LECHAT - New Counterparty Asset - Invest in Sex Work

Hey folks,

My name is Cassandra. I’m a sex worker and crypto enthusiast from Canada.

I’ve been working on a new sex work agency in Canada. I was the Global Network of Sex Work Projects (NSWP) regional consultant for Canada, the USA, and the Caribbean for their Community Resource on Stigma and Discrimination faced by Sex Workers living with HIV (http://www.nswp.org/resource/community-guide-stigma-and-discrimination-experienced-sex-workers-living-hiv)

The project really brought me to my knees. I’ve been a fairly privileged sex worker for about 6 years, interested in it for 10. This piece really showed me how lack of basic human rights, including minimum wages, employee benefits, and other employment standards contributes to sex workers being treated poorly and experience mind-blowingly awful harassment and violence from society and police.

So my project is Maison LeChat (http://www.maisonlechat.com) and myself along with 4 other friends who are long term sex workers are the founding members of the Cottontail Group (http://www.cottontailgroup.com). We’re running MLC with unheard of supports like education and training, minimum wages, benefits, decent work hours (8 hours or under), and bodily autonomy on their presentation.

Employee wages are hella expensive so I’ve fallen back into Cryptocurrency as a way to push the boundaries of an often legally tricky business (Sex work) and share the really good money to be made by doing ethical sex work.

LECHAT token

We’ve created the LECHAT token asset on Counterparty. It is purchasable with BTC, ETH, or DOGE currently. There are 1000 tokens in all. 500 were set aside for us (the founding and contributing members) as well as for employee hires (as part of profit sharing which will help other sex workers get a decent source of passive income in lieu of being abe to get employment insurance). 500 are being made available for purchase. We started off by just manually doing the work (we’re ethereum enthusiasts and wanted to see how that developed) but after only a couple of days of hanging out by Let’s Talk Bitcoin, we’re so down with Counterparty

Currently there are 469 tokens left available for purchase through http://www.cottontailgroup.com or Myself, Cassandra LeChat. Each token is $100 USD each at this moment. That might increase as the business develops and the value goes up. Once we’ve received your payment, I’ll send your token(s) to your counterparty wallet.

Maison LeChat opens on February 1st, 2016. We’ve got a location secured. Starting March 1st and for every month after, the profits from house fees (fees - expenses) will be split between the holders of LECHAT tokens. Any unsold tokens will remain in the house kitty and be used towards employee benefits and the like.

There’s a thread here on BitcoinTalk: https://bitcointalk.org/index.php?topic=1303205.0

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I am glad to see a positive enterprise in one of the three traditional growth areas for new currency centric endeavors. Sex, gambling and alcohol/drugs are the three “vices” that will never go away, because they are a natural want for human beings. Although, sex is really a need if we are being perfectly honest.

I’m happy to see your business plan and the positive aspects of tokenization in this specific case. I wish the BTC conversion step was a natural part of Counterparty, and not a third party hurdle, but the regulatory environment has not caught up to the technology. My only question’s are:

Why a CP token and not a traditional investment scheme?
Assuming the business is cash based, how do investors know they are getting a fair share?

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I like the CP token because I love bitcoin and cryptocurrency and I think CP can help automate the payout system, while allowing folks to trade tokens between each other fairly anonymously.

This is where trust will have to come in. There is a website where stats for the house will be posted and folks will be able to see the payouts through the Counterparty tokens, but ultimately it will come down to the reputation of the house administrator and myself.

A bit of an update: to preserve greater anonymity, I’ve opened up some orders accepting 175 XCP (roughly $100) for 1 LECHAT via Counterparty’s DEX rather than through the cottontail group website. You can buy them by going to your Counterparty wallet exchange (https://wallet.counterwallet.io/#pages/exchange.html) and looking up the pair LECHAT/XCP. If you use this method, PLEASE send an email to info@cottontailgroup.com so that we can add you to the business mailing list.

If you don’t have XCP, you can trade for it on the Poloniex exchange: https://www.poloniex.com/

If you want to buy your tokens for BTC, you can still order directly through the website.

I think this is an interesting project and I will be watching it closely :wink:

I am also wondering if you could give a ballpark estimate as to what you think the dividend payment for 1 LECHAT token for 1 month would be. $1-5/per mo?

FYI… You might want to consider setting up an asset vending machine to handle selling your LECHAT tokens to buyers automatically. This would allow you to sell your LECHAT tokens without the need to interact with the buyers via email, and without the buyer having to trust that you will manually send them the asset tokens after they send you a BTC payment.

CoinDaddy.io has an asset vending machine service at : https://coindaddy.io/services/asset-vending-machine-service

The service costs $5/mo, allows you to sell your LECHAT tokens for Bitcoin, Litecoin, or Dogecoin and also allows you to configure a bunch of different payment options, including pegging your token to a specific USD amount like $100.

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Yeah, roughly about $1-4, but that may change. I’m in the middle of working on a membership site addition to the main http://www.maisonlechat.com website that will also bring in revenue.

Thanks for that awesome suggestion. We now have a vending machine! https://coinvend.io/lechat

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Thanks to another great suggestion we now have a tokenly swap bot! It accepts BTC, XCP, and LTBCoin!