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Stripe Launches L1 Blockchain: Tempo

tempo.xyz

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Re: Stripe Launches L1 Blockchain: Tempo

#71

Post by bflesch »

javier123454321 wrote: post #27
asdev wrote: post #17

I'm trying to figure out how this is decentralized? "A diverse group of entities" will run validator nodes. This sounds like it's just a Solana clone then.

It's just an attempt at obfuscating the governance for non-technical regulators to think it's beyond the control of stripe. It's the game that all these L1s are doing, participating in the minimum amount of decentralized theater in order to evade regulations.

Given my past experiences trying to get EU-compliant invoices for Stripe transactions this is unfortunately also how I feel about the situation. This decentralization has immediate benefits for plausible deniability.

Re: Stripe Launches L1 Blockchain: Tempo

#72

Post by asdev »

garbthetill wrote: post #51
asdev wrote: post #17

I'm trying to figure out how this is decentralized? "A diverse group of entities" will run validator nodes. This sounds like it's just a Solana clone then.

it says its an evm clone, so it may not be like solana. Im shocked they didnt go the l2 route like many seem to do. They might pull a bsc with a limited number of validators and just make the stake requirements stupidly high and wink wink the company or entities close to said company, have acquired the majority of said tokens to become a validator and you would need to pay a gazzilion dollars to enter the pool

aka not decentralized at all

Re: Stripe Launches L1 Blockchain: Tempo

#73

Post by bflesch »

bgwalter wrote: post #69

Who is backing this stablecoin? Who is managing the backing? Where is Tempo located? Tether has now moved to Bukele's paradise El Salvador and its backing is managed by Howard Lutnick's Cantor Fitzgerald. Previously Tether's funds were managed by Deltec in the Caribbean, a bank with a colorful history.

It's crazy that after all this time Tether is still a thing.

Re: Stripe Launches L1 Blockchain: Tempo

#74

Post by m00dy »

brunohaid wrote: post #53
adastra22 wrote: post #31

Earlier quoted context omitted.

What does a separate payment rail have to do with the US debt?

It’s a hilarious definition of “fix” but the basic argument is that when you mandate stablecoins to hold treasuries and they start seeing actual adoption, you create demand/sink for a couple extra trillion dollars of treasury bonds. Eg if Australian locals suddenly switch transacting cocaine at scale in Tether instead of AUD, the US government can borrow more money by providing that collateral to Tether. Edit: Izzy K…

First, Cocaine prices are way too expensive in Australia

Second, Tether is not a regulated stablecoin in United States.

Re: Stripe Launches L1 Blockchain: Tempo

#75

Post by plywoodtrees »

shigawire wrote: post #33
m00dy wrote: post #18

The folks on Hacker News seem pretty anti-crypto, but I feel like they're missing the point. If we're actually looking for ways to fix the US debt, stablecoins are definitely worth considering

How and why?

You can just mint more coins and use them to pay off the debt, obvious! /s

Re: Stripe Launches L1 Blockchain: Tempo

#76

Post by pornel »

This uses blockchain only for marketing buzzwords.

Stablecoins require trusting that the coin issuer doesn't print money. This goes against the core premise of blockchain being trustless!

This is just a payment API with extra steps (all of the integrity and identity features use cryptography that works without blockchain, unless your definition of blockchain is broad enough to include git and matrix chats, then the stripe thing is a blockchain too).

Re: Stripe Launches L1 Blockchain: Tempo

#77

Post by Zanfa »

it_citizen wrote: post #37
fauria wrote: post #19

Honest question: what kind of problem does this solve?

Second line of the page: > Stablecoins enable instant, borderless, programmable transactions, but current blockchain infrastructure isn’t designed for them: existing systems are either fully general or trading-focused. Tempo is a blockchain designed and built for real-world payments. What is different in the details, no idea.

Once you take into account AML and KYC laws, which will obviously be enforced should this gain any sort of adoption. What will be different in practice?

Re: Stripe Launches L1 Blockchain: Tempo

#78

Post by brunohaid »

m00dy wrote: post #74
brunohaid wrote: post #53

Earlier quoted context omitted.

It’s a hilarious definition of “fix” but the basic argument is that when you mandate stablecoins to hold treasuries and they start seeing actual adoption, you create demand/sink for a couple extra trillion dollars of treasury bonds. Eg if Australian locals suddenly switch transacting cocaine at scale in Tether instead of AUD, the US government can borrow more money by providing that collateral to Tether. Edit: Izzy K…

First, Cocaine prices are way too expensive in Australia Second, Tether is not a regulated stablecoin in United States.

But they promised on their kitchen counter anyway?!?

Re: Stripe Launches L1 Blockchain: Tempo

#79

Post by plywoodtrees »

ArtTimeInvestor wrote: post #23

Welcome to crypto project number 206701341. At least that is how many are listed on CoinMarketCap: https://coinmarketcap.com/charts/number-of-cryptocurrencies-... Bitcoin is decentralized because the sun distributes energy somewhat evenly across the globe. The other 206701340 crypto projects, including this one, are decentralized because ... ? From the very sparse info on the page, it seems this project does what so…

Bitcoin is _not_ magically produced by the sun striking the ground.

There are mild returns to scale in running large-scale mining operations and as a result mining power seems to actually be somewhat centralized under the control of a small number of players: https://digiconomist.net/cryptocurrency-decentralization/

Not to mention that "decentralization" is a technical property and not necessarily desirable in itself. Users might care about fairness, avoiding sanctions, purchasing illegal goods, etc, but these are only weakly connected to technical decentralization.

Re: Stripe Launches L1 Blockchain: Tempo

#80

Post by m00dy »

brunohaid wrote: post #78
m00dy wrote: post #74

Earlier quoted context omitted.

First, Cocaine prices are way too expensive in Australia Second, Tether is not a regulated stablecoin in United States.

But they promised on their kitchen counter anyway?!?

I'm not sure who promised what, best kitchen I've ever heard is in Brussels. Best quality/price ratio. Those EU diplomats are all on coke.
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