Marc Hochstein, writing somewhat abstractly for American Banker about Bitcoin and other decentralized cryptocurrencies, turns some nice phrases that go a long way toward explaining why the adult industry struggles to do safe transactions in a world where #pornocalypse-squeamish banks control all our payment systems:

As the world goes digital and physical cash transactions continue to decline — egged on by payments companies aiming to expand market share and by governments seeking to maximize tax revenues — there will likely be a lot more attempts to turn trusted third parties into choke points. The writer Brett Scott warned about this last year:

“Cashless society” is a euphemism for the “ask-your-banks-for-permission-to-pay society.”

[I]n a world where all payments are subject to veto by virtue-signaling middlemen, today’s politically correct social norms could become tomorrow’s dangerous control state.

“All payments are subject to veto by virtue-signalling middlemen.” That’s our situation all right!

Thanks to Maggie McNeill for the link.

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