They'll censor transactions for things considered icky by your average suit corpo drone won't they?
Stripe Launches L1 Blockchain: Tempo
241–250 of 1001 posts
Re: Stripe Launches L1 Blockchain: Tempo
#242OMFG STOP TRYING TO MAKE BLOCKCHAIN A THING ALREADY. IT FAILED. MOVE TF ON.
If it failed, why do you feel the need to shout?
Re: Stripe Launches L1 Blockchain: Tempo
#243Earlier quoted context omitted.
The problem with all that, is the fact it remains possible to create a protocol with N big institutions (governments and large tech companies, big non profit organizations and so forth) signing every block, to create a collaborative system that is perfectly suited for the same task. The system can make progresses as long a given fractions of the participants is available and so forth, there are a number of well known…
> The problem with all that, is the fact it remains possible to create a protocol with N big institutions [...] This maintains many benefits of the blockchain and lacks many issues (fast, simple, near zero cost) That's more or less exactly what this is. Stripe is launching an EVM L1. The Ethereum Virtual Machine part gives it a mature tech stack with experienced developers and auditors. Plus, well-tested smart contra…
I don’t get it yet.
If we skipped the whole blockchain part, wouldn’t it be faster, simpler, cheaper? What value does the whole blockchain, EVM, L1 offer? Don’t they fully control the network? Don’t they decide “everything” anyway?
I’d love to understand it, I’m not a hater, just a developer who don’t quite get this announcement.
Re: Stripe Launches L1 Blockchain: Tempo
#244Earlier quoted context omitted.
Care to elaborate?
I'll chime in here;e.g. Ethereum is more than a database. It's a computer. You can write and execute code on it. (but also, as OP, Stripe will almost certainly not have any use for this)
Technically, it's a program, not a computer; Ethereum still needs actual computers to do the computing.
Re: Stripe Launches L1 Blockchain: Tempo
#245Here's the play. It's very simple, and it's quite good. Stripe processes a LOT of money. The customers that get that money need to move it around. Often to banks. Stripe makes no money on that. Over the last few years, stablecoins have become a preferred means to hold and move money (for convenience, etc). Stablecoin providers make money on their float -- selling stablecoins means you get free deposits, and risk-free…
i'm still unclear what the crypto really adds to this play. stripe customers need to move their money around, and they need a trusted source to hold money. stripe could just do that. why add crypto into the mix?
total shot in the dark, but im assuming there is much lower regulatory burden to holding lots of crypto than trying to be a bank
Re: Stripe Launches L1 Blockchain: Tempo
#246Hit spacebar on the website for even more insane visuals!
Re: Stripe Launches L1 Blockchain: Tempo
#247Here's the play. It's very simple, and it's quite good. Stripe processes a LOT of money. The customers that get that money need to move it around. Often to banks. Stripe makes no money on that. Over the last few years, stablecoins have become a preferred means to hold and move money (for convenience, etc). Stablecoin providers make money on their float -- selling stablecoins means you get free deposits, and risk-free…
> Over the last few years, stablecoins have become a preferred means to hold and move money
Moving money, sure. Holding money, only for chumps. The oldest grift in the cryptocurrency book is "unpegged no-audit stablecoin" and vanishingly few tokens actually put their money where their mouth is. Anyone can spin up money out of nowhere, but only a few businesses can survive a true bank-run scenario.
This seems like a threat to put pressure on CBDC to be pro-business or else the private sector will take over part of their job for them. A rational administration would probably want to put a stop to this, letting the private sector print it's own money will invariably end in heartbreak.
Re: Stripe Launches L1 Blockchain: Tempo
#248Ah the layers. Okay, so one: Obviously pointless from a tech POV. There is nothing that a Stripe controlled blockchain could offer that a database could not. But then, why? Sadly, as someone who does like the ideals of true cryptocurrency, yet another way to make sure "real" crypto doesn't happen, much like what is happening to BTC. Here's hoping (yeah, it's a long shot) people see through all of this and maybe, MAYB…
Can you elaborate on what is real crypto, vs what’s happening now with BTC or other decentralized stable coins, please? I’m curious to know more. Thanks
The fees and slowness of BTC have essentially rendered it unusable as a "real cryptocurrency" and is more-or-less just being taken over by the banks.
The others aren't doing well right now despite the fact that the tech that runs them can do what crypto promised, often better. It will all come down to whether people will buy in?
Re: Stripe Launches L1 Blockchain: Tempo
#249Ah the layers. Okay, so one: Obviously pointless from a tech POV. There is nothing that a Stripe controlled blockchain could offer that a database could not. But then, why? Sadly, as someone who does like the ideals of true cryptocurrency, yet another way to make sure "real" crypto doesn't happen, much like what is happening to BTC. Here's hoping (yeah, it's a long shot) people see through all of this and maybe, MAYB…
> Stripe controlled blockchain could offer that a database could not. A database cannot resist tampering by somebody with admin access to the database. It may be the only thing that blockchains have going for them, but it's a big one.
Stripe would never create a blockchain they can't control, because if it has anything to do with fiat then it's going to need to have that control. I have an extremely high suspicion they have some sort of admin access.
Re: Stripe Launches L1 Blockchain: Tempo
#250There are lots of crypto skeptics on HN (and we ourselves were disappointed with crypto's payments utility for much of the past decade), so it might be interesting to share what changed our mind over the past couple of years: we started to notice a lot of real-world businesses finding utility in stablecoins. For example, Bridge (a stablecoin orchestration platform that Stripe acquired) is used by SpaceX for managing…
Compare and contrast L1 to FedNow. 1.5% vs $0.045 per credit transfer $0.01 per request for payment message $1.00 per liquidity management transfer Nice work if you can get it. BTW, it is crypto. So the promise that none of these businesses are using crypto because it's crypto or for any speculative benefit is a provisional promise at best. Hyrum's Law argues an opposite future.
Hyrum's Law states that developers will depend on all observable traits and behaviors of an interface, even if they are not defined in the contract.
- It rang a bell but I had to look it up, figured I'd share to save others the trouble.