Pornhub, Newsletters, Blockchain Bites

Hi, all. Today we look at the global perspective: Latin America’s booming crypto sector, Israeli’s DeFi scene and how whales from around the world drive market changes.

Top shelf

Capear el temporal
Argentinian crypto exchange operations are booming in a year of economic and political uncertainty, CoinDesk’s Sandali Handagama reports. (Lea el artículo en español. Es el primer trabajo de CoinDesk traducido a la segunda lengua más hablada del mundo.) It’s part of a general trend across the South American region, driven by bitcoin’s bull market, national inflation and the increasing need for digital remittances during a pandemic year. Last week, Mexico City-based Bitso raised $62 million to fund its expansion to Brazil, it certainly won’t be the last.

DeFi darlings
Israel’s crypto scene has pivoted to decentralized finance, the intrepid CoinDesk contributor Leigh Cuen concisely and conveniently considers. At an epicenter of 2017’s Ethereum-based ICO bubble, Israeli startups, and attendant venture capitalists, are now engineering ways to bring bitcoin into the emerging DeFi economy, also primarily based on Ethereum.

Carbon future
The World Economic Forum and seven major mining companies are trialing blockchain to track CO2 emissions from mine to the end of the supply chain. Maybe it’ll finally answer the question: How did oil get into everything?

Quick bites

  • CRYPTO CAPITULATION? SEC Chairman Jay Clayton is stepping down this year. Modern Consensus provides an overview of his tenure and asks how he might be remembered.
  • DRAWN DOWN: The amount of ether (ETH) on exchanges is at its lowest point in two years after some five million tokens were withdrawn since March. (Trustnodes)
  • STRICT LAWS: Estonia is known as a bastion of digital experimentation. Still, about 1,000 cryptocurrency companies lost licenses to operate in the country this year. (Decrypt)
  • INSTITUTIONAL FLOOD: JPMorgan analysts say MassMutual’s recent $100 million BTC buy could presage a wave of institutional demand. (CoinDesk)
  • OLD MEETS NEW: SatoshiPay, a cypherpunk favorite, will be the first company to integrate a euro-backed stablecoin developed by Bankhaus von der Heydt, a bank founded in the 18th century. (CoinDesk)
  • PRIVATE DEALINGS: Pornhub added monero payments after Mastercard and Visa cut ties with the adult content site. (The Block)

Market intel

Sell pressure
Bitcoin’s rally above $19,500 was clipped early on Tuesday, with significant sell pressure at $20,000 ahead, according to CoinDesk markets reporter Omkar Godbole. These sell walls are no joke. In fact, one analyst told Godbole this morning’s market dip could likely be attributed to profit taking by large Asia-based investors. CryptoQuant data shows whales taking a dip around $19,500, bringing the market with them. Big picture: Pondering Durian provides four reasons a modest bitcoin allocation might make sense.

At stake

There has been a lot of hyperventilating in the press and on Twitter this week over the fact that cryptocurrency is now, by default, the only form of payment Pornhub accepts.

Far less attention has been paid to the related news that the adult entertainment site is about to adopt its own version of know-your-customer rules, or KYC. Call it “Know Your Coomer†after the internet meme of a disheveled porn addict with poor impulse control and a hypertrophied right arm. (For those unfamiliar with online argot, it’s one of many derivatives of the epithet “boomer,†like “consoomer†for spendthrifts, “floomer†for those who insist COVID-19 is just the flu, or “coofer†for people exhibiting symptoms of the virus.)

And, much like the know-your-customer policies of financial institutions including regulated crypto exchanges, Know Your Coomer raises difficult questions about privacy and data protection.

Rewinding the tape: In response to a harrowing New York Times article about the posting of child exploitation imagery on Pornhub, Visa and Mastercard booted the site from their card networks. This left crypto, which Pornhub has accepted for several years, as the sole remaining payment option for the site’s premium users.

Yes, I checked.

Pornhub, Newsletters, Blockchain Bites

No, I did not investigate further through this channel.

From the perspective of highlighting crypto’s value as a censorship-resistant form of money, this is all well and good. As disturbing as the revelations in the Times piece were, the use of financial infrastructure as an extrajudicial enforcement mechanism is creepy in its own way, just as it was in the Wikileaks banking blockade and Operation Choke Point.

The Open Source Defense newsletter said it well:

“The second-order danger … is that you’re nearly certain to be able to find illegal content on any large platform for user-generated content. And no company at any level of technical expertise, from Google and Facebook on down, can fully prevent that. So when everybody’s guilty, getting shut down is only a matter of whether someone decides that it’s time to take a look at you. That’s not a world that’ll make anybody happy in the long run.â€

An under-reported aspect of the story is the steps Pornhub is taking to prevent illegal content from being posted on this site.

Last week, the site, owned by Canada-based MindGeek, disabled uploads by any users who were not verified through its revenue-generating programs. “In the new year, we will implement a verification process so that any user can upload content upon successful completion of identification protocol,†Pornhub said. (Content previously uploaded by unverified users was subsequently nuked.)

If this prevents monsters from using the site in abusive ways, all the better. But it will create risks for those who only post lawful content. The following remains to be seen:

  • What information will be collected from users who want to upload content when the new protocol is implemented in 2021? 
  • How will it be verified? 
  • Will the information be stored with a third party or with MindGeek? 
  • How long will the information be retained? 
  • What steps will be taken to secure it? 
  • Has MindGeek hired a vendor or vendors to handle ID collection, verification and/or storage? 
  • Will the changes be limited to Pornhub or extended to other MindGeek adult sites as well.

I emailed these questions to MindGeek and its law firm last week but have not heard back (not surprising, given the company is managing a crisis situation).

