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Expanding access to the future of work with crypto payouts

stripe.com

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Re: Expanding access to the future of work with crypto payouts

#21

Post by toomuchtodo »

dontknowwhyihn wrote: post #19
colesantiago wrote: post #10

Earlier quoted context omitted.

USDC is a completely centralised 'stablecoin' and has a blacklist function which means they can seize funds of people who they don't like. USDC again is not even regulated as I said with no proof backing this other than 'attestations' which is not a full audit of reserves. How is this decentralised money that was promised by crypto and blockchain? You may very well use Wise, Moneygram and other regulated alternatives…

USDC can be sent peer to peer with low fees. And I would be extremely surprised if Wise or Moneygram are cheaper or faster.

Does it adhere to KYC and AML at exchanges and other fiat ramps? I think it’s a clever backdoor hack to instant cross border value movement without traditional banking (Wise and company), but the reach of government is always there.

Curious what US Treasury, FinCEN, OFAC, etcs take on this is. The plumbing is easy, it’s the laws, regulation, and compliance that are the work.

High level, Stripe is reaching for growth when there isn’t much innovation to be had in financial utilities besides reducing waste and inefficiencies by cannibalizing your business or someone else’s while the industry continues to commodify basic services like payments, cross border transfers, and deposit accounts (lending and data is the last bastion of profits for financial services).

https://www.pymnts.com/news/fintech-investments/2022/stripe-...

Re: Expanding access to the future of work with crypto payouts

#22

Post by missedthecue »

rafaelm wrote: post #20
jfghi wrote: post #18

Earlier quoted context omitted.

Once the remittance is received, how is it then exchanged for the currency the recipient needs?

From my own experience, you can use a very popular exchange that has a huge P2P marketplace, precisely for this.

What is this marketplace named?

Re: Expanding access to the future of work with crypto payouts

#24

Post by gfodor »

colesantiago wrote: post #2

It is a massive mistake that Stripe is offering anything in the crypto space as everyone and Stripe knows it is full of fraud, money laundering, scams and it is completely unregulated. I look forward to the day that Stripe will get investigated for all of the above with this and end up like Paypal, eventually freezing or banning these accounts. Crypto does not offer anything new at all. EDIT: It seems Stripe and Cryp…

these comments get increasingly funny to read as time goes on

Re: Expanding access to the future of work with crypto payouts

#25

Post by pirate787 »

colesantiago wrote: post #10
datadata wrote: post #5

Earlier quoted context omitted.

From the article: > Speed is one advantage of crypto payouts. Reach is another. Millions of talented freelancers live in countries where it’s hard, if not impossible, to open a local bank account. For example, a majority of the people in Djibouti, El Salvador, and Bhutan don't have bank accounts. With Stripe, freelancers in those countries are now able to receive funds via USDC in minutes. With the addition of USDC,…

USDC is a completely centralised 'stablecoin' and has a blacklist function which means they can seize funds of people who they don't like. USDC again is not even regulated as I said with no proof backing this other than 'attestations' which is not a full audit of reserves. How is this decentralised money that was promised by crypto and blockchain? You may very well use Wise, Moneygram and other regulated alternatives…

This is partly incorrect -- USDC is regulated and audited. You're confusing it with Tether

https://www.circle.com/blog/how-to-build-trust-usdc-audits-a...

Re: Expanding access to the future of work with crypto payouts

#26

Post by lawgimenez »

karaterobot wrote: post #7
colesantiago wrote: post #2

It is a massive mistake that Stripe is offering anything in the crypto space as everyone and Stripe knows it is full of fraud, money laundering, scams and it is completely unregulated. I look forward to the day that Stripe will get investigated for all of the above with this and end up like Paypal, eventually freezing or banning these accounts. Crypto does not offer anything new at all. EDIT: It seems Stripe and Cryp…

Crypto is very popular among people working in rich countries who send remittances back to their families in other countries. That's a legitimate use, a very popular use, and is obviously what Stripe is going for here.

I'm not sure where you got this info from but my relatives in the US sends money via Xoom. Nobody's touching crypto.

Re: Expanding access to the future of work with crypto payouts

#27

Post by [deleted] »

toomuchtodo wrote: post #21
dontknowwhyihn wrote: post #19

Earlier quoted context omitted.

USDC can be sent peer to peer with low fees. And I would be extremely surprised if Wise or Moneygram are cheaper or faster.

Does it adhere to KYC and AML at exchanges and other fiat ramps? I think it’s a clever backdoor hack to instant cross border value movement without traditional banking (Wise and company), but the reach of government is always there. Curious what US Treasury, FinCEN, OFAC, etcs take on this is. The plumbing is easy, it’s the laws, regulation, and compliance that are the work. High level, Stripe is reaching for growth…

[deleted]

Re: Expanding access to the future of work with crypto payouts

#28

Post by shapefrog »

datadata wrote: post #5
colesantiago wrote: post #4

Earlier quoted context omitted.

What can crypto and blockchain legitimately offer that is better than what the current financial system offers? The Bitcoin whitepaper outlines a P2P payments system, today it isn't used as such, rather a store of value, not even Stripe is using Bitcoin for payments at all. So what use are these cryptocurrencies for, if not for scams and fraud?

From the article: > Speed is one advantage of crypto payouts. Reach is another. Millions of talented freelancers live in countries where it’s hard, if not impossible, to open a local bank account. For example, a majority of the people in Djibouti, El Salvador, and Bhutan don't have bank accounts. With Stripe, freelancers in those countries are now able to receive funds via USDC in minutes. With the addition of USDC,…

> For example, a majority of the people in Djibouti, El Salvador, and Bhutan don't have bank accounts

> With Stripe, freelancers in those countries are now able to receive funds via USDC

That is just people opening bank accounts, but with extra steps.

Re: Expanding access to the future of work with crypto payouts

#29

Post by datadata »

colesantiago wrote: post #14
djohnston wrote: post #6

Earlier quoted context omitted.

absolute control of your own money. borderless currency. distributed applications/smart contracts outside the reach of any state. these are my personal faves

With Stripe and USDC you don't have control of your money at all and smart contracts don't work and are broken causing people to lose money in the millions. It is a fragile, brittle system that is highly likely to fail, you only need to look here to see why. [0] [0] https://web3isgoinggreat.com/

> smart contracts don't work and are broken

This absolute statement is asserting that ALL smart contracts don't work. There is overwhelming evidence of some smart contracts working just fine, and of course a lot of smart contracts also have problems. It is wild to just drop all of the nuance of such a complicated issue. What new technology has been flawless without any failures along the way?

Re: Expanding access to the future of work with crypto payouts

#30

Post by djbusby »

lawgimenez wrote: post #26
karaterobot wrote: post #7

Earlier quoted context omitted.

Crypto is very popular among people working in rich countries who send remittances back to their families in other countries. That's a legitimate use, a very popular use, and is obviously what Stripe is going for here.

I'm not sure where you got this info from but my relatives in the US sends money via Xoom. Nobody's touching crypto.

TransferWise, now just Wise works awesome too.
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