Titcoin: Difference between revisions
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Titcoin was created in November 2013 by cryptocurrency advocates Edward Mansfield, Richard Allen and a third anonymous individual. They designed an anonymous and decentralised electronic payment system based on the Blockchain distributed database. The anonimity would allow customers to pay without diclosing personally identifiable informations and the would allow firms to receive payments without the intermediation of [[Discrimination|financial institutions]]. | Titcoin was created in November 2013 by cryptocurrency advocates Edward Mansfield, Richard Allen and a third anonymous individual. They designed an anonymous and decentralised electronic payment system based on the Blockchain distributed database. The anonimity would allow customers to pay without diclosing personally identifiable informations and the would allow firms to receive payments without the intermediation of [[Discrimination|financial institutions]]. | ||
On January 17, 2014 the founders announced Titcoin and its specifications to the crytocurrecy community with a post on the CryptocoinTalk Internet forum. On June 21, 2014 Titcoin was released to the public and in September 2014 the former Wall Street stockbroker Patrick McDonnell joined the Titcoin development team as Director of business development. | On January 17, 2014 the founders announced Titcoin and its specifications to the crytocurrecy community with a post on the CryptocoinTalk Internet forum.<ref>[https://cryptocointalk.com/topic/3337-no-date-ann-titcoin-tit-pre-launch-announcement/ ''Titcoin (TIT)-Pre-Launch Announcement''] forum post.</ref> On June 21, 2014 Titcoin was released to the public and in September 2014 the former Wall Street stockbroker Patrick McDonnell joined the Titcoin development team as Director of business development.<ref>AVN editorial staff, [https://avn.com/business/press-release/technology/patrick-the-coyote-of-wall-street-mcdonnell-joins-titcoin-575066.html ''Patrick "The Coyote of Wall Street" McDonnell Joins Titcoin''] AVN, September 29, 2014.</ref> | ||
In 2015 Titcoin was nominated for the [[XBIZ Award|XBIZ Award]] for Innovative Web Product of the Year and for the [[XBIZ Award|XBIZ Award]] for Alternative Payment Services Company of the Year. In 2016 Titcoin was nominated for the [[XBIZ Award|XBIZ Award]] for Alternative Payment Services Company of the Year. | In 2015 Titcoin was nominated for the [[XBIZ Award|XBIZ Award]] for Innovative Web Product of the Year and for the [[XBIZ Award|XBIZ Award]] for Alternative Payment Services Company of the Year. In 2016 Titcoin was nominated for the [[XBIZ Award|XBIZ Award]] for Alternative Payment Services Company of the Year. | ||
On April 15, 2014 [[Pornhub]] announced a sponsorship deal with Titcoin and the platform's charity initiative for the breast cancer research. According to the advertisement the business who accepted Titcoins and a photo of the customer's breasts as means of payment and uploaded the photo on the platform, would receive one day of free access to the Pornhub's sybscription contents for each upload. Pornhub would collect the uploaded photos into a specific gallery | |||
and it would donate part of the revenues from it to the research on breast cancer.<ref>Officer & Gentleman, [https://vimeo.com/92087150 ''Titcoins by Pornhub''] Video, Officer & Gentleman advertising agency, 2015. Vimeo.</ref> | |||
In September 2015 the Café Ruig pub in Amsterdam, EU, was the first firm to adopt the Titcoin payment system.<ref> XBIZ editorial staff [http://www.xbiz.com/news/news_piece.phpid=199182 ''Amsterdam Bar to Sell Beer for Tits (and Titcoins)''] XBIZ, Sep 18, 2015.</ref> | |||
== Regulations == | == Regulations == | ||
=== United States of America === | === United States of America === | ||
