See also the main SAAFE.info site for more Support And Advice For Escorts

Author Topic: New cryptocurrency for the adult industry!  (Read 1141 times)

seraphine

  • Guest
New cryptocurrency for the adult industry!
« on: 17 May 2018, 10:39:44 pm »
Thanks to Pandora Blake's Patreon update I found out that there is a cryptocurrency for the adult industry:
https://intimate.io/

I have to read some more about it but hey!, how exciting :)

xw5

  • Administrator
  • Sr. Member
  • *****
  • Posts: 5,754
    • I should be updating this instead...
Re: New cryptocurrency for the adult industry!
« Reply #1 on: 17 May 2018, 10:50:20 pm »
Whatever crypocurrency out there you can find, various people are making far more than you will ever be able to do - typically by using hardware you do not have access to or by simply giving themselves more via a launch process.

'The Ian formerly known as SW5'. What they said: "Indispensable", "You are our best resource", and (hours later!) "I'm afraid that you're being made redundant..."

Winding down YourEscortSite.com

seraphine

  • Guest
Re: New cryptocurrency for the adult industry!
« Reply #2 on: 17 May 2018, 11:00:42 pm »
Hmm... I wasn't thinking of it in terms of an investment, just thought it will be a new payment method?...

seraphine

  • Guest
Re: New cryptocurrency for the adult industry!
« Reply #3 on: 20 May 2018, 09:29:07 pm »
Okay, I went through half of their white paper - a lot of IT lingo and concepts I don't understand  :-\

What I managed to grasp (hopefully correctly)...

Most traditional financial gateways (like banks, PayPal) don't want to work with adult businesses.
Cryptocurrency gives a chance for transactions outside of traditional systems.

'intimate' token is based on cutting out the middle man (yay!) and centralised systems.

For example - let's say that we want to use AW to advertise (not revealing our personal data), find reputable clients, do our business safely and get paid (online).
A client wants to find an escort, check if she's reputable and pay her online (not revealing his personal data).

With AW we need to go through a verification process (identity check), then we accumulate feedback (building reputation) and also give a feedback to a client.
This process can be made more safe, secure, private and reliable - without using AW and only based on the technology - this 'intimate token'. Plus you get paid in cryptocurrency.

So, the way I understand it - as a client, I buy a certain amount of cryptocurrency, I find my service provider, check her reputation (and this is based an 'attributes' and algorithms), decide to make a booking - she checks my reputation, then agrees (or not), a deposit from both parties is being taken in the meantime, after the service is completed, the payment is transferred to the service provider plus her deposit is being returned. Client's payment data doesn't appear on the credit card.
Both parties exchange 'feedback', which is a further block in building reputation.

So this token has 2 main functions - payment wallet + reputation checker/ builder.

More or less - this is how I understand it.

At this stage, this company is a start up and they are crowdfunding for the next 17 days - Initial Coin Offering (ICO).

So this thing is not going to happen today or tomorrow.
But I'm going to buy £100 worth of their token - it's the amount of money I can squander. And it can be fun!

This whole blockchain concept and cryptocurrencies are very promising and it will only gain momentum.
Even if we'll have to wait 5 years for it to become a part of our daily lives.

xw5

  • Administrator
  • Sr. Member
  • *****
  • Posts: 5,754
    • I should be updating this instead...
Re: New cryptocurrency for the adult industry!
« Reply #4 on: 20 May 2018, 09:47:52 pm »
In the nicest possible way, you're bonkers.

As with every other version, this bunch have waved their hands and gone 'blockchain.. disruption.. blockchain.. new market.. blockchain' but it ultimately comes down to:

Collect underpants
???
Profit

.. with the only reasonably likely profit being from the gullible who want to pay real money and those selling the hardware to mine it.

You have no idea what £100 of the imaginary currency will be worth tomorrow. You have no idea whether anyone will really accept it. You have no idea what the transaction costs will be to send / receive any - at the moment, Bitcoin is pointless for the small things that it was supposed to be good for, because in order to get your payment accepted on its blockchain, you have to pay out far more than any bank would charge. Etc etc etc.

'The Ian formerly known as SW5'. What they said: "Indispensable", "You are our best resource", and (hours later!) "I'm afraid that you're being made redundant..."

Winding down YourEscortSite.com

seraphine

  • Guest
Re: New cryptocurrency for the adult industry!
« Reply #5 on: 20 May 2018, 10:06:38 pm »
In the nicest possible way, you're bonkers.
Haha ;D 

I really liked the blockchain and disruption!...

But when you think what actually gives value to any currency ('real' money is not so real after all, is it...?)
These guys don't offer a new currency, they offer a payment platform that is integrated with cryptocurrencies (Ethereum for starters) and combined with this 'reputation'/ privacy system.

Hmm... does it really sound so bad?
 :(

Hmm again... I definitely know nothing about cryptocurrencies but in my head it doesn't sound so bad.
And I believe in the sex industry.
However, when I'm thinking about it now - why would I need this 'token', if I can just get a cryptocurrency without it, and do my vetting without this token too...


Nooo... I don't think I understand anything about it  :-[
« Last Edit: 20 May 2018, 11:02:55 pm by 80s synthetic »

xw5

  • Administrator
  • Sr. Member
  • *****
  • Posts: 5,754
    • I should be updating this instead...
Re: New cryptocurrency for the adult industry!
« Reply #6 on: 20 May 2018, 11:32:39 pm »
But when you think what actually gives value to any currency ('real' money is not so real after all, is it...?)

Boring currencies like the pound and the dollar have a government behind it, with all that implies: the power of taxation, the need to be re-elected rather than have an economic crash, and a full set of armed services to enforce their will.

Quote
These guys don't offer a new currency, they offer a payment platform that is integrated with cryptocurrencies (Ethereum for starters) and combined with this 'reputation'/ privacy system.

That would be the Ethereum where, after one bunch lost millions of dollars worth due to their incompetence, the currency split into two depending on whether or not you believed rich stupid people should be protected from their stupidity, giving two incompatible sets of records? Then split twice more? And whose WP page boasts that a whole 150 stores worldwide accept it for payments? (To be fair that's not surprising when it can only physically handle less than 1% as many payments in a day as either Visa or Mastercard.)

Again, the only people making money from it are those selling it for real money or those selling outdated mining hardware to the gullible.

Quote
However, when I'm thinking about it now - why would I need this 'token', if I can just get a cryptocurrency without it, and do my vetting without this token too...

Quite - and in cash we already have an 'anonymous enough' payment system involving several extremely widely accepted currencies.
'The Ian formerly known as SW5'. What they said: "Indispensable", "You are our best resource", and (hours later!) "I'm afraid that you're being made redundant..."

Winding down YourEscortSite.com

seraphine

  • Guest
Re: New cryptocurrency for the adult industry!
« Reply #7 on: 20 May 2018, 11:47:16 pm »
Thank you for taking your time and explaining Ian !

I should be spending my £100 on paying bills anyway.  :-\
At least I learned something new - even if I couldn't understand much.

Times can change but the rule probably as old as the profession stays the same:
cash first  :D