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micropayments can definitely work. ran a micropayment site for a while, based on "points" so it wasn't a $1 charge every time. wasn't wildly successful but it was profitable and would probably work great today (been debating on doing it again)
run of the mill porn doesn't really have a shot with micropayments today. as DWB said, this would have been a pre-tube implementation. the porn has to be unique - C4S is mostly popular due to it's high volume of fetish stuff.
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