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Stripe Launches L1 Blockchain: Tempo

tempo.xyz

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Re: Stripe Launches L1 Blockchain: Tempo

#231

Post by javier2 »

agd wrote: post #54
anon191928 wrote: post #38

it will never be full available to us unlike bitcoin or ethereum? this is literally like a fast db? like you people here used to say. Finally HN is right and stripe founders joined on calling fast db a "blockchain" with lie. they will censor you and block you in blockchain level so literally db for few big companies, lol.

If you want to be censorship resistant, stick to decentralized blockchains (ethereum + bitcoin). There's still value in Tempo vs traditional payment rails - (much) lower fees, faster + 24/7 transactions.

That doesnt help much. Since new regulations, it will be basically illegal for companies to touch your blockchain transactions without mapping out the source of funds.

Re: Stripe Launches L1 Blockchain: Tempo

#232

Post by hvb2 »

abxyz wrote: post #222
hvb2 wrote: post #209

Earlier quoted context omitted.

So why can a traditional bank not solve this? In Europe you can wire money across borders for free, you just need to know the account number. Arrives in seconds at 0 cost. I feel like a lot of the fintech in the US is purely a result of a lack of regulation. For the example of Argentina, the real reason that business is using crypto is because their currency is unreliable. It might be a good fit there but trading in…

I’m as cynical about crypto as any sane person but I think you’re hand-waving away the challenges of international business. How can you transact in dollars if you’re a business in Argentina? As you say, if you’re operating in Europe, this is a solved problem, but lots of businesses are operating across borders that don’t have the same payment options. Banks could solve this problem but they haven’t and this is what…

I'm trying to point out that most US people are unaware that days for selling a transaction should be outrageous, yet it's the norm.

And a wire, which is as close to sepa as I think you can get, costs 10s of $ each time.

Basically, the international business problem is real. The Argentina case is mostly lack of a domestic stable currency though. These are legit use cases, fast and cheap transactions aren't.

Re: Stripe Launches L1 Blockchain: Tempo

#234

Post by procaryote »

baby wrote: post #199
procaryote wrote: post #189

Earlier quoted context omitted.

M of N big institutions signing a thing doesn't really make it a blockchain

Your protocol has to use a consensus mechanism if you want to reliably make progress, and be able to recover if you make mistakes, this is exactly what a blockchain solves

That you _can_ solve it with a blockchain doesn't mean that you can _only_ solve it with a blockchain.

M valid signatures of N authorities is a consensus mechanism that just needs public keys. You don't need a blockchain if you're prepared to trust a set of authorities like stripe and their trusted partners.

Re: Stripe Launches L1 Blockchain: Tempo

#235

Post by mNovak »

I have nothing intelligent to say about the blockchain aspect, but this is one of the most illegible websites I've encountered recently. What is the purpose of the crazy spaghetti text background and random low-contrast color palette? Why am I given a cosmetic customization panel for what's supposed to be a serious financial product?

Re: Stripe Launches L1 Blockchain: Tempo

#236

Post by nathan_compton »

solumos wrote: post #166
jstummbillig wrote: post #47

Unironically excited to learn: Why is this a blockchain? Why could stripe not just do this (maybe better) without the blockchain bit? I am actually optimistic that, finally, there could be a convincing answer, because stripe does not strike me as the type of company that would do this without a very good reason. (I am slightly less optimistic, because the page itself does not offer an answer to this question, and ins…

Because you can transfer stablecoins to an end-user without taking custody of it, and that end-user can redeem it in their local market without the local + US-based bank having to talk. It’s faster and cheaper. Stablecoins are a sort of “glue” between global banking infrastructure that otherwise would be difficult to set up as a provider (due to regulation), slow (due to bank technology for global payments being slow…

> due to regulation

If the goal here is to overcome regulation isn't all this threatened by the possibility of new regulation that recaptures this behavior?

Re: Stripe Launches L1 Blockchain: Tempo

#239

Post by bflesch »

quantumgarbage wrote: post #194
bflesch wrote: post #73

Earlier quoted context omitted.

It's crazy that after all this time Tether is still a thing.

Not only tether is a "thing", its actually in the top 10 US bonds buyer. So this "thing" isn't a business anymore, but an actual, proper, geopolitical actor.

Thanks for sharing, that's news to me. They seem to have surpassed Germany as US treasury bond holder [1] but recently stopped buying bonds [2].

Do you have any information which geopolitical actor controls tether? Is it China or Russia trying to circumvent SEPA? Or North Korea because north korean hackers have so much bitcoin from their ransomware operations?

[1] https://cointelegraph.com/news/tether-us-treasury-holdings-s... [2] https://yellow.com/news/stablecoin-giant-tether-slashes-trea...

Re: Stripe Launches L1 Blockchain: Tempo

#240

Post by nailer »

asdev wrote: post #17

I'm trying to figure out how this is decentralized? "A diverse group of entities" will run validator nodes. This sounds like it's just a Solana clone then.

Solana has a higher Nakamoto coefficient (20) than ethereum (6). This means the lowest number of validators that would have to collude to censor the network is 20.

There are some legitimate advantages of ethereum (multiple independent validator software implementations) but decentralisation of the L1 isn’t one of them, even more so when you consider most ethereum transactions happen over centralized L2s.

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