Decentralize Banking the Unbanked: Crypto, Porn, and Ben Munster on Spankchain

TL;DR: The Inside Story of Spankchain is hands down one of the best pieces of crypto journalism ever published. With a zillion Ethereum-based ERC-20 token projects promising the world and delivering exactly nothing, BOOTY token, and the business surrounding it, is something of a success. At least they have a product. Ben Munster actually went to Spankchain and met people running things. The result is nothing short of both hilarious and profound. He’s also guest on the CoinSpice Podcast. This episode is available embedded in the article below, and on YouTubeiTunesSpotifyGoogle PodcastsStitcherRadio PublicBreakerPocketCastsPodBean, and Overcast.

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Ben Munster on Spankchain

I called it. This kid has been reading Hunter S. Thompson. Gonzo journalism is back, and it’s slowly making a home in crypto. I couldn’t be more excited. I hope it catches on. If you’re unfamiliar, the style is narrative, fact-based, but intensely observational, and places the writer in the story. Literally.

Ben Munster channels Thompson is his terribly funny and insightful long read about Spankchain. I know, I know. You’re over the whole porn connection to crypto. So am I. But Munster does something different with the subject, and manages to show two aspects at once: the space’s failure, in a way, to get real projects off the ground, and its fledgling capture of a good idea, banking the unbanked.

Decentralize Banking the Unbanked: Crypto, Porn, and Ben Munster on Spankchain

The problem, of course, is no one wants the unbanked to get banked in the traditional sense. In fact, not at all. Instead, tokenizing such things as pornography obviously help with relative anonymity in terms of the user base, and it’s safer for the cam girls in this case, but there’s a Trojan horse aspect to the concept. Pretty soon sex workers and their financial backers, along horny customers, are using cryptocurrency, seeing and feeling its power.

Whether that was Munster’s point ultimately is not really relevant. It’s what comes across. This episode, he reveals background on writing the piece and gives us takeaways and impressions of what it all might mean.

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