£ $ ¢ € Cryptos

[Horizontal pleasures]

I do not understand. Does anyone understand? It was in the Evening Standard today, I never noticed it before.

Cryptos are out to keep paid-for sex under wraps

FIRST it was cryptocurrencies for porn: now it’s cryptos for sex, according to Lust, a new initial coin offering launching this month.
The brainchild of founder Adrian Schmeling, the idea is to allow people to pay for sex without using traditional cash and get around laws on prostitution.
Cutting out the pesky middlemen (pimps) it pledges to “ensure that control is shifted back in the hands of people who earn from and pay for sex”, guaranteeing “complete anonymity and security”.
Cutting-edge technology for the oldest profession in the world.

LUST: A new, dubious "smart" cryptocurrency for prostitution
External Link/Members Only

A new, dubious "smart" cryptocurrency for prostitution / Boing Boing
External Link/Members Only

Sex for sale Lust coin claims it will make prostitution legal - Coinlist.me
External Link/Members Only

[HarryZZ]

They all want a bit of it don't they.

The crypto currency is a house built on sand, we know that the pound or the dollar has a value that is necessarily supported by it's native government, if it collapsed they wouldn't be able to trade internationally, crypto has nobody backing it, I guess there are a few people who might have large investments that may support it but it's so volatile and there are too many people in it looking for short term profits that it would be just about impossible, so buying lots of bitcoins (or similar) for pay for prossies really would be a punt, you'd never know who you could afford until seconds before the booking.


The other point is that you would presumably be buying a crypto currency to hide what you're spending it on, prossie crypto may very well hide who you actually paid for, but whilst you could perhaps convince the wife you'd only innocently bought heroin or an AK47 with bitcoin she'd have a good idea where the money was going if you bought  a load of prossiecoin.

[hungrypunt]

Cryptos have had their day, never again will you see such highs.

[Anadin]

While we may may not see the highs of Bitcoin again digital currency is the future we're just waiting to see which ones we really use. The idea of having a specific one for an activity seems odd to me but then again so did Bitcoin once upon a time.

[Squire Haggard]

The biggest threat to cryptos is the threat of increased regulation, and plenty of threats have been made. On the other hand, some banks might find them useful.

''Ripple has signed an agreement with the Saudi Arabian Monetary Authority (SAMA) to support the nation’s banks in a blockchain-fuelled payments pilot.

Together, they have created a programme to help banks use xCurrent, Ripple’s enterprise software solution that instantly settles cross-border payments with end-to-end tracking.

According to Ripple, this is the “first of its kind to be launched by a central bank”, and SAMA will support Saudi banks with management and training.''

Dilip Rao, global head of infrastructure innovation, Ripple, says: “Central banks around the world are leaning into blockchain technology in recognition of how it can transform cross-border payments, resulting in lower barriers to trade and commerce for both corporates and consumers.”



External Link/Members Only

[Ali Katt]

They all want a bit of it don't they.

The crypto currency is a house built on sand, we know that the pound or the dollar has a value that is necessarily supported by it's native government, if it collapsed they wouldn't be able to trade internationally, crypto has nobody backing it, I guess there are a few people who might have large investments that may support it but it's so volatile and there are too many people in it looking for short term profits that it would be just about impossible, so buying lots of bitcoins (or similar) for pay for prossies really would be a punt, you'd never know who you could afford until seconds before the booking.


The other point is that you would presumably be buying a crypto currency to hide what you're spending it on, prossie crypto may very well hide who you actually paid for, but whilst you could perhaps convince the wife you'd only innocently bought heroin or an AK47 with bitcoin she'd have a good idea where the money was going if you bought  a load of prossiecoin.

What we forget is Generation Y or whatever they are called have different values to previous generations, they have no interest in hoarding gold bullion. Although gold will peak again. Crypto currency is practical, as mentioned regulation is a threat, but I do genuinely believe it will be as widely used and common as pre-paid credit cards and vouchers in the future, but not physical cash or traditional banking.

[brian1123]

Sounds just like another pump and  dump. Also, in most US states how will using crytocurrency make prostitution legal?  I haven't read the exact laws for each state but exchanging crytocurrency would still be a "payment", no?

[pewpewpew]

Can't see how this will cut out pimps. With cash you pay the girl who gives it to the pimp. With prosiecoin you'd be paying the pimp directly, so if anything you're cutting out the girl

Stupid idea

[emkay]

Crypto is useful for remote transactions. If your contact with a prostitute is remote you are doing it wrong.

[Gordon Bennett]

Surely even the fans and advocates of this nonsense would have to be worried that there are new ones sprouting up left, right and centre....... It's bleeding obvious that these new ones are dubious and set up by con artists trying to desperately jump on the bandwagon before the whole crypto thingy crashes and burns.

[Excelsior]

I immediately thought of SpankChain when I read this thread, not so much to do with prostitution but from what I gather it's meant to provide a better sharing of profits for things like webcam shows. External Link/Members Only

but yeah there's so many pump and dump scams out there, even John Mccaffee likes to pump random coins so he can make a quick buck.

[DHunters]

I see bitcoin etc as this generation’s pyramid scheme. Social media is awash with stories of how much money people have already made and that there’s only a drip fed finite amount available. When the bubble bursts I can see a lot of the new comers losing lots of money

[reviewreader]

Cash is already 100% secure and anonymous
So unless you pay your prossies by card or bank wire, there is nothing this new shitcoin would add to you

[Ali Katt]

Cash is already 100% secure and anonymous
So unless you pay your prossies by card or bank wire, there is nothing this new shitcoin would add to you

It's not anonymous if you have cashpoint transactions of £1000s of pounds every month; while this isn't a concern for most people it is for those that have an OH. The only was to legitimately acquire that amount of cash is to be paid cash in hand.

[Marmalade]

HP by his own admission and nothing to be ‘shamed of can barely work anything beyond the most basic functions on these new-fangled machines known by insiders as ‘computers’. I hardly think he should get his knickers in too much of a twist over crypto-currencies.

And can you imagine arriving at a booking and saying “I don’t have cash but give me your details and I’ll pay you in IttyBitty.coins. I assume you can receive them?”

There are some things where it’s best to go with the flow ... 

[Marmalade]

Seriously, even for virtual-sex it might make some sense in punting-desert-USA for big spenders and high-reputation agencies, but in the U.K.???

And a lot of crypto-transactions are only as anonymous as local laws indirectly permit and in inverse proportion to the effort some govt industry can be bothered to exert. How do you buy your crypto currency? By credit card? Duh. OK. So how come the dates and times on your ‘crypto’ account correspond to dates when platinum piss-flaps had a booking?

It’s like online privacy. A VPN gives you some privacy as long as the logs are private and the exit nodes if you increase privacy with Tor aren’t tracked. And by the time you’ve gone to all the trouble, your manoeuvrability is restricted by the very safeguards you’ve put up. (In America you have to jump through so many fucking hoops it’s barely worth it — just go down the hood, avoid getting killed, and shag your brains out for pennies. Simple.)

The best use of bitcoins is buying something from abroad where they either don’t accept regular credit cards (for instance because they’re too expensive) and PayPal is not universally accepted. All legal and above board.

Shagging women is a basic human function. The more that big money and I.T. comes into it the more robotic it mostly gets.