhub is publicizing.

Quote from: suchmoon on September 04, 2020, 11:45:21 PM

Quote from: BayAreaCoins on September 04, 2020, 10:44:25 PM

Credit cards work WAY better.

Until your mom sees the charge on her credit card.

LOL!

davis196

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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.

suchmoon

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Quote from: BayAreaCoins on September 04, 2020, 10:44:25 PM

Credit cards work WAY better.

Until your mom sees the charge on her credit card.

Darker45

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This might be a case of post hoc ergo propter hoc fallacy. It does not mean that since PornHub's decision comes prior to the fall of Bitcoin's price, it must have caused it. I cannot see any hint of causality between PornHub's decision to finally accept Bitcoin and Litecoin to BTC's price decline. This decline doesn't seem to have anything to do with it.

Neither is this related in any way to certain banks' closure of hundreds of accounts of porn stars. If at all, this would have even encouraged porn stars to shift to Bitcoin and other accepted altcoins, which would have instead caused their prices to rise, which is obviously an opposite direction to what BTC and almost all altcoins have taken.

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