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Stripe Launches L1 Blockchain: Tempo

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Re: Stripe Launches L1 Blockchain: Tempo

#251

Post by fruitworks »

__MatrixMan__ wrote: post #229
jrm4 wrote: post #125

Ah the layers. Okay, so one: Obviously pointless from a tech POV. There is nothing that a Stripe controlled blockchain could offer that a database could not. But then, why? Sadly, as someone who does like the ideals of true cryptocurrency, yet another way to make sure "real" crypto doesn't happen, much like what is happening to BTC. Here's hoping (yeah, it's a long shot) people see through all of this and maybe, MAYB…

> Stripe controlled blockchain could offer that a database could not. A database cannot resist tampering by somebody with admin access to the database. It may be the only thing that blockchains have going for them, but it's a big one.

But this is a classical consensus setup where stripe has a front door to change anything about the network they want.

Never trust a cryptocurrency developed by a for-profit corporation.

Re: Stripe Launches L1 Blockchain: Tempo

#252

Post by irusensei »

super256 wrote: post #8
colesantiago wrote: post #3

I don't get it. Why does Stripe want to creatively ruin their reputation by venturing into crypto / blockchain? I don't see anyone in the real world using blockchains at all. I get AI as it was a real world paradigm shift, but I have never seen anything in this blockchain / crypto space that has reached 100-500 million users let alone 1 billion users, that isn't based on speculation.

I use crypto often. I can pay my server with it, I can pay my domains with it, I support my torrent ALT with it, I buy my drugs with it. People use it for selling accounts, usernames, cheats and probably much more for it. Many of these also use Stripe (major cheat providers offer payments via Stripe and crypto, so why shouldn't Stripe also try to capture the value of Crypto payments?).

I've started seeing some H game devs going that route since Visa and Mastercard decided to be arbiters of morality.

Re: Stripe Launches L1 Blockchain: Tempo

#253

Post by nailer »

colesantiago wrote: post #3

I don't get it. Why does Stripe want to creatively ruin their reputation by venturing into crypto / blockchain? I don't see anyone in the real world using blockchains at all. I get AI as it was a real world paradigm shift, but I have never seen anything in this blockchain / crypto space that has reached 100-500 million users let alone 1 billion users, that isn't based on speculation.

I use crypto for a savings account. Same model as your bank, except the rates are higher.

Re: Stripe Launches L1 Blockchain: Tempo

#254

Post by brendanfinan »

notatoad wrote: post #226
apinstein wrote: post #151

Here's the play. It's very simple, and it's quite good. Stripe processes a LOT of money. The customers that get that money need to move it around. Often to banks. Stripe makes no money on that. Over the last few years, stablecoins have become a preferred means to hold and move money (for convenience, etc). Stablecoin providers make money on their float -- selling stablecoins means you get free deposits, and risk-free…

i'm still unclear what the crypto really adds to this play. stripe customers need to move their money around, and they need a trusted source to hold money. stripe could just do that. why add crypto into the mix?

Some of the customer's money is already crypto though

Re: Stripe Launches L1 Blockchain: Tempo

#255

Post by InsideOutSanta »

siddthesquid wrote: post #211
baby wrote: post #182

Earlier quoted context omitted.

I'll attempt an answer: Today, if you want to transact between businesses or retail (folks like you and I), you need to find a route between the two entities' banks. This route might take several hops, passing through some central banks, and some of these hops might be instant or might take days to actually settle. On top of that, you need to pay the service that helped you find a route (SWIFT) and potentially the no…

I think the technology of blockchain is irrelevant. If something can be accomplished on the blockchain, which requires N nodes, a business can probably replicate that same objective with less than N nodes because they don't have to pay the cost of verifying that nodes are acting honestly. This business is incentivized to be honest because otherwise they lose their business. Someone has to pay those costs for the N no…

Is this just for dilution of responsibility? If a central company is responsible for these transactions, then they are responsible for the transactions, which means there are all kinds of legal constraints and repercussions. But if it's a blockchain, then all of the nodes in the network are responsible.

So in this case, "this business is incentivized to be honest" might be the precise "problem" this is meant to solve.

