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Stripe Launches L1 Blockchain: Tempo

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Re: Stripe Launches L1 Blockchain: Tempo

#441

Post by 9dev »

madamelic wrote: post #420
raincole wrote: post #403

Earlier quoted context omitted.

> a shared ledger implemented with traditional databases / protocols would be faster, easier, and more transparent. Stablecoin is not a technology. It's an excuse. An excuse to do what banks do while not being regulated like a bank or using the infrastructure banks use. Similar to how Airbnb is not a technology but an excuse to do what hotels do without hotel's license. So it makes no sense to compare it to database,…

Personally, I think US banking needs something an Uber or AirBnB style shake-up to get their act in order. It's awful how behind the times the US is when it comes to banking. 2 - 3 days to get money from one account to another is beyond embarrassing in the modern day. It took the US something like 15 years to get chip-and-pin. Banks are still these monolithic entities that don't care to innovate or listen to customer…

Other countries managed to regulate their banks to innovate just fine without blockchain technology, though. It doesn’t always need a startup to disrupt something by flipping the finger to lawmakers. Sometimes humble regulation is enough. Take SEPA as an example: I can transfer money free of charge to any European bank account, in a few seconds.

Re: Stripe Launches L1 Blockchain: Tempo

#442

Post by munificent »

idiotsecant wrote: post #384
j2kun wrote: post #268

Earlier quoted context omitted.

All of the other comments are missing the point: using blockchain technology is a means to bypass regulation. That's it. That's always been the point of cryptocurrency.

You say tomato I say removing the levers of power from world governments who have proven time and time again that they can't help but pull them to help themselves

> removing the levers of power from world governments

A lever of power is never removed unless the act itself can no longer be performed. All you can do is take someone's hand off the lever and hope that whoever grabs it next is better than the last hand that had it.

I find it very unlikely that wresting power away from government—which at least has some level of citizen participation—will end up with it in better hands. The most likely scenario is that some billionaire will end up owning it.

Re: Stripe Launches L1 Blockchain: Tempo

#443

Post by flyer23 »

woah wrote: post #100
bflesch wrote: post #50

This is off-topic to their grand blockchain adventures, but I need to mention it: I would love for stripe to start paying appropriate VAT on transactions between their merchants and EU citizens, I've been on their ass about it for nearly a year now. I've reported multiple merchants to them which simply refused to provide an VAT invoice for any transactions. Legally, merchants outside EU are required to pay VAT on the…

How can an invoice "not be legal" if it records a transaction? Sounds like your jurisdiction is requiring superfluous formatting rules, but I don't see how that's anyone's problem except for yours. You're trying to get Stripe to force merchants to conform to some arbitrary document format for an invoice that isn't even part of Stripe's transaction flow, based on a regex on emails for certain TLDs?? Is Stripe the worl…

You call a pdf,converted from google sheet, with some random number, product name and price an invoice? This is kids scamming on taxes, they do not want to be catched and Stripe do not care as long as they get paid they share. That is whole US lately, fck regulations and make money.

Re: Stripe Launches L1 Blockchain: Tempo

#444

Post by garbthetill »

Liron wrote: post #396

Let me help explain whether blockchains are useful or not: They're not. The US gov let Circle be a less-regulated bank than other banks. This is called "regulatory arbitrage". You can take advantage of it by checking the box that you have a "blockchain". Stripe noticed "wow, things labeled blockchain are nice for some people to use" because of this dumb inconsistent banking regulation situation. Stripe doesn't mentio…

ngl you are not wrong, I've never thought of it like that. Is there an argument that it can never really be regulated? sure if the US gov stops circle from buying treasury bills & you cant get a stable usd, whats stopping you from pegging it to another currency like a yen, pound, euro etc or gold, silver etc

I think it is useful and is here to stay

Re: Stripe Launches L1 Blockchain: Tempo

#445

Post by lacy_tinpot »

rebolek wrote: post #379
_zoltan_ wrote: post #316

Earlier quoted context omitted.

screw regulation when a bank transfer isn't instant and the bank can do all kinds of checks and hold your money hostage for days or weeks.

In EU, regulations are heavy and the result is I can send money instantly for free. That’s actually what the regulations are for. To protect free trade from bad actors.

