31–40 of 44 posts
It's clear there's some form of benefit for users beyond major markets (though those users still need to go through Stripe's KYC process), but for those in major markets, what benefits are there to receive earnings in crypto?
Earlier quoted context omitted.
Not sure if you missed the details of the announcement but they are doing the payouts on Polygon, which is not a Proof of Work network (the technology that is harmful for the environment).
... it's not on PoS yet and it was delayed again. It's been delayed since 2016 or so (I can't remember the first time they announced it was just around the corner ). There's also no guarantee that the PoW chain won't simply continue in yet another fork because profits.
Stripe themselves (in the very blogpost the submission links to no less) mention that they are using Polygon (which is PoS):
> Payouts will take place over the Polygon network
Earlier quoted context omitted.
Isn't USDC a token on Ethereum and some other blockchains? According to this it is 99%+ ETH: https://www.theblockcrypto.com/data/decentralized-finance/st...
Those charts aren't loading on my phone, but I presume you mean Ethereum (not ETH, which is a currency). This announcement says explicitly that the payouts will occur on Polygon, not Ethereum. Polygon currently has much lower fees than Ethereum (though the same scalability bottleneck inherently exists).
What will be interesting to see is when/if they roll this back. Historically significant announcements like this from large corps are more of a PR play than anything else. Even Elon/Tesla backed away from crypto less than three months after announcement. They've been (allegedly) looking at it again for almost a year now but given no additional announcement of progress that announcement was quite possibly just another…
Does anyone else associate "crypto" with "scam" these days? How is this good for them or their brand? I used to think Stripe's team cared about technical excellence and generally had good ideas. With their first announcement into this space and now this I'm less inclined to think so and will avoid their business as much as I can.
Disclaimer: I don't hold any cryptocurrency unless I need to buy something with it :)
Does anyone else associate "crypto" with "scam" these days? How is this good for them or their brand? I used to think Stripe's team cared about technical excellence and generally had good ideas. With their first announcement into this space and now this I'm less inclined to think so and will avoid their business as much as I can.
I associate "crypto" with "low fees" and "strong sender anonymity" and "transaction privacy". Really, I view it, especially those like Monero, as humanitarian money- something to act as our digital cash in the absence of sensible governments who would adopt central-but-private systems like GNU/Taler. Disclaimer: I don't hold any cryptocurrency unless I need to buy something with it :)
Well, sure, that's because it's not doing anything. It can't be used for any of the purposes that money serves -- unless you live next to a matcha cafe in Berkeley or whatever -- and so it inevitably begets a bank/payment-network transaction in order to actually be spent or saved. Or, as you put it:
> I don't hold any cryptocurrency unless I need to buy something with it :)
[...]
To be clear: I'm not an anti-crypto person, and I think it's as stupid to rage against a technology as it is to rage for it. I believe in the promise of digital cash. But first the candidate technology needs to satisfy the needs it's trying to serve, and none of the current breed of digital currencies (or none of which I'm aware) seem capable of doing that.
Earlier quoted context omitted.
No that's not true at all. "Instead of sending a letter via USPS, send an instant electronic message via Clownfartmail" Still seems better to me. EDIT: Just to answer your implied question. I'm saying that in practice paying out an end user in USDC is the equivalent of paying out a user in any USD-denominated currency (crypto or not). Changing the name of the tech removes the 'gee-whiz' aspect of it and makes you foc…
I vehemently hate crypto and still I don't get your point here. But on USDC, it isn't regulated or properly audited by anyone reputable, the fact that sits on Ethereum/Polygon (which also isn't regulated and is riddled with high fees) doesn't give me confidence that anyone will use this token. Stripe isn't doing anyone any favours offering this service.
https://www.centre.io/usdc-transparency
And Polygon is an Ethereum sidechain, so it charges very low fees.
So given these objections are without merit, this feature is doing people living in countries which cannot otherwise receive Stripe payouts a favor.
Earlier quoted context omitted.
Not sure if you missed the details of the announcement but they are doing the payouts on Polygon, which is not a Proof of Work network (the technology that is harmful for the environment).
... it's not on PoS yet and it was delayed again. It's been delayed since 2016 or so (I can't remember the first time they announced it was just around the corner ). There's also no guarantee that the PoW chain won't simply continue in yet another fork because profits.
Earlier quoted context omitted.
No that's not true at all. "Instead of sending a letter via USPS, send an instant electronic message via Clownfartmail" Still seems better to me. EDIT: Just to answer your implied question. I'm saying that in practice paying out an end user in USDC is the equivalent of paying out a user in any USD-denominated currency (crypto or not). Changing the name of the tech removes the 'gee-whiz' aspect of it and makes you foc…
I vehemently hate crypto and still I don't get your point here. But on USDC, it isn't regulated or properly audited by anyone reputable, the fact that sits on Ethereum/Polygon (which also isn't regulated and is riddled with high fees) doesn't give me confidence that anyone will use this token. Stripe isn't doing anyone any favours offering this service.
1) USDC still needs to be turned into fiat in order to buy anything with it, so any regulatory/tax advantage is out the window there.
2) The fact that USDC is 'on blockchain' offers no meaningful advantage to the end-user vs. twitter (or any other centralized authority) just deciding to pay people in 'points' that are pegged to 1 USD (that also need to be converted to fiat to buy things)
Earlier quoted context omitted.
I vehemently hate crypto and still I don't get your point here. But on USDC, it isn't regulated or properly audited by anyone reputable, the fact that sits on Ethereum/Polygon (which also isn't regulated and is riddled with high fees) doesn't give me confidence that anyone will use this token. Stripe isn't doing anyone any favours offering this service.
USDC is very credible. It receives regular attestations from Grant Thornton: https://www.centre.io/usdc-transparency And Polygon is an Ethereum sidechain, so it charges very low fees. So given these objections are without merit, this feature is doing people living in countries which cannot otherwise receive Stripe payouts a favor.
And then what do they do with their USDC? Sell it for USD?