Expanding global payouts with crypto • Hacker News Board

Re: Expanding global payouts with crypto

#41

Post by CryptoPunk » Sat, Apr 23, 2022, 7:26 AM UTC

RC_ITR wrote: post #40

CryptoPunk wrote: post #37

Earlier quoted context omitted.

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.

>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?

Yes, in many places where local conversion of USDC to USD or some other fiat currency is possible, but international Stripe payouts through the banking system are not.

Re: Expanding global payouts with crypto

#42

Post by timbit42 » Sun, Apr 24, 2022, 12:41 AM UTC

agentultra wrote: post #16

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 cryptography.

Re: Expanding global payouts with crypto

#43

Post by saurik » Sun, Apr 24, 2022, 6:39 AM UTC

lostmsu wrote: post #33

saurik wrote: post #28

Earlier quoted context omitted.

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).

Why have you omitted that Polygon is also a layer on top of Ethereum?

Because it doesn't affect the price of using Polygon (and because it is only half true in the first place...) making it entirely irrelevant?

Re: Expanding global payouts with crypto

#44

Post by RC_ITR » Mon, Apr 25, 2022, 9:17 PM UTC

CryptoPunk wrote: post #41

RC_ITR wrote: post #40

Earlier quoted context omitted.

>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?

Yes, in many places where local conversion of USDC to USD or some other fiat currency is possible, but international Stripe payouts through the banking system are not.

Wouldn't Stripe's efforts be better used in making payouts available in more countries then?

Also, what are the geos where all 3 are true:

1) Stripe can't payout in USD 2) Strip can payout in USDC 3) USDC to USD (or any fiat) conversion is freely allowed