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Payments

adult entertainment

girls gone bitcoin

sex workers

accept

accept bitcoin

bank

banking

banking sector

banks

bitcoin

chase

dispensaries

industry

Oversexed and underbanked? Chase Bank&nbsp;<a href="http://jezebel.com/chase-bank-is-shutting-down-porn-actors-bank-accounts-1566759503">recently informed</a>&nbsp;hundreds of porn performers that the bank will close their accounts by mid-May.&nbsp;<a href="http://www.thefrisky.com/2014-04-23/the-soapbox-porn-stars-learn-they-cant-bank-on-chase">Apparently</a>&nbsp;Chase has a history of discriminating against sex workers and the adult industry.



When banks pulled the same thing on Washington and Colorado’s state-legal marijuana dispensaries, they quickly&nbsp;<a href="http://www.coindesk.com/colorado-marijuana-dispensary-bitcoin-evade-federal-laws/">moved to bitcoin</a>. Banks claimed to be concerned that though the dispensaries were legal to operate by state law, marijuana is still illegal to buy, sell, or own at the federal level. However, the problem with Chase and sex work appears to be reputational.



In Colorado, new&nbsp;<a href="http://rt.com/usa/bitcoin-marijuana-vending-machine-228/">cannabis vending machines</a>&nbsp;accept bitcoin. And dispensaries have&nbsp;<a href="http://www.kxly.com/news/spokane-news/marijuana-dispensaries-adopt-bitcoin-currency/24277740">begun taking it</a>&nbsp;in Washington as well.



Perhaps this is a viable solution for the sex industry. It’s doubtful that bitcoin exchanges such as Coinbase or Bitpay would discriminate against sex workers. And if they did, customers could just pay their wallets directly. In fact, many sex workers already accept bitcoin. The <a href="http://reddit.com/r/girlsgonebitcoin">Girls Gone Bitcoin</a> subreddit lets customers pay ladies directly in bitcoin for naughty pictures and videos. In the U.K., at least <a href="http://business.avn.com/articles/technology/U-K-Escort-Agency-Accepts-Bitcoin-529146.html">one escort agency</a> accepts the cryptocurrency.



Since the internet permanently disrupted the porn business model, the industry has been looking for new ways to monetize. Another way bitcoin could change the equation is through micropayments, which bitcoin makes profitable for the first time ever.



This is just one more example of the ongoing problem of too little competition in the banking sector. Whether for legal, reputational, or just risk management reasons, it’s estimated that <a href="http://bitcoinmagazine.com/10169/bitcoins-impact-called-social-issues/">up to a third</a> of the U.S. population is unbanked or underbanked. Government led consolidation in the banking sector, plus lending regulations limiting interest rates and fees make banking to certain populations unprofitable.



Bitcoin is a helpful alternative for many underbanked populations, and it grows more viable by the day as more merchants accept it.

Bitcoin Magazine provides news, analysis, information, commentary and price data about Bitcoin.

Bitcoin Magazine

Cathy Reisenwitz is a Young Voices Associate and a D.C.-based writer and political commentator. She is Editor-in-Chief of Sex and the State and her writing has appeared in Forbes, the Chicago Tribune, Reason magazine, Talking Points Memo and the Washington Examiner. She has spoken on topics of economic freedom, Bitcoin and feminism at Tea Party conferences, CryptoCurrency Conference, ISFLC, the Heritage Foundation and various other events. She has also appeared on Al Jazeera America.

Cathy Reisenwitz

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Oversexed and underbanked? Chase Bank&nbsp;recently informed&nbsp;hundreds of porn performers that the bank will close their accounts by mid-May.&nbsp;Apparently&nbsp;Chase has a history of discriminating against sex workers and the adult industry. When banks pulled...

First Pot, Now Porn. Can Bitcoin Save the Adult Industry?