On November 19, 2013 the Department of the Treasury released a statement which defines virtual currencies as values that substitutes for currency.<ref>United States of America. United States Department of the Treasury - Financial Crimes Enforcement Network. [https://www.fincen.gov/news/testimony/statement-jennifer-shasky-calvery-director-financial-crimes-enforcement-network | On November 19, 2013 the Department of the Treasury released a statement which defines virtual currencies as values that substitutes for currency.<ref>United States of America. United States Department of the Treasury - Financial Crimes Enforcement Network. [https://www.fincen.gov/news/testimony/statement-jennifer-shasky-calvery-director-financial-crimes-enforcement-network ''Statement of Jennifer Shasky Calvery, Director, Financial Crimes Enforcement Network, United States Department of the Treasury''], November 19, 2013.</ref> On April 14, 2014 the Internal Revenue Service released the "IRS Virtual Currency Guidance" which defines virtual currencies received for performing services as self-employment income for federal tax purposes.<ref> United States of America. Internal Revenue Service. [https://www.irs.gov/irb/2014-16_IRB/ar12.html ''IRS Virtual Currency Guidance'' (IRS Notice 2014–21)], April 14, 2014.</ref> | ||
On April 25 2017 the [[Nevada]] State Senate unanimously approved a bill which recognizes the Blockchain database as an electronic transactions record and prevents local governments from charging taxes and imposing licenses on its use.<ref>[https://www.leg.state.nv.us/App/NELIS/REL/79th2017/Bill/5463/Overview Nevada Electonic Legislative Information System | On April 25 2017 the [[Nevada]] State Senate unanimously approved a bill which recognizes the Blockchain database as an electronic transactions record and prevents local governments from charging taxes and imposing licenses on its use.<ref>[https://www.leg.state.nv.us/App/NELIS/REL/79th2017/Bill/5463/Overview Senate Bill n. 398] on the Nevada Electonic Legislative Information System.</ref> | ||
== | == Media coverage == | ||
#Men's fashion magazines | |||
* Bob | #* Spitznagel Eric, [http://www.menshealth.com/sex-women/pays-for-porn ''Who Actually Pays for Porn Anymore? An Investigation''], Men's Health digital edition, August 14, 2014. | ||
* | # Sex industry media | ||
* | #* Blue Violet, [http://www.playboy.com/articles/titcoin-bitcoin-for-adult-industries ''Why Is Wall Street Taking 'Titcoin' Seriously?''] Playboy digital edition, October 24 2014. | ||
#* Johnson Bob, [http://www.xbiz.com/news/180960 ''Titcoin Aiming to Be Adult's Own Cryptocurrency''], XBIZ, Jun 23, 2014. | |||
# Political media | |||
#* Mr Conservative Editorial staff, [https://www.mrconservative.com/2014/06/44040-titcoin-the-new-cryptocurrency-backed-by-well-take-one-guess/ ''Titcoin: The New Cryptocurrency Backed By, Well, Take One Guess''], Mr Conservative, June 22, 2014. | |||
# Technology media | |||
#* Barnes Laura, [http://www.pcr-online.biz/news/read/titcoin-a-new-digital-currency-for-porn-fans/034239 ''Titcoin: A new digital currency for porn fans''], PCR, June 23, 2014. | |||
#* Lynch Gerald, [http://www.gizmodo.co.uk/2014/06/titcoin-is-the-bitcoin-for-porn/ ''Titcoin is the Bitcoin for Porn''], Gizmodo UK edition, June 23, 2014. | |||
#* Stryker Kitty, [https://www.dailydot.com/via/growing-war-titcoin-adult-industry/ ''The adult industry’s growing war over Titcoin''], The Daily Dot, September 15, 2014. | |||
#* Weisman Carrie, [http://www.designntrend.com/articles/15814/20140623/porn-gets-currency.htm ''Porn Gets Its Own Currency''], Design & Trend, June 23, 2014. | |||
== References== | |||
== References== | == References== | ||
Revision as of 21:21, 4 May 2017
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Titcoin is an electronic payment system and cryptocurrency designed for the sex industry.
History
Titcoin was created in November 2013 by cryptocurrency advocates Edward Mansfield, Richard Allen and a third anonymous individual. They designed an anonymous and decentralised electronic payment system based on the Blockchain distributed database. The anonimity would allow customers to pay without diclosing personally identifiable informations and the would allow firms to receive payments without the intermediation of financial institutions.
