When Charlie Lee announced that VRPorn.com accepts Litecoin payments, he marked a very important moment in the history of cryptocurrencies: one of the oldest and most secure coins on the market, that’s created and backed by one of the most respected people in the field, has confirmed the trend of integrating the world of adult entertainment into the conveniently-quick and secure crypto space.
While Verge (XVG) did it first after raising $3 million to bring Mindgeek – the company behind major website like PornHub and Brazzers – on board, the initiative didn’t turn into a greater phenomenon until a larger, older player had joined the game.
As a LTC holder, I will be watching this closely. After all the mums and dads and religious folks dumped Verge like a hot turd after associating itself with Porn, and I would have thought LTC was even more 'family friendly' Im expecting to see a big backlash against this. Dumb!
— JohnB (@DJ_Bax01) May 31, 2018
Allowing crypto enthusiasts to buy pornographic content isn’t good news for everyone as there are various conservative investors who dismiss such decisions on the basis of their faith. After all, Christian churches denounce porn as a perverted threat to traditional family values. To Muslim audiences who require the permission of Sharia law scholars before getting into crypto adult entertainment is likewise toxic.
Image Credit: CryptoCompare
In both cases, the price has decreased after the announcements. Some might argue that they were cases of “buy the rumor, sell the news” speculative behavior, but Litecoin hasn’t hyped any partnership and treated the case as just another success in the long road of attaining utility via merchant adoption. So it’s probably safe to say that it was all speculative in the case of Verge, while there might have been some value issues involved in Litecoin’s situation (according to CryptoCompare, the price dropped as low as $117.51, about $3 lower than before the announcement).
Satoshi’s Vision Actually Involves Porn
While this entire situation may seem controversial in some circles, SatoshiLite has actually followed the footsteps of the OG cryptocurrency inventor Satoshi Nakamoto! In an obscure BitcoinTalk.org post from 2010, the father of all blockchains suggested that people who don’t want to get caught with their porn subscriptions can use Bitcoin to avoid shameful billing information and recurring billing. The statement also points out that crypto is useful for teenagers who don’t have a credit card yet but want to participate the economy in a convenient way.
We can spend the rest of the day talking about how associations between cryptocurrencies and the porn industry are harmful for the reputation of the former, as connections with a criminal underworld are further imprinted in the minds of conservative folks. Some people don’t see the difference between adult entertainment and prostitution, automatically think of a drug world which supports the entire business, and probably imagine an entire illegal framework revolving around the entire space. If this kind of reputation is associated with cryptocurrencies, then they must devalue their utility and strengthen their reputation as crime perpetuators, right?
Well, Satoshi Nakamoto didn’t seem to care about prejudice and biases. When discussing the utility of Bitcoin, he didn’t shy away from suggesting “porn guys” as adopters of peer-to-peer electronic cash systems. Being pseudonymous with your payments is way better than having the purchase registered on your credit card bill, and this situation can save marriages and keep dirty secrets away from the unfriendly eyes of people who can potentially ruin your life.
If the Byzantine generals’ problem wasn’t enough of an issue to solve, Satoshi succeeded to demonstrate his practical nature in terms of identifying use cases for Bitcoin. Before banking the unbanked, you have to reach those who don’t have a credit card or want to retain a higher degree of privacy in their transactions. If you don’t want to be subjected to unwanted recurring billing, then there is one obscure digital currency that can help you retain the autonomy of your funds.
It’s incredible to think that Satoshi foresaw the dawn of porncoins, but his comment is simultaneously practical enough to make sense. At first, you must identify the use cases where traditional payment methods have shortcomings. Then, after you prove the world how quick and convenient cryptocurrencies can be, you should expect greater adoption in all branches of commerce.
Therefore, according to Satoshi’s vision, we are facing the rise of crypto adoption and an ongoing penetration of the markets. All we can hope for at this point is a glorious happy ending to justify the apparent trivialization of the technology.
