Stripe Crypto • Hacker News Board

Re: Stripe Crypto

#151

Post by unfocussed_mike » Thu, Mar 10, 2022, 6:06 PM UTC

pastor_bob wrote: post #85

erulabs wrote: post #36

Am very glad to see this - was considering adding Coinbase's Commerce product due to quite a few requests to accept BTC payments for our hardware at https://kubesail.com - I suppose we have an extremely privacy focused user-base currently. Since we already use Stripe, I would be very glad to simply "enable bitcoin" as a payment method and leave it at that. Somewhat sadly, I was quite involved in web3 several years ag…

I don't think this allows for crypto payments nor for 'discreet' transactions See: https://support.stripe.com/questions/crypto-supportability-a...

Really? The OP link does not make this at all clear.

If the text says one thing, the opposite is suggested by the screenshots in the page.

I do not expect it to be clear to the people reviewing transactions at crypto-phobic banks.

I would prefer a payments provider that will have absolutely nothing to do with these businesses, but either way, the way this is being communicated looks like an attempt to split a hair too finely.

Re: Stripe Crypto

#152

Post by TechBro8615 » Thu, Mar 10, 2022, 6:06 PM UTC

muttantt wrote: post #27

pc wrote: post #11

Earlier quoted context omitted.

Yep. Until very recently, we weren't able to support businesses selling crypto. (The regulatory details are complex.) We're now rolling out support and this page is basically about that change.

So now you can sell NFTs using Stripe, but still VOIP business startups competing with RingCentral, 8x8, etc. get their Stripe accounts cancelled...

Maybe Stripe is using the adapter pattern — once fiat is deprecated, they can remove the technical debt around business restrictions. ;)

Re: Stripe Crypto

#153

Post by candiddevmike » Thu, Mar 10, 2022, 6:07 PM UTC

ksec wrote: post #51

candiddevmike wrote: post #5

Just recently moved from Stripe to Paddle after realizing their new tax collection stuff locked out a bunch of my customers--it only supports credit card transactions, not Apple Pay or Google or any of the EU payment options, and Stripe has no ETA on fixing this. With the tax bits, I still have to file and worry about thresholds too, so I switched to Paddle. On top of completely eliminating the tax remittance crap, I…

Is Paddle still Only open to SaaS only ? Last time I check they won’t even accept any other business.

I am a SaaS but I sell a lifetime subscription as a standalone product, works fine with Paddle.

Re: Stripe Crypto

#154

Post by dorianmariefr » Thu, Mar 10, 2022, 6:07 PM UTC

SketchySeaBeast wrote: post #43

samch wrote: post #39

Slight tangent: Maybe it’s just me, but I’m somewhat uncomfortable with the label “crypto” being co-opted as official shorthand for cryptocurrencies. I see how it’s a natural truncation of a long term, but to many of us the word crypto can mean many other things. When I saw the headline, I wondered if they had released their own cryptographic library or something else to that effect.

It's really unfortunate. But I guess it's better than shortening it to "currency" because that would imply it has actual value.

It has value on the tor market places

Re: Stripe Crypto

#155

Post by vmception » Thu, Mar 10, 2022, 6:07 PM UTC

samhw wrote: post #97

JaimeThompson wrote: post #60

The main point of crypto these days appears to be to replace the current middlemen with different middlemen who can make more profit while offering the consumer much less legal protection. It's a bit concerning.

It's just bizarre. You end up paying your cut twice: once to convert it into crypto (paying the exact same card fees you'd pay for a direct card payment), and then once again to pay someone like Stripe for this. For either a business owner or a customer, that's a loss - increased infrastructure fees just to do business. It's the opposite of the crypto dream. But that's not Stripe's fault; it's Bitcoin's, for not crea…

there are many many more ways to acquire crypto, which many many people have done already

it sounds like you have only attempted to acquire it by a combination of

1) Purchasing it

2) with a credit or debit card

All it comes down to is that its a $2 trillion market with an extremely high volume of transactions, at all and when compared to the capitalization of the market

so service providers cater to that, and fortunately for the end users, a very large portion of that $2 trillion did not require people to pay once to convert their existing cash into crypto.

