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In one sudden and swift move payments giant PayPal has cut off the thousands of performers on adult behemoth Pornhub that depended on the payment service to receive their payments. The pornographic platform indicated this in a blog post in the help section on the website. They wrote:

“We are all devastated by PayPal’s decision to stop payouts to over a hundred thousand performers who rely on them for their livelihoods.”

This, of course, has fundamentally changed the way and manner in which the performers will be able to receive their funds. Before now, Verge was added to the list of payments (in April last year). Although it was hinted that Tron and Zcash would also be accepted, it seems that those options haven’t been accepted by Pornhub as of yet.

The only limitation to this development is the knowledge of the use of cryptocurrencies that the models will have to adapt to and learn.

Of course, the cryptocurrency community has also made calls for Pornhub to expand the payment options which should include other cryptocurrencies such as Bitcoin, Litecoin, Ethereum and others as well.

The Financial System Fights Porn

In what is seen as a widespread war on the pornographic industry many financial institutions now block funds and accounts that related to pornographic or sexual activity. While the reasons for this widespread blockade is unclear, the banks and other financial institutions have cast a long shadow on the various activities that occur within the adult industry.

With the appropriate backing from political and religious leaders, the financial system has ended up crippling the adult industry and many people who are dependent on the incomes from the activities within the industry are left stranded with no place for succor.

Can Cryptocurrencies Bridge the Gap?

In what may be a panacea to the various problems that the adult industry is facing, cryptocurrencies may be the last solution that may be able to solve this impasse which has slowed the activities of many people. This, of course, will now come with the price tag of learning how cryptocurrencies work in the first place as the “geek-speak” of the cryptocurrency community has already put many off due to the lack of understanding the fundamentals that guide the cryptocurrency community.

This, of course, can also be mitigated through the implementation of projects specially for the adult industry. Spankchain which is one of such projects (there are very few of those) offers one way out for the adult industry. While the cryptocurrency community is still new in itself, it is problems like these that spur innovation to change the way the financial system works. Decentralized finance (defi) may just be what could rescue the adult industry from the doldrums.


Christopher Hamman , 2019-11-14 16:11:18 ,

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While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock

Nick Chong , 2019-11-10 12:00:38

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