PornHub's Privacy Predicament
 December 15, 2020  The top stories in bitcoin, crypto and more – all in one place, delivered daily. By Daniel Kuhn and Marc Hochstein If you were forwarded this newsletter and would like to receive it, sign up here.
Top shelf Hi all, today we look at the global perspective: Latin America's booming crypto sector, Israeli's DeFi scene and how whales from around the world drive market changes.
Capear el temporal
 Mastering Blockchain "Mastering Blockchain: Unlocking the Power of Cryptocurrencies, Smart Contracts, and Decentralized Applications" by Daniel Cawrey and Lorne Lantz from O'Reilly Media is a masterful guide on the essentials of blockchain technology, presenting history, breaking down fundamentals and providing real-life implementations covering the space with clarity and precision based on years of research and conversations with the space's leading minds.
In partnership with the Silicon Valley Bitcoin and Silicon Valley Ethereum meetup groups, CoinDesk celebrates Cawrey and Lantz's book launch with a fireside chat with the authors and CoinDesk's first-ever VR event on Dec. 15, 2020, at 7 p.m. ET.
Join us for the CoinDesk Live event streaming on CoinDesk.com, YouTube and Twitter as we chat about the book, socialize in VR and discuss the future of IRL and virtual events. Learn more.
Quick bites
 Most influential Looking to make someone (or just yourself) happy this yuletide holiday? Give the gift of crypto art.
As part of the launch of Most Influential 2020 list, CoinDesk is auctioning off 12 original artworks that accompany this year's list of honorees.
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Learn more about the Most Influential 2020 NFT art auction, running to Dec. 31.   The list Who moved the needle on crypto this year? What were the projects that mattered? Who shattered the glass ceiling and broke the mold?
From DeFi to bitcoin's late year surge, 2020 was full of big stories, trends and personalities. We've unveiled CoinDesk's 2020 Most Influential list, a selection of 12 people who helped push the industry forward this year. See who made the list.
Market intel Sell pressure Bitcoin's rally above $19,500 was clipped early on Tuesday, with significant sell pressure at $20,000 ahead, according to CoinDesk markets reporter Omkar Godbole. These sell walls are no joke. In fact, one analyst told Godbole this morning's market dip could likely be attributed to profit taking by large Asia-based investors. CryptoQuant data shows whales taking a dip around $19,500, bringing the market with them. Big picture: Pondering Durian provides four reasons a modest bitcoin allocation might make sense.  Monthly review The latest CoinDesk Monthly Review compares bitcoin's November 2020 rally with the asset's market and network performance three years ago and looks at some metrics on the progress toward the launch of Ethereum 2.0. Download the free CoinDesk Research November 2020 Review.
At stake There has been a lot of hyperventilating in the press and on Twitter this week over the fact that cryptocurrency is now, by default, the only form of payment PornHub accepts.
Far less attention has been paid to the related news that the adult entertainment site is about to adopt its own version of know-your-customer rules, or KYC. Call it "Know Your Coomer" after the internet meme of a disheveled porn addict with poor impulse control and a hypertrophied right arm. (For those unfamiliar with online argot, it's one of many derivatives of the epithet "boomer," like "consoomer" for spendthrifts, "floomer" for those who insist COVID-19 is just the flu, or "coofer" for people exhibiting symptoms of the virus.)
And, much like the know-your-customer policies of financial institutions including regulated crypto exchanges, Know Your Coomer raises difficult questions about privacy and data protection.
Rewinding the tape: In response to a harrowing New York Times article about the posting of child exploitation imagery on PornHub, Visa and Mastercard booted the site from their card networks. This left crypto, which PornHub has accepted for several years, as the sole remaining payment option for the site's premium users.
Yes, I checked.  No, I did not investigate further through this channel.
From the perspective of highlighting crypto's value as a censorship-resistant form of money, this is all well and good. As disturbing as the revelations in the Times piece were, the use of financial infrastructure as an extrajudicial enforcement mechanism is creepy in its own way, just as it was in the Wikileaks banking blockade and Operation Choke Point.
The Open Source Defense newsletter said it well:
"The second-order danger ... is that you're nearly certain to be able to find illegal content on any large platform for user-generated content. And no company at any level of technical expertise, from Google and Facebook on down, can fully prevent that. So when everybody's guilty, getting shut down is only a matter of whether someone decides that it's time to take a look at you. That's not a world that'll make anybody happy in the long run."
An under-reported aspect of the story is the steps PornHub is taking to prevent illegal content from being posted on this site.
Last week, the site, owned by Canada-based MindGeek, disabled uploads by any users who were not verified through its revenue-generating programs. "In the new year, we will implement a verification process so that any user can upload content upon successful completion of identification protocol," PornHub said. (Content previously uploaded by unverified users was subsequently nuked.)
If this prevents monsters from using the site in abusive ways, all the better. But it will create risks for those who only post lawful content. The following remains to be seen:
I emailed these questions to MindGeek and its law firm last week but have not heard back (not surprising, given the company is managing a crisis situation).
Five years ago, the Ashley Madison breach showed how a poorly guarded trove of data on people who do legal but embarrassing things online can easily become a blackmailer's goldmine. PornHub would do well to heed this lesson. Even coomers deserve privacy. – Marc Hochstein
Who won #CryptoTwitter? 
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