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Stripe Crypto

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Re: Stripe Crypto

#391

Post by asasidh »

chockchocschoir wrote: post #370
biztos wrote: post #220

Earlier quoted context omitted.

I would love to know how often real-world money is referred to as "fiat" inside Stripe.

"Fiat" does not mean "real-world money" as any money you consider "real" is "real". "Fiat" refers to money not backed by something physical, and it is not a new term that appeared from the cryptocurrency space (as many believe). The search trend, https://trends.google.com/trends/explore?date=all&q=Fiat%20M... , seems to be relative stable since start of collecting trend data (2004), with slightly increasing volume as…

fiat means by decree.

Bitcoin made the term fiat popular.

Re: Stripe Crypto

#392

Post by wahnfrieden »

fivre wrote: post #339
almostkorean wrote: post #296

Earlier quoted context omitted.

Royalties are built into marketplace smart contracts. Individuals can do P2P trades where the artist doesn't receive any royalty but this doesn't happen very often. Anecdotally, it typically only happens on large deals and people who do a P2P trade often send the artist their royalty anyway (but still benefit from not paying the OpenSea fees for example) Not sure what you mean by the second question

Wait, so the purported royalty benefit of wrapping this in a contract can be circumvented, but the NFT tech is still good because people who circumvent this kindly send the artist the royalty anyway? Would they not be able to send the same courtesy royalty if no NFTs were involved?

please see “ideas on a shelf”

Re: Stripe Crypto

#393

Post by michaelsbradley »

StewardMcOy wrote: post #385
michaelsbradley wrote: post #352

Earlier quoted context omitted.

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…

I didn't mean to imply that NFTs were the biggest economic driver of ETH, but rather that they occupy the zeitgeist. There are systems that are successful because they are successful. If you look at Bitcoin, ETH, and a couple other altcoins, they are much more popular than all the other blockchains out there, and are seen as much more important than other blockchains. They have a perceived legitimacy and large number…

   I don't think we'll see practical attacks against it until one of the important ones goes PoS.
I definitely agree with that.

   I think that's where PoS has some real weaknesses
Sure, attacks and mitigations for them are actively being researched. A couple of examples:

https://ethresear.ch/t/change-fork-choice-rule-to-mitigate-b...

https://arxiv.org/abs/2110.10086

Re: Stripe Crypto

#394

Post by Nullabillity »

MathCodeLove wrote: post #311
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.

They're not encouraging crypto anymore than a liquor store encourages alcoholism. The liquor store may lower the barrier to entry for obtaining a bottle of alcohol, but it's ultimately the alcoholics choice to enter the store and purchase it. Offering a product is not evil or immoral. It may be amoral but that's not the same as immoral. Ultimately the market decides what stays and goes except in extraordinary circums…

Plenty of places do regulate liquor stores heavily for this reason.

Re: Stripe Crypto

#395

Post by almostkorean »

QuikAccount wrote: post #320
almostkorean wrote: post #299

Earlier quoted context omitted.

What makes it a shit way of supporting artists? I have seen some fraud like you describe, but I think it makes a lot of sense for digital only artists.

The fraud I describe makes it a shit way of supporting artist. As for digital only artist, there are plenty of non-NFT ways to support them. Commissions, Patreon, and merch to name a few.

If you were certain an NFT you were buying was not fraudulent and was created by the artist would you still think it's a shit way of supporting them? Is it bad that they have an additional way to make money on top of commissions, Patreon, and merch?

Re: Stripe Crypto

#396

Post by [deleted] »

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.

[deleted]

Re: Stripe Crypto

#397

Post by ordinaryradical »

mattdesl wrote: post #362
ordinaryradical wrote: post #145

Earlier quoted context omitted.

I think this is exactly right. The implementation of the technology has necessitated all of these different layers, each of which create new opportunities to take a cut. Many of the crypto businesses in the ecosystem talk about removing financial friction and control, but it seems they are only interested in introducing their own versions of them, and building their own little Wall Street while they can still get in…

transaction fees on L2s are in fractions of a cent, certainly lower than the fees paid to PayPal or Stripe on regular international payments. a feeless public ledger seems unlikely to ever work at scale; it would immediately be polluted by spam.

A feeless public ledger already exists, is transacting around the world, and has overcome spam attacks multiple times at this point: Nano, from one of the original developers of Bitcoin.

Re: Stripe Crypto

#398

Post by _Nat_ »

wahnfrieden wrote: post #392
fivre wrote: post #339

Earlier quoted context omitted.

Wait, so the purported royalty benefit of wrapping this in a contract can be circumvented, but the NFT tech is still good because people who circumvent this kindly send the artist the royalty anyway? Would they not be able to send the same courtesy royalty if no NFTs were involved?

please see “ideas on a shelf”

Idiomatically, "shelved ideas". Shelving can be more abstract, but generally it's not idiomatic for abstract-concepts to be "on a shelf".

Language aside, I think you're being inconsistent with that concept: there are better solutions for compensating artists than NFT's already, so it's inconsistent to say that you want active-solutions as a justification for working on an less-active-solution.

Re: Stripe Crypto

#399

Post by StewardMcOy »

mattdesl wrote: post #358
StewardMcOy wrote: post #196

Earlier quoted context omitted.

This is not a convincing argument, but even if it were, carbon recapture is currently even more of a "rounding error" in the grand scheme of carbon emissions. Current carbon emissions are somewhere around 50 billion metric tons a year. I've seen varying estimates of crypto emissions, so I'm going to cite one [1] on the low end here, since it's more favorable to your argument, but the highest I've seen is less than do…

Perhaps worth clarifying: emissions are tied to hash rate (and price action), not transaction count which is effectively capped by limited block space. Your post makes it seem that Stripe’s service getting used will quickly increase emissions, but if ETH price and hash rate drops significantly in the coming months, the emissions would also follow suit regardless of transaction count. I agree though, the tech is curre…

This is correct. I was using transactions as a standin for demand. As in, Stripe could increase the demand for transactions, which increases gas fees, thus enticing more miners to participate, increasing the hash rate.

Re: Stripe Crypto

#400

Post by judge2020 »

uoaei wrote: post #382
therealdrag0 wrote: post #355

Earlier quoted context omitted.

You think “carbon captures” is better PR than alternatives that do work such that they picked this instead? Or you think they just pulled it out of a hat? Or is your explanation just not that good?

The alternative that does work is simple -- don't do crypto until the extreme carbon emissions are handled to a reasonable degree. It is clear that is not the case now. The end goal is vague but with due diligence you can keep mining crypto and the environment can keep at least some of its richness.

Once the merge happens (proof of stake) and finally shard chains are deployed to mainnet ethereum[0], the main source of high fees and high emissions (ethash GPU farms) will fall tremendously.

0: https://ethereum.org/en/upgrades/

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