LUST: A new, dubious "smart" cryptocurrency for prostitution

"Lust" is an initial coin offering based on the Ethereum blockchain platform, designed for prostitutes and their customers to exchange money for sexual services. It uses smart contracts and anonymity features to escrow funding of the parties and keep their identities private, in order to avoid law-enforcement scrutiny and public shaming.

Leaving aside the thorny moral and social questions raised by the currency's intended use, there's the technical matter of how well this would work (and this technical matter wraps around to those moral and social questions).

The wireframe drawings of user interface features pictures of sex workers, selected by "elaborate filters based on skill ratings, age, eyes, hair color and other body parameters." The anonymity dimension of this platform is limited to the (presumably male) customers, not the (all-female) workers.

Likewise, the "smart contracts" favor one side of the bargain: the "key has to be scanned later if they make an agreement and meet otherwise the contract gets automatically closed in 48 hours, and the client gets his Ethereum tokens back in the wallet" (note that "his" pronoun for the "client"). The game-theoretical aspects of this aren't hard to unpick: if the "client" has sex with the worker, and then does not scan her (sic) token, the client gets to have sex, and the worker gets nothing. Despite high-minded talk about preventing violence against sex-workers, the major threat-model addressed by these smart-contracts is men who don't feel like they got value for money when having sex, not women who perform sex-for-money and don't get paid for it.

Finally, there's the legal question: the people behind this cryptocurrency claim that "our system is not illegal anywhere in the world." That's just not true. There are plenty of territories in which simply using strong crypto is illegal, and others where having a nexus with the procurement of sex for money is itself illegal, no matter how attenuated the connection.

So, in a nutshell: this is a legally dubious platform designed to help men solve the problem of not being embarrassed when they procure the services of a female sex worker, and to protect them in the event that they choose not to pay for her services, but without any real protection for the sex workers' anonymity or ability to get paid.

This is their business plan:

These are the keypoints of the ICO:

You can check out the ICO here:
https://bitcointalk.org/index.php?topic=2068206.0

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