Five years ago, the Ashley Madison breach showed how a poorly guarded trove of data on people who do legal but embarrassing things online can easily become a blackmailer’s goldmine. Pornhub would do well to heed this lesson. Even coomers deserve privacy.

– Marc Hochstein

Who won #CryptoTwitter?

Pornhub, Newsletters, Blockchain Bites
Pornhub, Newsletters, Blockchain Bites
Subscribe to receive Blockchain Bites in your inbox, every weekday.
Du lịch nhật bản, hướng dẫn du lịch Nhật và đánh giá địa điểm Nhật Bản Japan travel news, japan travel guides, japan holiday destinations and japan reviews


Privacy Coin Verge Suffers Third 51% Attack, Analysis Shows 200 Days of XVG Transactions Erased

According to various reports, the cryptocurrency network Verge has suffered a 51% attack that led to a massive 560,000+ block reorganization. Analysts believe the Verge network attack could be the deepest blockchain reorganization (reorg) in history with roughly 200 days worth of verge transactions wiped. Reports Show Verge Network Experienced a Massive 560,000+ Blocks Reorg […]

Xem chi tiết: Privacy Coin Verge Suffers Third 51% Attack, Analysis Shows 200 Days of XVG Transactions Erased

First Mover: It Might Be Getting ‘Silly’ as Bitcoin Passes $39K, $40K, $41K

Bitcoin’s momentum showed few signs of slowing on Friday, as prices pushed to a new all-time high after blowing through $40,000 for the first time.  In traditional markets, Asian and European shares rose and U.S. stock futures pointed to a higher open, as investors bet that a dismal jobs report expected early Friday from the Labor Department on […]

Xem chi tiết: First Mover: It Might Be Getting ‘Silly’ as Bitcoin Passes $39K, $40K, $41K

First Mover: $1 Trillion of Cryptocurrencies Shows Booming ‘Asset Class’

Bitcoin rose for a third straight day, pushing early Thursday to a new all-time high price above $38,000 and setting bullish traders’ sights on $40,000. “Momentum has been building over time, and it’s anyone’s guess where or when we might eventually top out,†Mati Greenspan, founder of the foreign-exchange and cryptocurrency analysis firm Quantum Economics, […]

Xem chi tiết: First Mover: $1 Trillion of Cryptocurrencies Shows Booming ‘Asset Class’

First Mover: Bitcoin Hits Record as `Blue Wave’ and `Kimchi Premium’ Look Bullish

Bitcoin (BTC) rose for a second day, surging to a new all-time high price of $35,751, based on CoinDesk’s Bitcoin Price Index. The jump came as votes were tallied from Tuesday’s special U.S. Senate runoff elections in the state of Georgia, where Democrats appeared on the cusp of gaining two seats that would deliver President-elect […]

Xem chi tiết: First Mover: Bitcoin Hits Record as `Blue Wave’ and `Kimchi Premium’ Look Bullish

Valid Points: New Year, New Price Gains For ETH

Bullish price activity has tipped the total value of ETH locked into Ethereum 2.0 past $2.4 billion. Find out what other network metrics have been impacted by ether’s latest price gains. It’s safe to say that 2021 is off to a great start for Ethereum. Since ringing in the new year on January 1, the […]

Xem chi tiết: Valid Points: New Year, New Price Gains For ETH

First Mover: As Bitcoin Rally Pauses, DeFi Keeps Astounding

Bitcoin (BTC) was lower, after the quick reversal of a brief rally late Monday reportedly spurred by the U.S. Office of the Comptroller of the Currency’s decision to let banks participate in blockchain networks and use stablecoins as payments.  “Bitcoin has started 2021 with a stark reminder that volatility is the norm,†Matt Blom, head of sales and trading […]

Xem chi tiết: First Mover: As Bitcoin Rally Pauses, DeFi Keeps Astounding

First Mover: Bitcoin’s Plunge to $31K Shows How Bullish Market Had Become

Bitcoin (BTC) suffered its biggest pullback in four months, tumbling 9% after a seven-day winning streak that took prices to a new all-time high of $34,347 on Sunday. “Bitcoin is having a much-needed reset,†Matthew Dibb, co-founder, and COO of Stack Funds, told CoinDesk. Some analysts saw signs that cryptocurrency traders might be rotating out […]

Xem chi tiết: First Mover: Bitcoin’s Plunge to $31K Shows How Bullish Market Had Become

Crypto Long & Short: Looking Back on a Monumental Year

The first Crypto Long & Short of 2021 has a different format: Instead of the usual article, I’ve asked some leading industry analysts – from Kaiko, IntoTheBlock, and Arcane Crypto – to share their favorite charts with you. The depth and quality of metrics available to market observers has grown by leaps and bounds […]

Xem chi tiết: Crypto Long & Short: Looking Back on a Monumental Year

Valid Points: Forget Staking, There Are Still Coins to Be Mined on PoW Ethereum

First Mover: XRP Plunges 20% as Traders Assess SEC’s Ripple Suit

First Cryptocurrency Used by Pornhub Eyes New Use Case in Mobile Charging

First Mover: What People Said About Bitcoin In 2020 (Both Good and Bad)

First Mover: As Markets Turn Ugly, Bitcoiners Thank Secular Trend

Crypto Long & Short: Bitcoin Is More Than a Hedge Against Inflation – It’s a Hedge Against ‘Crazy’

Blockchain Bites: Bitcoin Moons, Crypto Orbits, Celebrities Struck by NFTs

First Mover: Bitcoin Rally Stalls as ‘DeFi Summer’ Proves Endless

Other Articles