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Expanding global payouts with crypto

stripe.com

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Re: Expanding global payouts with crypto

#11

Post by miketery »

axg11 wrote: post #3

A few initial thoughts: - This is a win for the polygon network and USDC adoption - Twitter payouts is a small (in value) but high profile place to start - I can see this being great for use cases where your bank might restrict withdrawals based on the activities that resulted in the payout - Stripe should build a crypto off-ramp. It would be a short-term distraction for them but long-term could position them to be _…

How does polygon generate revenue off this? Or is the idea that there is more liquidity therefore more opportunities on said network which may generate revenue. I think the latter is fine. But curious with the former if there are associated transaction costs.

Re: Expanding global payouts with crypto

#12

Post by phphphphp »

rvz wrote: post #2

Unsurprising and totally expected. [0][1] But yet again, we'll see the same old screaming and shouting 'scam' comments everywhere even when Stripe isn't the one scamming and only was waiting for regulations before entering back in. It's also interesting to see no praise or any critical critique yet on this announcement here with what Stripe is offering and where the exact so-called scam is. Perhaps the typical scream…

You’ve posted when the thread is brand new, so I’m sure if you wait a little longer you’ll get the anti-crypto sentiment you seek. That said, paying out USDC is probably the least offensive way to work in crypto and has little room for concern — USDC is mostly dumb rather than problematic.

Re: Expanding global payouts with crypto

#13

Post by kkielhofner »

What will be interesting to see is when/if they roll this back. Historically significant announcements like this from large corps are more of a PR play than anything else.

Even Elon/Tesla backed away from crypto less than three months after announcement. They've been (allegedly) looking at it again for almost a year now but given no additional announcement of progress that announcement was quite possibly just another PR move.

Re: Expanding global payouts with crypto

#14

Post by chrisco255 »

miketery wrote: post #11
axg11 wrote: post #3

A few initial thoughts: - This is a win for the polygon network and USDC adoption - Twitter payouts is a small (in value) but high profile place to start - I can see this being great for use cases where your bank might restrict withdrawals based on the activities that resulted in the payout - Stripe should build a crypto off-ramp. It would be a short-term distraction for them but long-term could position them to be _…

How does polygon generate revenue off this? Or is the idea that there is more liquidity therefore more opportunities on said network which may generate revenue. I think the latter is fine. But curious with the former if there are associated transaction costs.

Whenever an on-chain transaction occurs, MATIC, Polygon's native token, must be spent. It's usually pennies per transaction, but it adds up.

Re: Expanding global payouts with crypto

#15

Post by wollsmoth »

kkielhofner wrote: post #13

What will be interesting to see is when/if they roll this back. Historically significant announcements like this from large corps are more of a PR play than anything else. Even Elon/Tesla backed away from crypto less than three months after announcement. They've been (allegedly) looking at it again for almost a year now but given no additional announcement of progress that announcement was quite possibly just another…

Well, it's USDC which is stable and probably is less of a headache to deal with than ETH/BTC. I suppose if not very many people use it, it might not be worth the engineering time to maintain it though.

Re: Expanding global payouts with crypto

#16

Post by agentultra »

Does anyone else associate "crypto" with "scam" these days? How is this good for them or their brand?

I used to think Stripe's team cared about technical excellence and generally had good ideas.

With their first announcement into this space and now this I'm less inclined to think so and will avoid their business as much as I can.

Re: Expanding global payouts with crypto

#17

Post by stu2b50 »

kkielhofner wrote: post #13

What will be interesting to see is when/if they roll this back. Historically significant announcements like this from large corps are more of a PR play than anything else. Even Elon/Tesla backed away from crypto less than three months after announcement. They've been (allegedly) looking at it again for almost a year now but given no additional announcement of progress that announcement was quite possibly just another…

I think this has more lasting power. There's a lot of reasons not to take crypto purchases... but that's the merchant's problem, not stripe's problem.

They'd only deprecate it if the end users eventually dwindle to 0 and it becomes more expensive to maintain in engineering hours than fees. Which could happen, but it'll take longer than merchants who dip their toes into cryptocurrencies as a currency and find piranhas.

Re: Expanding global payouts with crypto

#18

Post by rdbell »

RC_ITR wrote: post #8
rvz wrote: post #2

Unsurprising and totally expected. [0][1] But yet again, we'll see the same old screaming and shouting 'scam' comments everywhere even when Stripe isn't the one scamming and only was waiting for regulations before entering back in. It's also interesting to see no praise or any critical critique yet on this announcement here with what Stripe is offering and where the exact so-called scam is. Perhaps the typical scream…

This is mostly off-topic, but one thing I’ve taken to when evaluating these announcements is to give the coin a stupid-sounding name and see if the idea still sounds impressive. “Stripe piloting payouts to Twitter creators in Circle Bucks” Do with that what you will.

And gmail would have less users if it was called ClownFartMail. Not sure what you’re getting at.

Re: Expanding global payouts with crypto

#20

Post by jaggirs »

freeone3000 wrote: post #10

As a Russian oligarch, I'm very happy that Stripe is expanding my access to USDC when previously, I would have been prohibited from holding US Dollars, or selling the ones I have! Unfortunately, I'll have to send it through Twitter for some reason, but this is a win for free markets worldwide.

You still need to do KYC
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