Crypto money in the sex and gambling industry

Crypto money in the sex and gambling industry

Crypto money would be the ideal means of payment in the erotic and gambling industry (=> no traces on the account statement, no high settlement fees. But the matter is more difficult than expected.

At first glance, crypto currencies seem made for the porn market: adult btc customers could use them to purchase videos or access without revealing their real identity or credit card details. There are also no traces on the bank statement that might raise questions with the spouse.

Digital currencies could also be an alternative to established payment service providers for providers. Because many – like Paypal – do not charge porn at all, others – like credit card companies – charge high fees. In addition, customers cannot cancel crypto currencies and coin transactions cannot usually be reversed.

The advantages of such systems are so obvious that various entrepreneurs and companies have been trying to make a profit out of them for quite some time. An example of an initiative that also attempted some media whirls in the spring of 2018 was the digital currency Eroiy.

Much promised, little implemented

In press releases the project, which is based on the blockchain crypto currency NEM, has been inflated into a potential “gamechanger for the erotic entertainment market” – with its own app and debit card, both planned for October 2018. The official website is still adorned with the logos of partners such as the Hamburg sex portal Fundorado, who promise to accept erotic payments.

And by the end of last year at least ten relevant crypto exchanges should be trading Eroiy, the creators planned at that time: Under the heading “exchanges that we contact”, the logos of market-leading trading centres such as Binance could once be seen on the website.

In the meantime, however, the logos have disappeared. As of May 2019, the digital currency is not available on any relevant stock exchange, and there is nowhere to pay with it – neither for porn nor for anything else. Even that with the app and the debit card has turned out to be nothing. Even Eroiy’s social media appearances seem orphaned. The alleged “Gamechanger” seems to be one of numerous crypto projects that ran out of air immediately after the so-called Initial Coin Offering (ICO) – often to the annoyance of investors who were able to buy digital coins from the ICO for real money.

Porn producers meet debt collection companies

  1. But there is someone else who believes in the Eroiy: in Mallorca, in a hotel in Palma, where two conferences called Eurowebtainment and The Crypto Summit end on Wednesday. The conferences have different names for marketing reasons, practically the same event.
  2. The events bring porn producers into contact with representatives of collection companies or marketing people with erotic models such as Micaela Schäfer, who is the “Special VIP Guest” here. The program of the conferences includes lectures like “Crypto & Blockchain: Grow up or fuck up”, but also parties and a boat tour with “cool drinks and hot girls”.
  3. On the hotel terrace with a view of the harbour, you can meet Walter Hasenclever, speaker of the Berlin erotic fair Venus, but also the PR manager for Eroiy. He says that “certainly everything didn’t go well” and that the original team couldn’t “realise what we wanted to realise”. But Hasenclever also says that there is a new team and that market demand is still there: “There is a plan.

Experimenting from Sex Coin to SpankChain

Part of this plan is Gunnar Steger, who uses the image of the “Phoenix from the Ashes” when talking about Eroiy. He is the organizer of the double conference and managing director of the company C-Pay from Vaduz in Liechtenstein, which now manages the project for Eroiy.

Gunnar Steger is a networker, much longer and better than the crypto industry he knows the business with adult entertainment and all that goes around it. He saw trends and business models emerging and disappearing. About his entrepreneurial life he says things like: “I didn’t even use the dialer and probably lost millions because of it”. This alludes to controversial dial-in programs that, around the turn of the millennium, also brought high telephone bills to many porn enthusiasts. Many who were involved in the market at the time made them rich.

At Steger’s events, as some people who had been there often tell us, the question has always been how to earn money with digital media – ideally morally justifiable. For some years now, crypto currencies have been the tech sector in which many dream of “opening the next Paypal”.