Playboy Gives Critiques to Growing Altcoin Titcoin

October 26, 2014 02:00 UTC
Titcoin logo

Playboy, the most recognizable adult men’s lifestyle magazines in the world, posted an article yesterday about Titcoin and they certainly weren’t being pulled around by the name. Instead, they had some pretty good critiques for the Titcoin development team and community if they really are serious about being the cryptocurrency for the adult entertainment industry.

Titcoin, the altcoin that aims to be a go-to currency specifically for the adult entertainment and sex worker industry, has potential; anonymity and privacy could be a serious benefit for the industry, shielding consumers from the eyes of spouses, family, and others who may glance at their online purchases or credit statements, as well as the encrypted security of cryptocurrencies help protect consumers online.

Also read: Titcoin: Making Adult Entertainment Payments Easier for Everyone

Playboy on Titcoin

But aside from these basic benefits that practically all cryptocurrencies have, Titcoin has not yet really set itself apart – especially with Bitcoin already in the forefront. Playboy writes:

“Titcoin’s lack of substance explains, in part, why the currency has had a hard time luring the adult industry’s mainstream. At launch, Titcoin told press that interest came only from potential investors and fringe adult companies and that there was more “suspicion” than traction with the big adult companies.”

Perhaps Titcoin doesn’t have enough focused benefits to keep from being overshadowed by Bitcoin’s mainstream success. Playboy proposes:

“One way Titcoin or McDonnell could solve the venture’s critical adoption problem is by finding out what the sex worker community really needs in the payment space. It makes sense that cryptocurrencies appeal to people whose business is sex: they are independent of any central authority and can be transferred through a computer or smartphone without an intermediate financial institution. It also doesn’t come up as an odd charge on your Visa bill, nor can sex workers under duress be forced to give the money back after services have been rendered. Online payment processors such as PayPal, Stripe and Square, banks like JP Morgan Chase, and even online fundraiser platforms like Kickstarter, Patreon and WePay, have all made headlines in the past year for denying, seizing and closing the accounts of sex toy retailers, porn stars, erotic photographers, sex bloggers and even condom startups. In an environment hostile—nee, discriminatory—to anyone with the word “sex” on their website, cryptocurrency seems like a much-needed ray of hope.”

In a CryptoCoinsNews interview in August with Titcoin co-founder Edward Mansfield, he talked about how their team was going to reach their goals:

“Our first order of priority is to establish a solid infrastructure that will support healthy transaction processing in the long run. [That] includes partnering with key mining pools, currency exchanges and payment processors. We recently put all of these pieces in place [that] will allow us to focus on the [most] challenging task of convincing adult businesses to join the digital currency revolution. We’ve developed many relationships with key players in the industry over the last seven months since we first announced Titcoin in January 2014.

A huge part of our activities has been around educating adult entertainers and businesses on the benefits of digital currency… not just Titcoin. In fact, a few businesses we enlightened have already started experimenting with Bitcoin transactions. We’ve essentially assumed the responsibility of raising awareness on behalf of the entire digital currency community.

We recently have decided to keep most of our future activities under wraps because some of our competitors have historically imitated our business strategy and activities. Clearly our vision and ideas are our biggest assets. All I can say at the moment is we’re focused on strengthening our relationships with other coin developers in the community in addition to key businesses in the adult industry. We’re also looking at a number of speaking engagements to continue educating the public.”

Going forward, all altcoins have to overcome Bitcoin’s big shadow. Some coins have set themselves apart, and others just aren’t unique enough. Still, the sidechains project is also a possible opportunity. Either way, success for Titcoin is going to be dependent on their ability to attend to specific concerns from the adult entertainment industry.

Last modified: October 26, 2014 06:11 UTC

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Calvin Tran is a filmmaker attending NYU's Tisch School of the Arts. He is interested in economics as a way to see the world and inspires him to create media that illustrates the power of freedom and technology in improving all of our lives.