Oversexed and underbanked? Chase Bank&nbsp;recently informed&nbsp;hundreds of porn performers that the bank will close their accounts by mid-May.&nbsp;Apparently&nbsp;Chase has a history of discriminating against sex workers and the adult industry. When banks pulled the same thing on Washington and Colorado&rsquo;s state-legal marijuana dispensaries, they quickly&nbsp;moved to bitcoin. Banks claimed to be concerned that though the dispensaries were legal to operate by state law, marijuana is still illegal to buy, sell, or own at the federal level. However, the problem with Chase and sex work appears to be reputational. In Colorado, new&nbsp;cannabis vending machines&nbsp;accept bitcoin. And dispensaries have&nbsp;begun taking it&nbsp;in Washington as well. Perhaps this is a viable solution for the sex industry. It&rsquo;s doubtful that bitcoin exchanges such as Coinbase or Bitpay would discriminate against sex workers. And if they did, customers could just pay their wallets directly. In fact, many sex workers already accept bitcoin. The Girls Gone Bitcoin subreddit lets customers pay ladies directly in bitcoin for naughty pictures and videos. In the U.K., at least one escort agency accepts the cryptocurrency. Since the internet permanently disrupted the porn business model, the industry has been looking for new ways to monetize. Another way bitcoin could change the equation is through micropayments, which bitcoin makes profitable for the first time ever. This is just one more example of the ongoing problem of too little competition in the banking sector. Whether for legal, reputational, or just risk management reasons, it&rsquo;s estimated that up to a third of the U.S. population is unbanked or underbanked. Government led consolidation in the banking sector, plus lending regulations limiting interest rates and fees make banking to certain populations unprofitable. Bitcoin is a helpful alternative for many underbanked populations, and it grows more viable by the day as more merchants accept it.

First Pot, Now Porn. Can Bitcoin Save the Adult Industry? - Bitcoin Magazine

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Oversexed and underbanked? Chase Bank recently informed hundreds of porn performers that the bank will close their accounts by mid-May. Apparently Chase has a history of discriminating against sex workers and the adult industry. When banks pulled the same thing on Washington and Colorado’s state-legal marijuana dispensaries, they quickly moved to bitcoin. Banks claimed to be concerned that though the […]

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lady - Bitcoin Magazine

Adoption &amp; Community

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/r/gonewild

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bitcoin address

currency

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form

girls

karma

NSFW-Disclaimer:&nbsp;<del>some</del>&nbsp;all of the links in this article might contain material not suitable for viewing in a workplace environment. If you don’t want to look at porn, don’t click any links.



<h4>Girls Gone Wild</h4>



To enjoy this little story that has developed over the last few days, one should probably first understand a reddit subcommunity called “/r/gonewild”. If you’re so inclined, take a look: [NSFW]<a href="http://reddit.com/r/gonewild" target="_blank" rel="noreferrer noopener" aria-label=" (opens in a new tab)">&nbsp;/r/gonewild</a>. The description reads:



<blockquote class="wp-block-quote">Gonewild is a place for open-minded Adult Redditors to exchange their nude bodies for karma; showing it off in a comfortable environment without pressure.</blockquote>



The basic action the boys can take in this subreddit is to give the girl some love in the form of upvotes (reddit karma) and positive comments. As for the motivation of the girls, let us quote LadyBytes, whom we interviewed for this story:&nbsp;“I have posted, just once before. I did it because I felt beautiful, and I wanted to explore my sexuality in a new way.”



<h4>Girls Gone Bitcoin</h4>



Intrigued by this, a group of Bitcoiners following the reddit subcommunity suggested the idea of giving some&nbsp;additional love&nbsp;to the girls in the form of Bitcoin tips. This could be done by simply having them overlay a Bitcoin address on the pictures they post. It is up to the reader to judge for himself whether or not it was the intention to provide an&nbsp;additional incentive&nbsp;to reveal a little more in the photos.



Given the historically poor reception of Bitcoin in the general reddit crowd, it was decided that a new separate sub-community would need to be established. And thus, the subreddit [NSFW]&nbsp;<a href="http://reddit.com/r/girlsgonebitcoin" target="_blank" rel="noreferrer noopener" aria-label=" (opens in a new tab)">/r/girlsgonebitcoin</a>&nbsp;was born. The description reads:



<blockquote class="wp-block-quote">“Girls Gone Bitcoin is a place for open-minded Adult Women to exchange their sexy photos for Bitcoin and Karma. If you don’t know, Bitcoin is a virtual currency that can be exchanged for just about any fiat currency like Dollars, Yen, or Euro.”</blockquote>



A bounty (the typical term used in the Bitcoin community to describe a reward for completion of a task) was collectively offered by various Bitcoiners in the community; half towards making a tutorial for the sub-community to follow, and half towards the first ten girls to post at least partially nude pictures featuring a Bitcoin address in the form of a FirstBits address or QR-code.



