Hope everyone had a good summer.
Just letting the community know that we're in the process of re-connecting with all of our contacts again. The Bitcoin market has been getting a lot of positive buzz lately so it appears the market will be turning towards upwards again. More specifically, major financial institutions are looking into Blockchain technology which will naturally have a positive halo effect on the overall cryptocurrency markets. Naturally, this isn't an overnight thing, but it is a sign that crypto isn't dead and will become more widely adopted as we all anticipated years ago.
A couple of new leads to announce. We finally got xHamster interested in us. In case you're not familiar, they're one of the biggest free porn sites out there rivaling PornHub. Here's a Tweet as proof:
https://twitter.com/xhamstercom/status/643005835296141313We have a discussion with them scheduled for this Wednesday. In light of the current Bitcoin controversy, our recommendation to them is to accept Altcoins in addition to Bitcoin. If you're not aware, Bitcoin has a scaleability issue (as we've always known) that their community is trying to solve with a forthcoming (and disputable) hard fork. The problem they're trying to solve is the limit on the number of transactions that can be processed per 10 minute block. Another competing solution is to create something called a Sidechain. The result of this scaleability problem is that as Bitcoin grows, the delay in transaction times will continue to increase making Bitcoin pretty much useless as a transactional currency.
It's our opinion that they're trying to solve a problem that doesn't need to be solved. Increasing the block size is not a long term solution since they will continue to run into the same problem year over year since it's impossible to predict future growth and adoption. There are also a ton of other problems with this solution which you can easily Google for more information. As for the Sidechain solution, that already exists today and it's called Altcoins.
A more logical solution which doesn't require a Bitcoin fork at all is to organically allow Altcoin Blockchains to bear the heavy burden of micro transactions, while utilizing Bitcoin to process bulk settlements and to serve as a storage medium. A consumer can make a bulk purchase of Bitcoins, and subsequently convert into various Altcoins for rapid merchant payments. A merchant can accept Altcoins which automatically gets converted into Bitcoins, and subsequently make a bulk settlement to convert into $US dollars. All of these conversions can happen behind the scenes which is why we've mentioned multiple times that the ultimate 'killer app' for crypto would be some type of multi-currency 'bank' where you can store an infinite number of currencies (e.g. fiat, crypto, points), and easily convert/transfer from one to the other for specific purchases. This is also why we're excited about our adoption into the PayServices platform which is exactly what they are trying to do.
In any case, we hope that xHamster will see the benefits of accepting Altcoin which will not only benefit us, but also other Altcoins. This is just a discussion we're having with them this week and not a formal commitment so I don't want people to get their hopes up just yet. Wish us luck and fingers crossed.
On another side note, one of our old friends is taking another look into cryptocurrency. Her name is Bella Vendetta and she's one of the top performing 'alt' porn stars with her own websites and production studio. Here's a recent tweet from her:
https://twitter.com/BellaVendetta/status/641614955243012097Stay tuned for more developments as they arise, and I'll be sure to post news here about any progress on our leads (both positive and negative of course).
cheers
edward