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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

#81

Post by colesantiago »

datadata wrote: post #76
colesantiago wrote: post #73

Earlier quoted context omitted.

The main difference you're not getting is that there is accountability and regulations for when these issues happen, Crypto has none of these and it has been over 15 years in its existence. Crypto is a lawless 'decentralised' wild west that has zero accountability for when anyone loses their money in smart contract hacks, scams, wallet draining and rugpulls, in all cases your money is gone with no refunds or consumer…

Do you honestly think there is zero accountability or regulations for all of crypto? Would not a single fee levied towards a crypto company for violation of a law invalidate the point you are trying to make? I would agree with you that more regulation is needed, but to keep saying there is zero regulation is either ignorant or disingenuous. Regulation can also coexist with something that is decentralized and is not o…

It wouldn't invalidate anything because I can list countless examples of scams, hacks, rugpulls, wallet drainings, fraud, ransomware enablement that the crypto space is responsible for. Any example of the opposite doesn't change the fact that the negative aspects are significantly greater than whatever source you can provide.

The list of course is too large for this comment section so somebody has already done parts of the work. [0]

Any user would be very lucky to get their money back in these situations, but like I said, no refunds or consumer protection in the crypto space when you lose your money.

---

EDIT: So? My point still stands about accountability, regulations or not, even Paypal knows the buying and selling of crypto assets is completely unregulated after 15 years.

The main point of this thread is that there is more evidence of broken smart contracts causing more damage to consumers and there is nobody to hold scammers accountable when a rugpull happens.

Because nobody is going to get their money back for them.

How is crypto, this brittle, 'decentralised' broken and unregulated system going to augment or replace the current financial system?

[0] https://web3isgoinggreat.com/

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

#82

Post by civilized »

vore wrote: post #79
civilized wrote: post #60

Earlier quoted context omitted.

I share your moral objections to exploitative working conditions. But most of us aren't doing those people any good. Work opportunities, on the other hand -- even exploitative ones -- do seem to be doing them good, if they are voluntarily choosing to do them. I think that should humble and temper all of our moral sensibilities a little, when we are attempting to judge a development like this as Good or Bad. Here is s…

drunk driving may kill a lot of people, but it also helps a lot of people get to work on time, so, it;s impossible to say if its bad or not,

Oh jeez, I quit Twitter and it's followed me here.

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

#83

Post by jimmySixDOF »

boh wrote: post #54
civilized wrote: post #53

Earlier quoted context omitted.

Everybody wants to talk about how bad the sweatshop is. Nobody wants to talk about the poverty that was so bad, people jumped at the chance to work in the sweatshop.

Yes they do. They love to talk about that and do all the time. It helps make exploiting poor people with limited protections seem moral. Don't forget to mention how employing a person to work 16 hours a day making clothes or a phone helps feed their family.

I have worked off and on with an overseas engineering company. The department I work through has a secretary who left his South Asian home and family to work there in basic accomodations sending home every overtime hour he could get his hands on. One of the best days I can remember in an office is being introduced to his son the recent engineering graduate who just joined the company. Following the success of that young mans career as he went to better and better jobs makes me smile and shields me a little from the over woke virtue signaling brigade of people who probably mean well but tend to let their outrage at a problem get in the way of actually fixing it.

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

#84

Post by datadata »

colesantiago wrote: post #81
datadata wrote: post #76

Earlier quoted context omitted.

Do you honestly think there is zero accountability or regulations for all of crypto? Would not a single fee levied towards a crypto company for violation of a law invalidate the point you are trying to make? I would agree with you that more regulation is needed, but to keep saying there is zero regulation is either ignorant or disingenuous. Regulation can also coexist with something that is decentralized and is not o…

It wouldn't invalidate anything because I can list countless examples of scams, hacks, rugpulls, wallet drainings, fraud, ransomware enablement that the crypto space is responsible for. Any example of the opposite doesn't change the fact that the negative aspects are significantly greater than whatever source you can provide. The list of course is too large for this comment section so somebody has already done parts…

You have said several times, "there is no regulation in cryto". If you know that this statement is not true, then why do you say it? Just say that there are many instances where lack of regulation has lead to bad results. I agree with that.

