But the issue is with traditional payment providers: how do you transfer from crypto to your employees bank account, how do you tranfer to the IRS for tax purpose, etc. Now you have two problems: you look shady as fuck transfer large crypto amounts and you're already flagged for profiteering off underage porn...
As usual crypto is a solution that didnt solve the problem: how do you detect underage porn so that you can mark your profits in general.
But that’s not the problem. The problem is payments for services that aren’t illegal (legal age adult content), merely taboo and unwanted by a payments oligopoly (Visa and MasterCard).
Yes, crypto incurs drag from fees and inconvenience for a platform to transact in it, but it can’t turn your payments off overnight.
Such a product could not be a credit card, as it would run on rails of your traditional providers (Visa, MasterCard, etc). If you want to avoid traditional payment rails who can financially deplatform you, it has to be crypto (much to my dismay). Could you use ACH or Instant Payments from the Fed? For as long as the banks that support those payment rails don’t give you the boot.
Think Privacy.com/Lithic.com but using crypto and instant fiat->crypto conversions when the payments are made. No chargebacks, no refunds. The crypto or stablecoin are decentralized rails.
> Such a product could not be a credit card, as it would run on rails of your traditional providers (Visa, MasterCard, etc).
You'd have to build your own infrastructure, but you could make an actual credit card. It would have to be super jank at first (you might even have to cut actual physical checks at first). Fundamentally, a credit card is just you paying for somebody's transactions, and billing them at the end of the month (and suing them if they don't pay up).
It would be slow, and the service would be horrible, but the people accepting your money don't have a ton of other options.
I think the market for that is growing, but they'd have to thread a very tight needle reputation wise. The credit card business relies heavily on trust, and the major networks like Visa have literally decades of reputation behind them.
And fundamentally the reason that credit cards have that customer trust is that they make it easy for customers to get refunds when the product isn't delivered, which is very hard to do for an Onlyfans-like business where there's no way to "return faulty goods" - standing in the middle between clients who think they didn't get what they paid for and sellers who think someone just wants to copy their pics without paying is not going to be a fun place to be.
As usual crypto is a solution that didnt solve the problem: how do you detect underage porn so that you can mark your profits in general.