Re: Stripe Launches L1 Blockchain: Tempo

#256

Post by smitop »

udev4096 wrote: post #219
apinstein wrote: post #151

Here's the play. It's very simple, and it's quite good. Stripe processes a LOT of money. The customers that get that money need to move it around. Often to banks. Stripe makes no money on that. Over the last few years, stablecoins have become a preferred means to hold and move money (for convenience, etc). Stablecoin providers make money on their float -- selling stablecoins means you get free deposits, and risk-free…

Bullshit. The biggest stable coin, Tether, is pure scam. They are essentially creating money out of nowhere. They were found guilty of massive fraud and were fined $18M [1]. They refuse to get audited by a third-party [2]. The ones that do audit them are just as sketchy as them [3]. I would recommend watching this video to grasp the scope of their fraud [4] [1] - https://coingeek.com/tether-bitfinex-prohibited-from-o…

There are other stablecoins that aren't scams though, like USDC. I think Stripe would probably either create their own USD stable or partner with Circle.

Re: Stripe Launches L1 Blockchain: Tempo

#257

Post by fruitworks »

cyberax wrote: post #230
udev4096 wrote: post #207

Earlier quoted context omitted.

It's a LOT more than that. You are still stuck in satoshi-era. Things have evolved quite a bit that it's no longer just a db sync

Yes. There's also a drug money laundering level (Monero, mixers, etc.) and a built-in scam enhancer (NFTs).

confidendtial transactions and NFTs don't really change the consensus mechanism. They just make the currency fungible or expose the latent non-fungibility.

Re: Stripe Launches L1 Blockchain: Tempo

#258

Post by jrm4 »

stale2002 wrote: post #169
jrm4 wrote: post #125

Ah the layers. Okay, so one: Obviously pointless from a tech POV. There is nothing that a Stripe controlled blockchain could offer that a database could not. But then, why? Sadly, as someone who does like the ideals of true cryptocurrency, yet another way to make sure "real" crypto doesn't happen, much like what is happening to BTC. Here's hoping (yeah, it's a long shot) people see through all of this and maybe, MAYB…

> There is nothing that a Stripe controlled blockchain could offer that a database could not. There absolutely is. Its called having access to the ecosystem. The money features that exist in the current blockchain landscape are simply a better developer ecosystem, with many more features, than the non existent "Database driven", uhh money tools. Blockchains are no longer about the singular feature of having a trustle…

All pointless.

None of those things require a blockchain and are all made less efficient by doing them that way.

Again, truly decentralized cryptocurrency ADDS slow clunky overhead; that's the price of decentralization. Everything you're imagining is ALL done much easier with good ol' databases et al.

Re: Stripe Launches L1 Blockchain: Tempo

#259

Post by afiori »

siddthesquid wrote: post #211
baby wrote: post #182

Earlier quoted context omitted.

I'll attempt an answer: Today, if you want to transact between businesses or retail (folks like you and I), you need to find a route between the two entities' banks. This route might take several hops, passing through some central banks, and some of these hops might be instant or might take days to actually settle. On top of that, you need to pay the service that helped you find a route (SWIFT) and potentially the no…

I think the technology of blockchain is irrelevant. If something can be accomplished on the blockchain, which requires N nodes, a business can probably replicate that same objective with less than N nodes because they don't have to pay the cost of verifying that nodes are acting honestly. This business is incentivized to be honest because otherwise they lose their business. Someone has to pay those costs for the N no…

I don't like Blockchains mostly but the technology of the Blockchain here is not irrelevant, it is a way to use peer to peer liquidity. That is there is no need for a central entity to have liquidity in many different circuits because you can trade with other coin holders directly in many different exchanges.

Sort of like banks use customer money to offer loans to avoid the need of centralised liquidity.

The Blockchain technology is important to allow different exchanges to interact with each other in ways that I suspect would be not super legal through a central entity.

Re: Stripe Launches L1 Blockchain: Tempo

#260

Post by ab5tract »

__MatrixMan__ wrote: post #229
jrm4 wrote: post #125

Ah the layers. Okay, so one: Obviously pointless from a tech POV. There is nothing that a Stripe controlled blockchain could offer that a database could not. But then, why? Sadly, as someone who does like the ideals of true cryptocurrency, yet another way to make sure "real" crypto doesn't happen, much like what is happening to BTC. Here's hoping (yeah, it's a long shot) people see through all of this and maybe, MAYB…

> Stripe controlled blockchain could offer that a database could not. A database cannot resist tampering by somebody with admin access to the database. It may be the only thing that blockchains have going for them, but it's a big one.

Can you name any significant economic fallout of any kind related to this attack vector?

Because I feel pretty confident that it is dwarfed by the volume of money that has been unlocked by tying crypto to ransomware.

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