Well we got Bitcoin, so it only makes sense that an adult version be called “TitCoin” A crypto solution for those in the adult business and those that want privacy when purchasing their adult material. When I mentioned this article to a friend today, his first response was, “Who the F*** pays for porn ?”
TitCoin has been getting a lot of coverage lately, Cosmopolitan did an interview with the creators of the adult cryptocurrency.
From the Cosmo article:
How is it different from Bitcoin?
Patrick: It’s totally different. We’re not trying to be Bitcoin. First of all, Titcoin is 10 times faster in terms of money clearing. Sometimes Bitcoin can take over an hour to clear; ours is in a couple of minutes. With Titcoin, all you do is scan the address on the coin, similar to scanning a Coke can. We’re just in an industry that people don’t understand. But Paypal was also called a scam in the early ’90s when it came out.
There was an article in Playboy recently that said your claims that this is an anonymous form of payment were unfounded. Are there privacy concerns?
Patrick: Playboy said it isn’t anonymous, but it is anonymous. It’s like your middle name or social security number: if you don’t give it out, no one knows it. It’s only as anonymous as you keep it. If you go out handing it out to everyone, then they’ll link to it. If you use it discreetly offline, then it’s anonymous. We’re concerned with building an economy around our bank and we’ll need global recognition from the adult industry, so one day you can walk into an adult store and hand them Titcoins or just scan the code. Now it’s just a matter of getting it out there.
You can read the full interview on Cosmopolitan
Xbiz Newswire wrote,
Also last week, The Daily Mirror, one of the U.K.’s alternative news sources, profiled Titcoin and even spoke to some of the women in the industry who currently accept it as payment, debunking Playboy’s myth about the digital currency not being friendly towards women sex workers.
Launched in June of 2014, Titcoin is a crypto currency that enhances anonymity and privacy for users.
Titcoin has been profiled in CNET, Men’sHealth Magazine, Playboy, Cosmo, Vice Magazine, Gizmodo, Bustle, Soundcrave, UK’s Raver’s DVD and XBIZ, among other venues.
Xbiz mentions the Playboy myth, Playboy did a piece on TitCoin that article was entitled, Why is Wall Street Taking TitCoin Seriously ?
Titcoin got its initial cheeky coverage, and attention ebbed. But then something interesting happened: former stockbroker Patrick McDonnell joined Titcoin as an advisor in September. McDonnell is known for having once worked under Jordan Belfort aka “The Wolf of Wall Street” and served six years in Federal and State prison for Wall Street related crimes. Popular cryptocurrency news site Altcointoday wrote, “The primary reason Titcoin decided to engage Mr. McDonnell with their project is he has the gift to not only open the doors but to close the deals.”
For Titcoin to be desirable to sex workers, it’d need to feel like it was offering certain advantages that Bitcoin wasn’t. It would need to embrace the community of sex workers who are discriminated against by the mainstream financial system, not just try to make money off of them. To succeed, McDonnell will need to get adult companies and their users to do business in Titcoin. But first, Titcoin will need to prove it actually cares about them.
According to CryptoCoinsNews.com after the Playboy article the price spiked 1,200 %
Prior to the Playboy profile, the Titcoin price had remained fairly steady. From October 22-23, the Titcoin price was ~320 satoshis. On October 24, the Titcoin price rose to about 500 satoshis, where it hovered for the next few days. As more and more people read the Playboy article, the Titcoin price began to rise considerably.
The Titcoin price began October 27 at 440 satoshis. It nearly tripled the next day, passing the 1,100 satoshis mark and then continuing to increase to 2,098 satoshis as the day ended. On October 29, the Titcoin price briefly crashed to 921 satoshis, but then the price incline regained speed and exploded to 4,483 satoshis at press time. In sum, the Titcoin price experienced a 1,200% weekly rise.