Titcoin
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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]
On 28 May, 2017 the pornographic videogames development group Joy-Toilet acquired the Titcoin brand with the intent of developing a cryptocurrency-based exchange for trading adult products and services.[5][6]
On June 3, 2017 Titcoin was adopted as the currency of the pornographic film studio simulation videogame Triple X Tycoon developed by Joy-Toylet.[7]
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.[8] 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.[9]
On June 5, 2017 Nevada banned the imposition of any tax or fee on the use of the Blockchain distributed database including Titcoin.[10]
Media coverage
- Men's fashion magazines
- Spitznagel Eric, Who Actually Pays for Porn Anymore? An Investigation, Men's Health digital edition, Rodale Incorporated, August 14, 2014.
- Sex industry media
- Blue Violet, Why Is Wall Street Taking 'Titcoin' Seriously? Playboy Magazine digital edition, Playboy Enterprises Incorporated, October 24 2014.
- Johnson Bob, Titcoin Aiming to Be Adult's Own Cryptocurrency, XBIZ, Adnet Media Limited, 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.
- Kernel (The), Your complete A-Z guide to cryptocurrencies, The Kernel magazine, The Daily Dot, January 11, 2015.
- Lynch Gerald, Titcoin is the Bitcoin for Porn, Gizmodo UK edition, June 23, 2014.
- Weisman Carrie, Porn Gets Its Own Currency, Design & Trend, June 23, 2014.
- Women's fashion magazines
- Moore lane, Behind Titcoin, the New Anonymous Currency for Buying Porn, Cosmopolitan Magazine digital edition, Hearst Communications Incorporated, October 30, 2014.
References
- ↑ Titcoin (TIT)-Pre-Launch Announcement forum post.
- ↑ AVN editorial staff, Patrick "The Coyote of Wall Street" McDonnell Joins Titcoin, AVN, AVN Media Network Incorporated, 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, Adnet Media Limited, Sep 18, 2015.
- ↑ Christon “Doop” Le'John, "Making Triple X Tycoon Part 22: Titcoin", Joy-Toilet blog, 28 May 2017, joy-toilet.com/blog/making-triple-x-tycoon-part-22-titcoin/.
- ↑ Stephen Yagielowicz, "Joy-Toilet Acquires Titcoin", XBIZ, Adnet Media, May 30 2017, www.xbiz.com/news/220403.
- ↑ OfficialTitcoin, Tweet Number 871067021064249345, Twitter, Twitter Inc., June 3 2017, twitter.com/OfficialTitcoin/status/871067021064249345.
- ↑ 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.
- ↑ An act relating to electronic transactions; recognizing and authorizing the use of blockchain technology; prohibiting a local government from taxing or imposing restrictions upon the use of a blockchain; and providing other matters properly relating thereto., Nevada Senate, Senate Bill No. 398 (2017), Chapters 244-268-719 (Nevada Revised Statutes 2017).
External links
- Titcoin official webpage
- Titcoin wallet at GitHub
- Titcoin market capitalization at Coinmarketdotcom
- Titcoin market capitalization at WorldCoinIndex
- Titcoin mining profitability at CoinWarz