<figure class="wp-block-image"><img src="https://web.archive.org/web/20140703205018im_/http://bitcoinmagazine.com/wp-includes/images/smilies/icon_smile.gif" alt=":)"/></figure>



The first half of the bounty was quickly claimed by the aforementioned redditor. She published a simple tutorial on how to receive bitcoins that is also rewarding to look at in other ways ([NSFW]&nbsp;<a rel="noreferrer noopener" aria-label=" (opens in a new tab)" href="http://ladybyt.ez.lv/" target="_blank">Video</a>, [NSFW]&nbsp;<a href="http://imgur.com/a/JDVRZ" target="_blank" rel="noreferrer noopener" aria-label=" (opens in a new tab)">step by step instructions</a>). As for LadyBytes’ (that is her handle on reddit) motivation to do this, let’s hear her own words again:&nbsp;“I was turned on by the idea of creating a video that would teach women (especially women) a little bit about Bitcoin, and how to use a new currency to their advantage. Also, I’ve never had the chance to make a video before…I thought maybe I’d be good at it. The video I posted was my first take, and I even surprised myself&nbsp;&nbsp;I also saw the potential for employment. Work anonymously…no taxes, no work visa? Yes please…”



<h4>The Show must go on</h4>



By word of mouth the message started to get around about how Bitcoin could make what these girls were already doing much more exciting, and a few girls began to wander their way in from their previous stomping grounds of /r/gonewild. Despite the obvious taboos and learning curve involved, it has worked out quite well. At the time of writing totaling an equivalent of USD 424.27 in Bitcoins shared among 9 redditors.



Unfortunately our front-girls money got snatched by a thief. She had used an online wallet service that puts the full credentials into the wallet access url, no additional password. She had masked out the URL-bar, but had unfortunately forgotten about the “Welcome to your Wallet” box on the site which also shows that URL ([NSFW]&nbsp;<a href="http://i.imgur.com/e9jTxh.jpg" target="_blank" rel="noreferrer noopener" aria-label=" (opens in a new tab)">compromizing picture</a>). The thief must’ve managed to read that and stole almost all the coins. LadyBytes:&nbsp;“pride and confidence momentarily waivered”.



<h4>Conclusion and Outlook</h4>



LadyBytes wraps it up nicely:&nbsp;“I think the hate is derived from confusion and lack of knowledge. A lot of people don’t know what Bitcoin is. My response to them: Get used to it, this is the future of porn.”



She also shared her more general view on Bitcoin with us:&nbsp;“On a broader note, I fully support Bitcoin as the decentralized anonymous currency that it is meant to be. I think we humans should be able to monetarily support whomever we want, whatever activist groups we want, regardless of any government opinion or non-consensus among peers. I believe the power of Bitcoin goes far beyond nude photos and illicit substances.”

Nicolas Fischer

work

NSFW-Disclaimer:&nbsp;some&nbsp;all of the links in this article might contain material not suitable for viewing in a workplace environment. If you don&rsquo;t want to look at porn, don&rsquo;t click any links. Girls Gone Wild. To enjoy this little story that has...