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

#85

Post by vore »

jimmySixDOF wrote: post #83
boh wrote: post #54

Earlier quoted context omitted.

Yes they do. They love to talk about that and do all the time. It helps make exploiting poor people with limited protections seem moral. Don't forget to mention how employing a person to work 16 hours a day making clothes or a phone helps feed their family.

I have worked off and on with an overseas engineering company. The department I work through has a secretary who left his South Asian home and family to work there in basic accomodations sending home every overtime hour he could get his hands on. One of the best days I can remember in an office is being introduced to his son the recent engineering graduate who just joined the company. Following the success of that yo…

Your solution to fixing the problem is... hoping you have a successful child?

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

#86

Post by datadata »

boh wrote: post #51

As companies continually erode employee benefits and aggressively seek out ever cheaper labor, we have to continually be reminded how innovative and great this "massive shift enabled in large part by new technology" is going to be. Now you're going to get paid in unregulated tokens, isn't that amazing! And guess what? Not using actual money also let's them access "millions of talented freelancers live in countries wh…

Cheaper labor is sought, but also workers are capable of doing more and more productive work due to technology. The net is economic growth. Maybe I am an optimist, but generally things have gotten better. For example poverty globally has been plummeting.

Given also this announcement is a new capability for how to get paid, not an impairment or obligation, I would hope it wouldn't have detrimental results.

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

#87

Post by lottin »

fny wrote: post #69
boh wrote: post #51

As companies continually erode employee benefits and aggressively seek out ever cheaper labor, we have to continually be reminded how innovative and great this "massive shift enabled in large part by new technology" is going to be. Now you're going to get paid in unregulated tokens, isn't that amazing! And guess what? Not using actual money also let's them access "millions of talented freelancers live in countries wh…

A lot of the world does get paid in unregulated "tokens" though. That's literally what the eurodollar system is. A US dollar abroad is not equivalent to a US dollar in the US. US banking regulations do not apply to those dollars. Hence, they even have different interest rates! But you're absolutely right that this is a mechanism by which they can expand the labor pool for digital work.

First, a Eurodollar is a USD that is deposited outside of the US. As such it's interchangeable and indistinguishable from a USD.

US banking regulations don't apply to these dollars? Well, of course, because US banking regulation only apply in the banks in the US. Banks that are located outside of the US are subject to whatever regulation is in place in the location that they're at. Does that mean that Eurodollars are unregulated? No, it doesn't.

Second, currencies don't have interest rates. Only debt instruments do. I have no idea what you're talking about when you say that Eurodollars and US dollars have different interest rates.

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

#88

Post by spraveenitpro »

boh wrote: post #51

As companies continually erode employee benefits and aggressively seek out ever cheaper labor, we have to continually be reminded how innovative and great this "massive shift enabled in large part by new technology" is going to be. Now you're going to get paid in unregulated tokens, isn't that amazing! And guess what? Not using actual money also let's them access "millions of talented freelancers live in countries wh…

No post body was provided.

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

#89

Post by zeroclip »

djbusby wrote: post #16

Now when stripe suddenly shuts down your business you can be even more outta-luck than when it was USD. Better for them you're on the no-recourse crypto.

This comment is misinformed; if the asset lies your non custodial wallet, only Circle can blacklist your USDC funds. So far Circle has mostly only frozen funds related to government sanctions.

Users are free to exchange the funds to DAI which cannot be frozen by a centralized issuer.

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

#90

Post by zeroclip »

colesantiago wrote: post #70
x-complexity wrote: post #38

Earlier quoted context omitted.

> EDIT: It seems Stripe and Crypto apologists have downvoted & flagged my comment since Stripe is somehow a HN / YC darling that is immune from valid criticism even if they venture into crypto scamming, with no usecase that is better than the current financial system. > 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, scam…

At least cash is accepted everywhere in domestic countries, and even it's online it's card. Crypto isn't widely accepted or even used as a form of payment in the real world and has no useful legitimate usecase. We don't need more unregulated tokens that have no intrinsic value other than speculation, gambling and fraud. Sure we have issues in the current financial system, but augmenting (and dare I say) replacing it…

Cash is not accepted everywhere. Lots of countries are nearly cashless, with small merchants already unable to accept cash.
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