On January 17, 2014 the founders announced Titcoin and its specifications to the crytocurrecy community with a post on the CryptocoinTalk Internet forum.[1] On June 21, 2014 Titcoin was released to the public and in September 2014 the former Wall Street stockbroker Patrick McDonnell joined the Titcoin development team as Director of business development.[2]
In 2015 Titcoin was nominated for the XBIZ Award for Innovative Web Product of the Year and for the XBIZ Award for Alternative Payment Services Company of the Year. In 2016 Titcoin was nominated for the XBIZ Award for Alternative Payment Services Company of the Year.
On April 15, 2014 Pornhub announced a sponsorship deal with Titcoin and the platform's charity initiative for the breast cancer research. According to the advertisement the business who accepted Titcoins and a photo of the customer's breasts as means of payment and uploaded the photo on the platform, would receive one day of free access to the Pornhub's sybscription contents for each upload. Pornhub would collect the uploaded photos into a specific gallery and it would donate part of the revenues from it to the research on breast cancer.[3]
In September 2015 the Café Ruig pub in Amsterdam, EU, was the first firm to adopt the Titcoin payment system.[4]
Regulations
United States of America
On November 19, 2013 the Department of the Treasury released a statement which defines virtual currencies as values that substitutes for currency.[5] On April 14, 2014 the Internal Revenue Service released the "IRS Virtual Currency Guidance" which defines virtual currencies received for performing services as self-employment income for federal tax purposes.[6]
On April 25 2017 the Nevada State Senate unanimously approved a bill which recognizes the Blockchain database as an electronic transactions record and prevents local governments from charging taxes and imposing licenses on its use.[7]
Media coverage
- Men's fashion magazines
- Spitznagel Eric, Who Actually Pays for Porn Anymore? An Investigation, Men's Health digital edition, August 14, 2014.
- Sex industry media
- Blue Violet, Why Is Wall Street Taking 'Titcoin' Seriously? Playboy digital edition, October 24 2014.
- Johnson Bob, Titcoin Aiming to Be Adult's Own Cryptocurrency, XBIZ, Jun 23, 2014.
- Political media
- Mr Conservative Editorial staff, Titcoin: The New Cryptocurrency Backed By, Well, Take One Guess, Mr Conservative, June 22, 2014.
- Technology media
- Barnes Laura, Titcoin: A new digital currency for porn fans, PCR, June 23, 2014.
- Lynch Gerald, Titcoin is the Bitcoin for Porn, Gizmodo UK edition, June 23, 2014.
- Stryker Kitty, The adult industry’s growing war over Titcoin, The Daily Dot, September 15, 2014.
- Weisman Carrie, Porn Gets Its Own Currency, Design & Trend, June 23, 2014.
References
References
- ↑ Titcoin (TIT)-Pre-Launch Announcement forum post.
- ↑ AVN editorial staff, Patrick "The Coyote of Wall Street" McDonnell Joins Titcoin AVN, September 29, 2014.
- ↑ Officer & Gentleman, Titcoins by Pornhub Video, Officer & Gentleman advertising agency, 2015. Vimeo.
- ↑ XBIZ editorial staff Amsterdam Bar to Sell Beer for Tits (and Titcoins) XBIZ, Sep 18, 2015.
- ↑ United States of America. United States Department of the Treasury - Financial Crimes Enforcement Network. Statement of Jennifer Shasky Calvery, Director, Financial Crimes Enforcement Network, United States Department of the Treasury, November 19, 2013.
- ↑ United States of America. Internal Revenue Service. IRS Virtual Currency Guidance (IRS Notice 2014–21), April 14, 2014.
- ↑ Senate Bill n. 398 on the Nevada Electonic Legislative Information System.
External links
- Official website
- Market capitalization at Coinmarketdotcom
- Market capitalization at WorldCoinIndex
- Mining profitability at CoinWarz