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Stripe Crypto

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Re: Stripe Crypto

#371

Post by stubish »

atlantas wrote: post #270
fivre wrote: post #253

Earlier quoted context omitted.

This is a solved problem: you pay them for their work, which is how artists have made money since time immemorial. The degree to which artists can make a living off their art is a function of demand and discoverability, not whether they have a payment system (they do need this, but they already have them). I'd be curious to know what fraction of NFT enthusiasts had previously commissioned a piece of art, and of those…

In the current system when an artist creates something and sells it, they typically get paid once, often lowballed. The buyer may turn around and sell it for 100x. The buyer made far more than the artist, who gets nothing in this scenario. With NFTs the artist can get a cut of every transfer indefinitely.

Almost all art sold is only sold once. The figure I've seen is 0.5% of paintings bought are ever resold. Most artists would be overjoyed at someone flipping their work for 100x, because their future sales now look better. It is similar to gallery commissions, where 40% of hardly anything is a bargain and 40% of a lot is worth every penny.

Re: Stripe Crypto

#372

Post by dannyw »

michaelsbradley wrote: post #352
StewardMcOy wrote: post #328

Earlier quoted context omitted.

Yes, and it's definitely impressive, and I know this might seem like moving the goalposts, but the market cap of Beacon is very small compared to ETH Mainnet. More importantly, it's not _the_ ETH blockchain. Beacon may be working so well because PoS is optional. The people participating in Beacon have bought into PoS on a conceptual level and are working to make it work. When you're incentivized to, you can ignore th…

There's roughly USD $26 billion equivalent staked on Beacon, which puts it squarely in top-10 territory of crypto market caps, so I'm not sure why you consider it "very small", even compared to the ETH1 mainnet, but I guess "very/small" might be subjective. While NFTs are a non-negligible component of trade volume on the Ethereum blockchain, numbers I've seen recently put monthly volumes of e.g. OpenSea in the single…

It’s still bandaided in terms of withdrawals not being allowed. So there’s little incentive to attack PoS, as you can’t reap any rewards.

Re: Stripe Crypto

#373

Post by rvz »

StewardMcOy wrote: post #232
PretzelPirate wrote: post #213

Earlier quoted context omitted.

On the bright side, Ethereum devs have just launched the final testnet before the switch to Proof-of-Stake. It would be great for Stripe to continue investing the same amount of money into carbon recapture even after Ethereum’s carbon emissions drop over 99%.

As I said in my original post, it would be great if that happened. I'm skeptical proof-of-stake will work at scale. If it does, great, but Stripe should have waited until then to support ETH, and not support Bitcoin or other chains currently on proof-of-work. They damage they're doing in the meantime is more detrimental than their recapture efforts are beneficial.

> If it does, great, but Stripe should have waited until then to support ETH, and not support Bitcoin or other chains currently on proof-of-work.

Maybe is that why I see Solana on the front-page of Stripe Crypto?

Since that is a blockchain that is not only more eco-friendly [0] and many times faster than both Ethereum and Bitcoin put together but one can use right now today rather than waiting for Ethereum Proof-of-Stake for many years.

I am not going to tell merchants to pray on a calendar month when ETH 2.0 will launch. They'll just use other blockchains instead if one was told to 'wait'.

[0] https://solana.com/news/solana-foundation-carbon-neutral-202...

Re: Stripe Crypto

#374

Post by uoaei »

hn_throwaway_99 wrote: post #347
wmf wrote: post #271

Earlier quoted context omitted.

Stripe is largely selling well-made shovels for the gold rush here. ... This time around, they ... don't have any exposure to the volatile world of ETH or other coins. Which is... even more evil? They're encouraging an externality which harms normal people but not them.

Ugh - not a fan of declaring everything you disagree with as "evil". I think NFTs, along with the vast majority (but not all) crypto, are total bullshit, but I also accept (a) I could be totally wrong in this, in which case, my loss, and (b) offering rails to sell these items doesn't strike me as "evil" in the slightest.

The magnitude of the carbon footprint alone is not enough to hit the threshold?

