It seems like you can’t go anywhere these days without someone banging on about Bitcoin.
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A worldwide payment system and cryptocurrency that allows people to make online transactions anonymously – often for things like drugs and stuff related to drugs – it’s a decentralised digital currency that operates without the use of a single central bank or administrator and has divided opinion.
Some would have you believe it’s the next big thing. They bang on about it at parties and social gatherings, usually because they ended up sinking a whole load of their savings into the thing and are now reaping the benefits. Or at least telling everyone about it.
Then there are the naysayers. They tend to be the ones who warn against Bitcoin and the danger theft and potential hacks, despite not knowing how exactly all that stuff works. They read it on Business Insider though, so it must be true. 9/10 these guys passed on the opportunity to invest in Bitcoin and are pissed.
Then there are the rest of us, confused and confounded by Bitcoin and the fact that the value attached this new-found currency seems to fluctuate more than Matthew Perry’s weight on Friends.
But if you are looking for a warning from history as to the dangers attached to this brave new world of cryptocurrency, the story of Clitcoin might just be it.
Clitcoin was a peer-2-peer adult network that allowed users to host or watch live sex shows, access on-demand pornographic content and purchase adult products using a totally anonymous online currency.
Finally, online sex fiends could go wild, safe in the knowledge that the anonymous blockchain platform would ensure they kept anonymous.
No more browsing in Incognito mode, while signed out of all your email and social media profiles. And no more scrabbling around your computer ensuring any and all traces of those goddamn “Cookies” were gone.
You could access it on mobile, it was pay-as-you-go and, as we’ve already mentioned, it was 100% anonymous. What could possibly go wrong? Well, a lot as it turns out.
According to a message posted on the Clitcoin website some was able to “exploit a vulnerability” in the Clitcoin website and “the entire remaining balance” of the site has since been stolen. Here’s what they had to say:
We are in process of contacting the FBI to report the crime, a felony, and will be offering up people we believe may be the culprit.
We did all that we could to hide this vulnerability in an effort to keep everyone’s funds safe, which included going dark until it’s conclusion. If any funds are recovered, we will do our best to ensure all those who have not already processed their refunds will get their money back. This was always our intention but someone beat us there.
We still believe in the project and are working as hard as we can to push forward. With no funds, however, this process will be extremely difficult.
If you were one of the ones to invest in Clitcoin then, from the sounds of it, you won’t be getting your money back anytime soon. You probably won’t be getting that special film or toy you purchased in the first place either. Sorry.
So what can we learn from all this? Should people still be worried about Bitcoin and the potential risks? Possibly. Would it be wise to steer clear of any porn-led crypto-currencies for the time being? Erm, do you really need an answer to that?
Bitcoin might be the future – although Jordan Belfort doesn’t think so – but Clitcoin definitely isn’t.