Bitcoin Gone Wild

NSFW-Disclaimer:&nbsp;some&nbsp;all of the links in this article might contain material not suitable for viewing in a workplace environment. If you don&rsquo;t want to look at porn, don&rsquo;t click any links. Girls Gone Wild. To enjoy this little story that has developed over the last few days, one should probably first understand a reddit subcommunity called &ldquo;/r/gonewild&rdquo;. If you&rsquo;re so inclined, take a look: [NSFW]&nbsp;/r/gonewild. The description reads: Gonewild is a place for open-minded Adult Redditors to exchange their nude bodies for karma; showing it off in a comfortable environment without pressure. The basic action the boys can take in this subreddit is to give the girl some love in the form of upvotes (reddit karma) and positive comments. As for the motivation of the girls, let us quote LadyBytes, whom we interviewed for this story:&nbsp;&ldquo;I have posted, just once before. I did it because I felt beautiful, and I wanted to explore my sexuality in a new way.&rdquo; Girls Gone Bitcoin. Intrigued by this, a group of Bitcoiners following the reddit subcommunity suggested the idea of giving some&nbsp;additional love&nbsp;to the girls in the form of Bitcoin tips. This could be done by simply having them overlay a Bitcoin address on the pictures they post. It is up to the reader to judge for himself whether or not it was the intention to provide an&nbsp;additional incentive&nbsp;to reveal a little more in the photos. Given the historically poor reception of Bitcoin in the general reddit crowd, it was decided that a new separate sub-community would need to be established. And thus, the subreddit [NSFW]&nbsp;/r/girlsgonebitcoin&nbsp;was born. The description reads: &ldquo;Girls Gone Bitcoin is a place for open-minded Adult Women to exchange their sexy photos for Bitcoin and Karma. If you don&rsquo;t know, Bitcoin is a virtual currency that can be exchanged for just about any fiat currency like Dollars, Yen, or Euro.&rdquo; A bounty (the typical term used in the Bitcoin community to describe a reward for completion of a task) was collectively offered by various Bitcoiners in the community; half towards making a tutorial for the sub-community to follow, and half towards the first ten girls to post at least partially nude pictures featuring a Bitcoin address in the form of a FirstBits address or QR-code. The first half of the bounty was quickly claimed by the aforementioned redditor. She published a simple tutorial on how to receive bitcoins that is also rewarding to look at in other ways ([NSFW]&nbsp;Video, [NSFW]&nbsp;step by step instructions). As for LadyBytes&rsquo; (that is her handle on reddit) motivation to do this, let&rsquo;s hear her own words again:&nbsp;&ldquo;I was turned on by the idea of creating a video that would teach women (especially women) a little bit about Bitcoin, and how to use a new currency to their advantage. Also, I&rsquo;ve never had the chance to make a video before&hellip;I thought maybe I&rsquo;d be good at it. The video I posted was my first take, and I even surprised myself&nbsp;&nbsp;I also saw the potential for employment. Work anonymously&hellip;no taxes, no work visa? Yes please&hellip;&rdquo; The Show must go on. By word of mouth the message started to get around about how Bitcoin could make what these girls were already doing much more exciting, and a few girls began to wander their way in from their previous stomping grounds of /r/gonewild. Despite the obvious taboos and learning curve involved, it has worked out quite well. At the time of writing totaling an equivalent of USD 424.27 in Bitcoins shared among 9 redditors. Unfortunately our front-girls money got snatched by a thief. She had used an online wallet service that puts the full credentials into the wallet access url, no additional password. She had masked out the URL-bar, but had unfortunately forgotten about the &ldquo;Welcome to your Wallet&rdquo; box on the site which also shows that URL ([NSFW]&nbsp;compromizing picture). The thief must&rsquo;ve managed to read that and stole almost all the coins. LadyBytes:&nbsp;&ldquo;pride and confidence momentarily waivered&rdquo;. Conclusion and Outlook. LadyBytes wraps it up nicely:&nbsp;&ldquo;I think the hate is derived from confusion and lack of knowledge. A lot of people don&rsquo;t know what Bitcoin is. My response to them: Get used to it, this is the future of porn.&rdquo; She also shared her more general view on Bitcoin with us:&nbsp;&ldquo;On a broader note, I fully support Bitcoin as the decentralized anonymous currency that it is meant to be. I think we humans should be able to monetarily support whomever we want, whatever activist groups we want, regardless of any government opinion or non-consensus among peers. I believe the power of Bitcoin goes far beyond nude photos and illicit substances.&rdquo;

Bitcoin Gone Wild - Bitcoin Magazine

NSFW-Disclaimer: some all of the links in this article might contain material not suitable for viewing in a workplace environment. If you don’t want to look at porn, don’t click any links. Girls Gone Wild To enjoy this little story that has developed over the last few days, one should probably first understand a reddit subcommunity called […]

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First Pot, Now Porn. Can Bitcoin Save the Adult Industry?

Bitcoin Gone Wild