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Stripe Launches L1 Blockchain: Tempo

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Re: Stripe Launches L1 Blockchain: Tempo

#451

Post by xipho »

pc wrote: post #46

There are lots of crypto skeptics on HN (and we ourselves were disappointed with crypto's payments utility for much of the past decade), so it might be interesting to share what changed our mind over the past couple of years: we started to notice a lot of real-world businesses finding utility in stablecoins. For example, Bridge (a stablecoin orchestration platform that Stripe acquired) is used by SpaceX for managing…

If the only two examples that are presented are "SpaceX" and "Latin America" can we not dismiss any further importance on the conflict-of-interest aspect alone? A completely failed experiment, and a company that can create millions simply by tweeting- who buys this?

Re: Stripe Launches L1 Blockchain: Tempo

#452

Post by pc »

mbesto wrote: post #425
pc wrote: post #340

Earlier quoted context omitted.

Does that imply that some day users would be able to pay using Tempo? I don't think that customers or businesses should see Tempo very much. In the success case, Tempo is a platform like SWIFT or ACH that others employ behind the scenes to orchestrate transactions. "Decentralized, internet-scale SWIFT" isn't exactly the right analogy (there are clearly lots of differences), but it's not totally wrong either. Why are…

> Instant on-chain transfers avoiding trapped liquidity. If you're transferring money from financial institution A to institution B, and the transfer takes a day, you're either slowed a day in taking the next step or you have to somehow cover that float. These are slow by design - abuse/fraud. How does blockchain solve that issue? > * Fees that are lower than cards. Card payments are instant, which is often valuable…

In these matters, I always try to keep in mind that technologies aren't themselves disruptive; customer choices are. It'll be interesting to see what customers choose in the years to come.

Re: Stripe Launches L1 Blockchain: Tempo

#453

Post by wg0 »

ed wrote: post #167
zeven7 wrote: post #136

The job listing[1] for Rust Engineer at Tempo says > Attributes: High motor What is meant by that? [1] https://jobs.ashbyhq.com/tempo-xyz/aab97703-13e2-42e8-9fb9-9...

It’s a phrase used by sports commentators. There’s a physicality in the definition that doesn’t really describe the best programmers I’ve worked with. > In sports, "high motor" describes a player who consistently exerts maximum effort and intensity on every play, showing relentless energy, enthusiasm, and a refusal to take plays off, even when tired or the game situation is difficult.

There are eight hours a day. You can't be high at all times unless under the influence of drugs.

Feeling defeated is important too to rethink your strategy.

Recruiters want Übermenschen probably.

Re: Stripe Launches L1 Blockchain: Tempo

#454

Post by lacy_tinpot »

mrzool wrote: post #431
logicchains wrote: post #407

Earlier quoted context omitted.

Try sending money to a supplier in Iran or Russia and tell me how helpful those EU regulations are.

Don’t get suppliers in Iran or Russia. Easy.

Just don't trade. Easy. We're actually supporting free trade by restricting free trade. Because when the government controls what you trade that's what free trade actually is.

What an amazingly blatant example of Orwellianism.

Re: Stripe Launches L1 Blockchain: Tempo

#455

Post by alixanderwang »

mbesto wrote: post #425
pc wrote: post #340

Earlier quoted context omitted.

Does that imply that some day users would be able to pay using Tempo? I don't think that customers or businesses should see Tempo very much. In the success case, Tempo is a platform like SWIFT or ACH that others employ behind the scenes to orchestrate transactions. "Decentralized, internet-scale SWIFT" isn't exactly the right analogy (there are clearly lots of differences), but it's not totally wrong either. Why are…

> Instant on-chain transfers avoiding trapped liquidity. If you're transferring money from financial institution A to institution B, and the transfer takes a day, you're either slowed a day in taking the next step or you have to somehow cover that float. These are slow by design - abuse/fraud. How does blockchain solve that issue? > * Fees that are lower than cards. Card payments are instant, which is often valuable…

At the very least, assuming you're correct the current slow infrastructure is by design, it seems good there are options.

A business can choose if they want

1. slow, pay for customer support and fraud protection

2. instant, lower cost, mistakes are irreversible

Re: Stripe Launches L1 Blockchain: Tempo

#456

Post by gotbeans »

siddthesquid wrote: post #211
baby wrote: post #182

Earlier quoted context omitted.

I'll attempt an answer: Today, if you want to transact between businesses or retail (folks like you and I), you need to find a route between the two entities' banks. This route might take several hops, passing through some central banks, and some of these hops might be instant or might take days to actually settle. On top of that, you need to pay the service that helped you find a route (SWIFT) and potentially the no…

I think the technology of blockchain is irrelevant. If something can be accomplished on the blockchain, which requires N nodes, a business can probably replicate that same objective with less than N nodes because they don't have to pay the cost of verifying that nodes are acting honestly. This business is incentivized to be honest because otherwise they lose their business. Someone has to pay those costs for the N no…

> Criptography

You mean criptography and trust right?

Re: Stripe Launches L1 Blockchain: Tempo

#457

Post by skritched »

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…

What other countries are you comparing to? I did a multi year assignment in Germany and holy fucking hell does their banking system suck. It took weeks for my checks to be deposited and reconciliation times were longer. Not defending the US here by my only non-US banking experience was atrocious.

Re: Stripe Launches L1 Blockchain: Tempo

#458

Post by kccqzy »

raincole wrote: post #403
dperfect wrote: post #348

Earlier quoted context omitted.

It sounds great, but every time I see this argument, I end up going down the rabbit hole of actually studying how stablecoins operate. And every time, I come to the same conclusion: they always rely on trust in an off-chain oracle or custodian. At that point, a shared ledger implemented with traditional databases / protocols would be faster, easier, and more transparent. Bitcoin (and possibly a few others) is one of…

> 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,…

Large banks like JPMorgan Chase are also looking into launching their own stablecoins, just because it has less regulation than normal banking. In fact Jamie Dimon himself says so. The idea is really simple: creating stablecoin deposit accounts for customers allows banks to skip existing customer protections that are normally afforded to traditional deposit accounts.

Re: Stripe Launches L1 Blockchain: Tempo

#459

Post by LudwigNagasena »

Liron wrote: post #447
garbthetill wrote: post #444

Earlier quoted context omitted.

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.

Technology is relevant because it is the very reason they have to say yes to USDC and try to at least partially regulate it. If they could, they would say no and even ban it completely, but they can’t.

Re: Stripe Launches L1 Blockchain: Tempo

#460

Post by idiotsecant »

earnesti wrote: post #369
idiotsecant wrote: post #364

Earlier quoted context omitted.

Bitcoin makes the least sense of any of these schemes. Proof of work is just proof of sota ASIC ownership, which is just proof of stake by another name. Why not just use POS like everyone else and avoid dumping the carbon? Bitcoin is going to be one of those things in the history books that will seem utterly incomprehensibly irresponsible to future generations.

Bitcoin makes a lot of sense, if you don't want central banks to print your monies and devalue it. If you don't care about that, then it doesn't make sense for you. But really, the 21M cap is about only point that matters about BTC, the other features have to be there but are secondary.

Nope, still no sense. There are plenty of crypto projects out there that are less centralized, don't dump entire countries worth of carbon into the air, and still manage to have the same logarithmic distribution that Bitcoin does.

BTC was a first draft that somehow metastisized into a literal meme virus that consumes a stupifying proportion of the world power supply.

It's idea cancer. The fact that it continues to exist is a sign of a faulty memetic immune system in our species.

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