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Stripe Launches L1 Blockchain: Tempo

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Re: Stripe Launches L1 Blockchain: Tempo

#521

Post by latchkey »

9dev wrote: post #441
madamelic wrote: post #420

Earlier quoted context omitted.

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.

Small money is fine. Any big transaction will get flagged and potentially delayed.

I don't know about you, but I'd rather use a system that allows me to do what I want with my funds without anyone else controlling it.

Re: Stripe Launches L1 Blockchain: Tempo

#522

Post by wouldbecouldbe »

allknowingfrog wrote: post #479
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,…

Do we have a term for this phenomenon yet? Airbnb is a great example. Uber is another. Regulatory loopholes are the way that these companies actually make money, but they call it "technology" and everyone kind of shrugs.

Airbnb was a bit more then a regulatory loophole, it at least started out as a new way for private homeowners to monetize one of their greatest asset. So it was much more an unused potential that was being tapped in.

The regulation that came after has in my personal experience privatized airbnb and now it's hard to find a private renter, when I started using it that was the standard.

Re: Stripe Launches L1 Blockchain: Tempo

#523

Post by tick_tock_tick »

ViewTrick1002 wrote: post #357
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…

> We're currently adding stablecoin functionality to the Stripe dashboard, and the first user is an Argentinian bike importer that finds transacting with their suppliers to be challenging. Using crypto to dodge currency controls? Of course I agree that currency controls are bad. But, if the use case for crypto keeps being fostering illegal transactions then it doesn’t solve anything a functioning economy needs.

Dude the USA runs the whole Euro Dollar system. The idea the USA really really "controls" it's own currency is a bit of a pipe-dream at this point. We might as well go for full global control.

Re: Stripe Launches L1 Blockchain: Tempo

#524

Post by _zoltan_ »

spookie wrote: post #480
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.

I wonder why...

check out the revolut sub on Reddit and you'll see random people getting a ridiculous amount of KYC for even a couple hundred or low thousands of euro.

Re: Stripe Launches L1 Blockchain: Tempo

#525

Post by specproc »

The scene has really moved on. I had a modest amount of bitcoin that's just been sitting there since the Silkroad. I'm broke and finally decided to use it.

Asked a crypto friend how to manage it in 2025, he pointed me to a service that I could use with Google Pay. Mental. I was just walking into normie places and paying with my ill-gotten gains.

It's gone mainstream for sure.

Re: Stripe Launches L1 Blockchain: Tempo

#526

Post by davidlee1435 »

thisgoesnowhere wrote: post #493
davidlee1435 wrote: post #482

Earlier quoted context omitted.

I think the most disruptive thing about stablecoins is the ability to opt-into your monetary system of choice. It's hard for the average non-US person to opt-into the US financial system. Sure, they could hold dollars in banks, but local monetary policy can nix that privilege at anytime by imposing foreign exchange controls. It's happened before, in some of the largest economies in the world: China in 2015, India in…

> But regulation can be a prison where you can pay to be free. As opposed to no regulation where you can't? I don't understand this sentiment at all.

Right now, the stability of your currency is mostly dictated by where you were born

My point is stablecoins give you choice to opt out of that. The only way to opt out before was very expensive

Re: Stripe Launches L1 Blockchain: Tempo

#527

Post by narrator »

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,…

Can you do fractional reserve banking with stablecoins where you lend out the underlying dollars to people and don't have full reserves? That's what makes banking tricky. When there are a surge of loan defaults across the banking system the money supply shrinks rapidly unless the government bails them out. Thus, the need for regulation.

One reason the U.S government has to like stablecoins is because Tether is one of the biggest buyers of U.S treasuries that they use to back their stablecoins.

Re: Stripe Launches L1 Blockchain: Tempo

#528

Post by onesociety2022 »

mondrian wrote: post #300
notatoad wrote: post #226

Earlier quoted context omitted.

i'm still unclear what the crypto really adds to this play. stripe customers need to move their money around, and they need a trusted source to hold money. stripe could just do that. why add crypto into the mix?

The GENIUS act enables tech companies to become reserve holders -- buy US Treasuries with customers' money. Stripe offers a "transactional ecosystem" to the customer in stablecoins, the customer gives USD to Stripe in exchange for stablecoins, Stripe buys short-term Treasuries and makes a shitload of money on interest. Part of the very high level play is the US Govt seeks to diversify away from depending on nation st…

That only makes sense if Stripe issues their own stablecoins? If they let their customers hold USDC on the Tempo chain, then any revenue from holding short-term treasuries goes to Circle. Are you suggesting Stripe would force Circle to share some of their revenue with them or they launch their own stablecoin to compete with USDC?

Re: Stripe Launches L1 Blockchain: Tempo

#529

Post by wiredpancake »

flumpcakes wrote: post #473
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.

"I want to avoid sanctions illegally"

I should be able to transact with anyone, anywhere in the world, near instantly with little or no fees.

This isn't some radical, cyberpunk extremist, this is just pure trade. We have technology to facilitate this but we've been held back for decades by greed and legislation.

Re: Stripe Launches L1 Blockchain: Tempo

#530

Post by 6r17 »

I worked in crypto space for about 2 years ; and even tough we had great use of the crypto-system for our community ; it ended up being a large cost that we could have yielded better with something else - and it was not because specifically "crypto" - but because ultimately the engineering costs of a generic purpose chain are replicated to all child-chains. So you end up with drastic cost for something that would have seemed pretty simple to resolve. Not only that - the hole thing stinks with a lack of engineering methodology - there are so many ways to build a decentralized system and many of these are shadowed by the constraints and what-not blockchain overhead is adding. I'm not saying is *bad for everything* - i'm saying it's difficult to use properly ; and using a "chain as a service" ultimately provokes a lot of cost. For the one that stripe is providing ; I suspect it's a POA with standard implementation which is specifically tailored for building coins - and this is another subject which is very grey as indeed this provides a way to incentivize, construct "exchange contracts" for certain actions etc... - this is an interesting space - but as others are saying it's also very unregulated.

I'm cautious about these

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