It’s without question, that as technology continues to advance, payment methods and solutions are sure to follow. However, the latest buzz surrounding the volatility of cryptocurrencies like Bitcoin and Ethereum, has consumers and industry analyst scratching their heads. Just six months ago, Bitcoin had a high of nearly 19,283, but with a 59% value drop, it currently stands at 7,930. While some believe the rapid popularization of cryptocurrencies will lead to a quicker demise, some investors can’t wait to jump into the pool quick enough.
That said, we’ve all heard of some pretty unconventional purchases bitcoin holders have made in the past. We’ve read about cashing in on super bowl tickets, to even purchasing pizza. Heck, even through bankruptcy, 50 Cent amassed nearly $8 million worth of Bitcoin, but now we know those reports to be false. Bottom line, it seems like cryptocurrencies can be widely applied for any type of purchase. That said, recent reports have surfaced stating that a popular adult site has agreed to accept cryptocurrency as a viable form of payment.
The Verge reports that Pornhub is accepting “Verge”cryptocurrency as a payment option. And just to clarify, there is no relation to The Verge and this form of payment. So why is this making headlines? According to Corey Price, VP at Pornhub, this new feature allows members to obtain premium subscriptions, HD and on-demand services, and merchandise. Verge can also be used as a payment option on the company’s sister sites as well. Now, given the volatility of the currency, users will not be able to apply this cryptocurrency to recurring payments.
This morning, Forbes reported that the cryptocurrency experienced a massive boost this week with the announcement of the new partnership. In just 24-hours, the cryptocurrency skyrocketed 38%. Just yesterday, it was trading at $0.0824, and now, it’s at $0.1133. While it may not seem like much money now, Curtis Silver, contributor to Forbes writes, “once the porn industry embraces a technology, that technology begins to thrive.”
Verge is unique in the sense that it offers its users convenience, security, and anonymity. Even though such transactions can be seen public, the Verge cryptocurrency has a special tool that can hide certain transaction, including their IP address and location. And considering that regulators have not yet been able to tackle the digital currency market, Pornhub has prepared a legal team to assure users of the validity of the payment option. Price goes on to say, “Pornhub has always strongly valued innovation and privacy” …Really? I guess to each his own.
(Due to the graphic nature of the video above, such content will not be posted)
So why do I bring this up? In a sense, it’s because in their respective ways, both the porn industry and the crypto world are a bit taboo (for lack of a better word). Neither topic is easily explained or consumed, and somewhat, considered a closeted behavior.
Recently, Harvard Business School released a podcast on the effect of pornography on society, in particular, men. Youngme Moon, Senior Dean of Strategy and Innovation, Mihir Desai, Professor of Finance, and Felix Oberholzer-Gee, Professor of Business Strategy discussed the recent state of the porn industry. All three cite an article published in the New York Times Magazine that stands behind the #MeToo movement, and provides disturbing evidence about how much porn men consume. The world of pornography has changed the way men and women look at each other, and address each other culturally and sexually.
All of this brings me back to the main point of using a cryptocurrency to secretly mask a person’s consumption/behavior towards porn. In 2016, TIME Magazine published an article citing the dangers of pornography and its effect on married couples. According to their research, married people who start watching porn are twice as likely to be divorced in the following years as those who don’t.
So, is this digital disruption, or “feature” with regards to an alternative payment option a good idea? As a business, new revenue generating opportunities are mostly welcomed with open arms, but does this new partnership cross the line? Do some of you see this as another form of acceptable payment? Or is this payment option a medium to further expedite an addiction to pornography, all while keeping it “hidden” from society. I’m curious to hear what you think.
As always, sound off in the comments and thank you for kikinitwithraf!