Re: Stripe Crypto

#156

Post by gonehome » Thu, Mar 10, 2022, 6:07 PM UTC

JaimeThompson wrote: post #136

gonehome wrote: post #128

Earlier quoted context omitted.

The capability of self-custody is the thing to pay attention to. Nothing else has this capability to the same extent. Today we store most of our wealth in assets (market index funds, stocks, real estate, etc.) and some (typically very little, and rarely outside of a bank account) in cash. Most of this is not actually controlled by you. With BTC (and cryptocurrency more generally) you have the capability of having you…

You can currently take physical possession of commodities including all the precious medals, one doesn't have to allow their stock certs to be help by others, cash and other such methods still work but most people chose to let middlemen do it for them, just like most people do for Crypto judging by the market valuations of some of those companies.

You're right of course, but it's way riskier to take physical possession of commodities and it's harder to move them. These are things crypto is better at.

For cash, the advantage is that crypto is independent of government action and global. The crash of the Russian currency is an example of why this is important. Crypto is obviously more volatile than USD, so there's a tradeoff depending on the government backed currency's stability.

It's also harder to move similar amounts of wealth in cash or commodities (you could have self custody of a wallet with a billion dollars in it, can't really move a billion dollars in cash or gold).

These advantages are real and people are relying on them: https://news.ycombinator.com/item?id=29518181

Re: Stripe Crypto

#157

Post by banannaise » Thu, Mar 10, 2022, 6:08 PM UTC

JaimeThompson wrote: post #60

The main point of crypto these days appears to be to replace the current middlemen with different middlemen who can make more profit while offering the consumer much less legal protection. It's a bit concerning.

Like seemingly everything these days, crypto has a grifter problem.

It's becoming a predictable story - something with potential arises, with a community of mostly true believers. The true believers make money, but they're not optimizing for profit, they're optimizing for making the ecosystem better. The grifters, optimizing only for profit, not only start to take the lion's share of the profit, but also attract more grifters. The grifters eventually outnumber the true believers, because:

1. true believers are hard to make; grifters already exist

2. grifting as a skill can be applied anywhere; true believers need relevant skills

3. lower profits and higher burnout leads to attrition among the true believers; some of them even convert to grifters

So the grifters completely dominate the market. They then siphon the market dry, offering essentially nothing in return, and then move onto the next grift, flush with the proceeds from the last one.

Re: Stripe Crypto

#158

Post by colesantiago » Thu, Mar 10, 2022, 6:09 PM UTC

TAKEMYMONEY wrote: post #139

orangepanda wrote: post #126

They forgot to update their terms of service. > Prohibited Businesses > You must not use Stripe’s services for the following activities: > * Pyramid schemes > * ‘Get rich quick’ schemes > * No value added services > * Predatory investment opportunities

Quoted post unavailable.

We're just calling it what it really is, what is wrong with that?

Re: Stripe Crypto

#159

Post by hutzlibu » Thu, Mar 10, 2022, 6:09 PM UTC

ttoinou wrote: post #112

candiddevmike wrote: post #5

Just recently moved from Stripe to Paddle after realizing their new tax collection stuff locked out a bunch of my customers--it only supports credit card transactions, not Apple Pay or Google or any of the EU payment options, and Stripe has no ETA on fixing this. With the tax bits, I still have to file and worry about thresholds too, so I switched to Paddle. On top of completely eliminating the tax remittance crap, I…

> their new tax collection stuff Couldn't you turn that off ?

I know, that for setting up my stripe account, I HAD to provide a credit card number, which I did not had, as they are not needed in EU.

Re: Stripe Crypto

#160

Post by o_____________o » Thu, Mar 10, 2022, 6:09 PM UTC

knownjorbist wrote: post #84

eclipxe wrote: post #59

Earlier quoted context omitted.

HN hates everything.

It's wild, considering the cryptopunk thing is happening _now_, not in the 90s.

The tech world is full of dreamers and know-it-alls. Proto-HN Slashdot is a great historical document of our malignant naysaying.