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June 23, 2014

Finance Wizards Seek to Put the Tit Into Coin

CYBERSPACE—Vice has taken a look at a new digital currency called Titcoin, posting an interview with one of its founders, Edward Mansfield, whose partners include a fellow "startup and finance wizard" named Richard Allen as well as "a third gentleman who prefers to remain anonymous," according to the site. Titcoin is relatively new, having made a pre-launch announcement in January on CryptoCoinTalk.com and also somewhat obliquely via a tongue-in-cheek video produced in May by Pornhub. The Titcoin founders appear ready to embrace the media, though oddly, and despite the fact that Titcoin is marketed by the team as "The world's first SHA-256 cryptocoin exclusively designed for the adult entertainment industry," Mansfield in the interview immediately walks back any interest in promoting the industry's main product. In response to a jokey question about the Pornhub video, Mansfield seriously describes the genesis of the ides for Titcoin, explaining, "Titcoin is mainly an idea that we came up with because we wanted to be very business minded. Sometimes we feel a bit uncomfortable talking about this matter because we’re not trying to promote pornography per se. We’re trying to promote a currency that is a conduit for that. We are walking that thin line. We are not really pornographers—we are basically business guys who are bringing in a currency which caters to a specific audience." The name itself was the product of bar-talk. "We’re at a bar, and somehow we start thinking about what if there was an industry-targeted currency, not one that was generic and covers a wide spectrum but something that was very specific," he said. "The adult entertainment industry quickly came to mind. I think within seconds we thought of Titcoin as sort of the perfect name. Everyone knows what Bitcoin is, and Titcoin has a very similar spelling. It’s really to capitalize on the branding." When asked what people will be able to purchase with Titcoins, Mansfield replies, "The partners that we are targeting are primarily online websites that have subscription-based services where you pay monthly fees for content. But there are other e-commerce sites that may benefit as well, mostly those that sell toys or adult packaged products. But we also have a lot of entertainers who have contacted us. One in particular, he’s a friend of a friend. I don’t want to give you his name because he’s actually one of the famous porn stars out there. He’s very interested in being a partner as well." The mysterious porn star would help Titcoin, he added, by bringing "things into the mainstream and [helping] legitimize the currency. This person that we are talking to, his name is big enough that the average person will know who he is without being someone who buys porn all the time." Regarding what sites will accept Titcoin, Mansfield said that it would be "largely" big sites like Pornhub and Brazzers, but added. "Some of the other ones we are talking to are very suspicious of digital currency as a whole. It’s not surprising. These types of industries are very technologically advanced when it comes to media content and video streaming. But I feel that when it comes to the financial aspect of subscription-based services, they tend to be a little bit gun-shy." Regarding what makes Titcoin different, he said that Titcoin is not so much a competitor to other digital currencies like Bitcoin as it is another option for consumers. "In the future, if we can imagine a world where digital currency is more mainstream, you might have a Bitcoin account with your spouse. You may not want them to see you purchasing products or subscriptions on adult sites, because perhaps this is something you’d rather keep to yourself, so having an industry-specific coin has certain advantages for consumers when they want to keep things a bit more private than they would with a Bitcoin account. Fundamentally there is no significant difference. It’s all in the branding." Image: Titcoin founders Edward Mansfield, left, anonymous partner, middle, and Richard Allen.

 
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