How about the obvious breeding ground for scams, and the tacit approval by the community because all that money (assets) flows to the top?

There are more reasons, too.

Just because you don't understand someone's argument doesn't mean you should trivialize it.

Re: Stripe Crypto

#375

Post by OrlandoHakim »

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…

Speaking as someone who has worked in the crypto space, I tend to agree. This play is about offering well-made shovels to the industry.

The regulatory hurdles of getting into or out of fiat from crypto make it nearly impossible for all but the biggest players due to Money Service Business laws in each of the 50 states let alone internationally.

As such this is a regulatory arbitrage play and one that will be welcomed by the industry as it is currently filled with extremely expensive options (Looking at you Prime Trust) and predatory actors.

Stripe can clean up here in the short term if their product offers fair and transparent pricing to industry as is their brand.

I do suspect they will stick around this time as the number of players has grown and the US government looks like it is finally ready to embrace the industry and bring some much needed regulatory clarity.

Re: Stripe Crypto

#376

Post by valcron1000 »

schleck8 wrote: post #325
xtracto wrote: post #116

Earlier quoted context omitted.

Or get to localcrypto, localbitcoin, localmonero and find a peer who is willing to give you crypto for your cash.

Which are run by private companies and take cuts don't they? Also last time I checked the rates on P2P exchanges are ridiculous for any trusted seller

At least on Binance there are no fees involved in P2P trading

Re: Stripe Crypto

#377

Post by terry_lisp »

harel wrote: post #75
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.

To be honest, I thought your refusal was probably well justified considering the disproportionate levels of credit card fraud involved in anything to do with crypto. I'd love to see your end of year statistics now...

No post body was provided.

Re: Stripe Crypto

#378

Post by rosndo »

hutzlibu wrote: post #369
rosndo wrote: post #337

Earlier quoted context omitted.

By choosing to only have an EC card you’re making a deliberate choice to make your life difficult by using an incredibly obscure method of payment, no? You can hardly expect those to work even in other EU countries, much less with an US based online business. Almost everybody else in the world has a visa or a mastercard (or unionpay)

"By choosing to only have an EC card" That was the standard normal card, I had ever since with that account - which is what all the people around me have - but it does work all across europe, in every shop I went. Paypal is fine with it, so is coinbase. And every other online service I used. (while backpacking international, I indeed had a credit card at that time) So I recently only got a credit card(again), to be a…

> but it does work all across europe, in every shop I went.

That’s because deep inside it’s secretly something like a mastercard maestro, no?

Why don’t you just get a “normal” card from N26 or similar?

I used to have one of these weird not-visa not-mastercard debit cards, trying to use it internationally was just asking for trouble.

Re: Stripe Crypto

#379

Post by eloff »

uoaei wrote: post #374
hn_throwaway_99 wrote: post #347

Earlier quoted context omitted.

Ugh - not a fan of declaring everything you disagree with as "evil". I think NFTs, along with the vast majority (but not all) crypto, are total bullshit, but I also accept (a) I could be totally wrong in this, in which case, my loss, and (b) offering rails to sell these items doesn't strike me as "evil" in the slightest.

The magnitude of the carbon footprint alone is not enough to hit the threshold? How about the obvious breeding ground for scams, and the tacit approval by the community because all that money (assets) flows to the top? There are more reasons, too. Just because you don't understand someone's argument doesn't mean you should trivialize it.

Evil is not an argument. It is a trivialization itself.

One can argue that it's a bad thing (evil is still too strong a word I think.) But that's not what's going on here.

Re: Stripe Crypto

#380

Post by cavisne »

vishnugupta wrote: post #247

I skimmed the landing page. It looks like a collection of existing products and they are saying here’s how you could build on ramp and off ramp products. They are basically saying use our product to handle fiat currency and the customers. And once fiat leg of transaction is complete it’s upto you to manage the crypto part. I don’t see anything Crypto specific product here. For example, custodial Wallet as a solution.…

They used to not allow crypto currencies to use these products (credit card processing, treasury) due to the fraud risk and regulations. Now they are
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