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Stripe Crypto

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Re: Stripe Crypto

#221

Post by muttantt »

coconut08 wrote: post #57
muttantt wrote: post #32

Earlier quoted context omitted.

The risk reward ratio is just not there anymore. We may see $100K bitcoin, sure, but that's just 3x, you can get that buying and holding TSLA starting today. But IMHO the risk of bitcoin crashing to, say, $10K is pretty significant, especially when Russia sanctions could be used as pretext to regulate crypto to death.

this is how you prove that you just learned about crypto last week. if you think that bitcoin was more of a sure thing and less risky relative to reward in 2011 then you have no idea what you are talking about. first of all if bitcoin crashed from 65k to 10k that wouldn't even be the worst drop bitcoin has ever seen. thats like an 85 percent drop. bitcoin has seen MULTIPLE 95+ percent drops over the course of it's li…

I've been in crypto since 2012..

Re: Stripe Crypto

#222

Post by rank0 »

Things like this where companies reinvent traditional payment processing “but with crypto” is the antithesis of what crypto used to stand for.

As a former believer in the original goal of private p2p digital cash, I am saddened by what crypto has become in practice.

Crypto is just centralized as the traditional financial system.

Oh and nobody actually uses it as a currency. I feel like I’m one of few who’s actually purchased goods/services.

Re: Stripe Crypto

#224

Post by wahnfrieden »

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…

My interest in web3 + art is from finding new livable income sources for artists generally. Less about big money speculation, more about getting more artists supported such that they don’t need a day job or purely commercial art pursuits (as opposed to “fine art”). I understand the current state of crypto isn’t near offering this outside of hyped speculative investments

I’m also not interested in ideas on a shelf that could do this better in an alternate reality but aren’t active

I also recognize there are uphill battles conceptually for both adopters and builders, such as ownership models where access is not exclusive (which is also not without precedence outside crypto)

Not interested in discussing these distractions: the perceived quality of current art, what types of art are more deserving of their artists having a livable income off, ideas on a shelf for solving this at scale in an alternate reality, scam activity, or pretending proof of work chains are state of the art

Re: Stripe Crypto

#226

Post by fmvab »

TAKEMYMONEY wrote: post #202
fmvab wrote: post #192

Earlier quoted context omitted.

Okay, it may not be a pyramid scheme in the exact technical sense, but combined with the other items on the list, "get-rich-quick", etc., I think pump-and-dumping shitcoins counts, right?

It's not a pyramid scheme in any sense. Pump-and-dump schemes fall under the "get-rich-quick" language, but I don't see what this has to do with the details of this specific announcement.

‘A pyramid scheme is a fraudulent system of making money based on recruiting an ever-increasing number of "investors." The initial promoters recruit investors, who in turn recruit more investors, and so on. The scheme is called a "pyramid" because at each level, the number of investors increases. The small group of initial promotors at the top require a large base of later investors to support the scheme by providing profits to the earlier investors.’

Come on, many crypto projects don’t seem like this in any sense?

Re: Stripe Crypto

#227

Post by rosndo »

unfocussed_mike wrote: post #206
rosndo wrote: post #190

Earlier quoted context omitted.

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.

> While I largely share your feelings about NFTs, I think the general population outside of HN sphere does not. I don't know. I know a fair number of artists/musicians/photographers and I can tell you that among those artists, the impression of NFTs is almost universally negative. I would bet that more people think NFT is close to a "giant, planet-killing scam", which is hyperbole but on the side of caution.

I think the “planet-killing scam” is very HN-sphere thinking. Most people have no idea. Most non-technical artists I interact with seem very excited about NFTs, often asking me to help them create their own (unfortunately I’m not interested).

And what about when ETH2 goes live in some months and the main NFT chain moves to proof-of-stake? The “planet-killing” problem is already solved, that tech is going live this year. Seems like a fairly fragile criticism.

Re: Stripe Crypto

#228

Post by goosedragons »

wahnfrieden wrote: post #224
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…

My interest in web3 + art is from finding new livable income sources for artists generally. Less about big money speculation, more about getting more artists supported such that they don’t need a day job or purely commercial art pursuits (as opposed to “fine art”). I understand the current state of crypto isn’t near offering this outside of hyped speculative investments I’m also not interested in ideas on a shelf tha…

I think Patreon and similar is probably a better avenue for digital. More consistent support than selling peices as NFTs or in meat space and with digital I think you're more likely to find 100 people willing to spend $10 for a new wallpaper each month than 1 willing to spend $1000 on an NFT.

Re: Stripe Crypto

#229

Post by biztos »

ipaddr wrote: post #184
unfocussed_mike wrote: post #167

Earlier quoted context omitted.

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.

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

Or a bank won't accept a transfer from your bank because your bank might be taking deposits from entities subject to strict sanctions, and the plausible deniability is very thin.

I think banks are working on that as we speak. Cold days in Cypress soon, etc. The reputation risk of "doing crypto" might be decreasing, but the legal risk of violating sanctions seems to be increasing.

Re: Stripe Crypto

#230

Post by StewardMcOy »

pjscott wrote: post #210
StewardMcOy wrote: post #131

It's very strange seeing the option near the bottom of the page to donate a fraction of your revenue from Stripe Crypto to carbon recapture efforts. I agree with Stripe that, at this point, the solution to our climate problems must include carbon recapture, but it's not an ideal situation to be in. Businesses entering the crypto space always seem to tout carbon offsets and sidechains that use less energy, but offsets…

> Recapture is good, but not nearly as good as not emitting the carbon in the first place. That's not necessarily true -- it depends on the marginal costs of each. Right now carbon capture is pretty expensive, but I can see that potentially changing with more investment put into it, which is what Stripe is trying to do.

I'm mainly talking about the present and the near future. But there's more to the equation than carbon in, carbon out. Recapture isn't going to fix the non-warming issues with emissions, like ocean acidification.

In a world without renewables, we'd never get to a place where the marginal costs of carbon capture would be lower than the marginal costs of burning fossil fuels for energy. The best hope for recapture is to be powered by cheap renewables. This requires having a lot more renewable capacity than we do now, which is absolutely something that's happening and should continue to happen, but it's not environmentally free. Mining and battery production/recycling/disposal have economic consequences.

In its best form carbon recapture is trading emissions today for the promise that they'll be mostly recaptured in the future using renewables. But renewables also have to serve our other needs. So all the carbon we burn in the meantime creates more demands for solar panels, wind farms, dams, wave farms, and batteries in the future.

Thus, it is better to not emit than to recapture. We recapture because we have ti.

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