Protection and control are indistinguishable. And secondly what if the State is a bad actor?

"Protecting" free trade from "bad actors" is just an extension of the state to control what "free trade" is from what it considers "bad actors".

Bad behavior does exist, but current technology far exceeds the capacity of bureaucracy to implement free trade, protection from bad actors, and most importantly Trust. The state itself becoming a bad actor is an increasing risk, which technology helps to hedge against.

I think it's important to remember that the Government IS PEOPLE. How are the people in Government any different from "normal" people.

They're not.

And so the people in government will be just as misguided, corrupt, fallible as any other organization of people. Technology helps us hedge against those failures.

Re: Stripe Launches L1 Blockchain: Tempo

#446

Post by ViewTrick1002 »

logicchains wrote: post #435
ViewTrick1002 wrote: post #410

Earlier quoted context omitted.

Which means it will only ever be a tiny niche market since the amounts are irrelevant when the service is needed. Then as the country’s economy develops the need for these illegal services disappear, or quickly gets you in trouble.

>Then as the country’s economy develops the need for these illegal services disappear, or quickly gets you in trouble. This is not necessarily the case given how large the online illegal drugs market is in pretty much every developed country. Just because weed was legalised, it doesn't mean all other narcotics will be legalised in future too.

Which given the busts of Silkroad etc. and countries changing the laws allowing them to search mail making delivery more perilous, has again withdrawn to a physical hands on market.

Or do you suggest to send some stable coins when meeting the local dealer?!?!

Re: Stripe Launches L1 Blockchain: Tempo

#447

Post by Liron »

garbthetill wrote: post #444
Liron wrote: post #396

Let me help explain whether blockchains are useful or not: They're not. The US gov let Circle be a less-regulated bank than other banks. This is called "regulatory arbitrage". You can take advantage of it by checking the box that you have a "blockchain". Stripe noticed "wow, things labeled blockchain are nice for some people to use" because of this dumb inconsistent banking regulation situation. Stripe doesn't mentio…

ngl you are not wrong, I've never thought of it like that. Is there an argument that it can never really be regulated? sure if the US gov stops circle from buying treasury bills & you cant get a stable usd, whats stopping you from pegging it to another currency like a yen, pound, euro etc or gold, silver etc I think it is useful and is here to stay

It's entirely at the whim of the US government whether they allow non-KYC foreign people to have USDC accounts.

Right now they say USDC:Yes and USD:No. They could easily say yes or no to either one at any time. Blockchain as technology is irrelevant.

Re: Stripe Launches L1 Blockchain: Tempo

#448

Post by hx833001 »

idontwantthis wrote: post #401
SR2Z wrote: post #368

Earlier quoted context omitted.

> At that point, a shared ledger implemented with traditional databases / protocols would be faster, easier, and more transparent. Except they are frequently _not_. I dislike crypto on principle, but you can't look at the exorbitant transfer fees and latency that a lot of banks charge for common transactions (Visa/MasterCard are especially bad) and say that crypto has no potential. Yes, it would be easier if we could…

> Yes, it would be easier if we could just trust our banks to offer instant settlement and very low fees, but they don't. I think everywhere but America has already figured this out. Instant bank payments are pretty standard everywhere else, even third world countries.

The US banks just won’t do it across the board unless it is mandated like ACH. Many in the banking system feel comfortable with this FedNow rollout taking many years. It’s ridiculous.

Re: Stripe Launches L1 Blockchain: Tempo

#449

Post by idiotsecant »

munificent wrote: post #442
idiotsecant wrote: post #384

Earlier quoted context omitted.

You say tomato I say removing the levers of power from world governments who have proven time and time again that they can't help but pull them to help themselves

> removing the levers of power from world governments A lever of power is never removed unless the act itself can no longer be performed. All you can do is take someone's hand off the lever and hope that whoever grabs it next is better than the last hand that had it. I find it very unlikely that wresting power away from government—which at least has some level of citizen participation—will end up with it in better ha…

No, it's possible. Imagine, for example, that you are concerned about growing political control of the central bank in your country and you want to remove the ability of central banks to set an inflation rate for the currency you use. That's quite easily achieved if ownership of the currency system is distributed among all users of that currency.
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