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Stripe Crypto

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Re: Stripe Crypto

#181

Post by rosndo »

unfocussed_mike wrote: post #140
danuker wrote: post #125

Earlier quoted context omitted.

> Because cryptocurrency is consistently crime-adjacent and fraud-adjacent. So are banks. https://en.wikipedia.org/wiki/Money_laundering#Notable_cases

That's as may be. But I have to deal with my bank, don't I? And there is regulation to protect my business.

Actually not really, I’ve switched banks used by my UK based business a couple of times. It has never been difficult.

I would certainly want to switch banks if I started hearing complaints about me using Stripe.

Re: Stripe Crypto

#182

Post by tchock23 »

dang wrote: post #10
colesantiago wrote: post #2

Quoted post unavailable.

Please don't start yet another instance of the same old generic flamewar on HN. The issue isn't whether you're right or wrong, it's that we've had this flamewar hundreds of times already and nothing new comes of it. That makes if off topic for this site, which is supposed to be for curiosity. Curiosity withers under repetition and fries under indignation. https://hn.algolia.com/?dateRange=all&page=0&prefix=false&so..…

Isn't it classified as "curiosity" when people question whether crypto works?

By labeling the criticisms as a "flamewar" you/HN are tacitly endorsing it.

Re: Stripe Crypto

#183

Post by stimpson_j_cat »

eclipxe wrote: post #59
atlantas wrote: post #34

I find the sheer volume of anger and hatred surrounding this and other related announcements completely unhinged. Why are so many people threatened by services that give their users options?

HN hates everything.

It would be great to have a place to have engaging discussion regarding Y-Combinator-backed startups that good hackers would find interesting.

Re: Stripe Crypto

#184

Post by ipaddr »

unfocussed_mike wrote: post #167
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.

How will a bank that has restrictive policies around crypto know that a Stripe payout made into a customer's account was not related to an NFT sale? Essentially, how are existing Stripe users protected from Stripe's reputational self-harm here?

How would this bank even know stripe is accepting a new currency? Why would it matter. Money will flow into your account from stripe. Stripe is not a cryto service provider defined by banking regulations.

That's like saying a bank won't accept a transfer from another bank because that bank allows you to pay them in cryto.

Re: Stripe Crypto

#185

Post by KaoruAoiShiho »

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…

I'm trying to run a marketplace, would that be possible through paddle?

Re: Stripe Crypto

#186

Post by unfocussed_mike »

rosndo wrote: post #181
unfocussed_mike wrote: post #140

Earlier quoted context omitted.

That's as may be. But I have to deal with my bank, don't I? And there is regulation to protect my business.

Actually not really, I’ve switched banks used by my UK based business a couple of times. It has never been difficult. I would certainly want to switch banks if I started hearing complaints about me using Stripe .

Perhaps I am overcautious.

But today Stripe changed its Twitter icon to an NFT, which is like a Belisha Beacon for idiocy, isn't it?

Why any business that is serious would -- in March 2022 -- produce publicity or support materials that mention being able to sell NFTs, I do not know.

It's very stupid.

Re: Stripe Crypto

#187

Post by JaimeThompson »

logicalmonster wrote: post #104
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.

> The main point of crypto these days appears to be... Maybe you can ask people who get their funds randomly blocked and restricted by PayPal and seized for months/years while an "investigation" takes place if there's any use-case for crypto. Maybe you can ask ordinary Russian citizens what their legal protections are worth once they've been un-personed by the world. Or perhaps you can ask Canadian mandate protesters…

>Maybe you can ask ordinary Russian citizens what their legal protections are worth once they've been un-personed by the world.

Their own government will "un-person" them for converting Rubles into crypto too.

Re: Stripe Crypto

#188

Post by [deleted] »

quadrifoliate wrote: post #166

It is important to recognize that Stripe is largely selling well-made shovels for the gold rush here. They have a history of diving more deeply into this market [1] and withdrawing from it before [2], so this is just Take 2. This time around, they are not themselves buying Cube Thingies or similar and don't have any exposure to the volatile world of ETH or other coins. I think there will be decent transfer of money f…

[deleted]

Re: Stripe Crypto

#189

Post by JaimeThompson »

gonehome wrote: post #156
JaimeThompson wrote: post #136

Earlier quoted context omitted.

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 cu…

As are the disadvantages as evidenced by all the ransoms paid in crypto, these ransoms are also evidence that the security required to keep your crypto secure isn't exactly all that common in some of the market segments the crytpo companies are trying to reach.

Re: Stripe Crypto

#190

Post by rosndo »

unfocussed_mike wrote: post #186
rosndo wrote: post #181

Earlier quoted context omitted.

Actually not really, I’ve switched banks used by my UK based business a couple of times. It has never been difficult. I would certainly want to switch banks if I started hearing complaints about me using Stripe .

Perhaps I am overcautious. But today Stripe changed its Twitter icon to an NFT , which is like a Belisha Beacon for idiocy, isn't it? Why any business that is serious would -- in March 2022 -- produce publicity or support materials that mention being able to sell NFTs, I do not know. It's very stupid.

While I largely share your feelings about NFTs, I think the general population outside of HN sphere does not.

I’d hedge my bets on this one, I’ve interacted extensively with the massive art market and NFTs really seem like a natural fit.

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