Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Stripe Launches L1 Blockchain: Tempo

tempo.xyz

Post reply on HN
Print view View original

551–560 of 1001 posts

Re: Stripe Launches L1 Blockchain: Tempo

#551

Post by wiredpancake »

colesantiago wrote: post #3

I don't get it. Why does Stripe want to creatively ruin their reputation by venturing into crypto / blockchain? I don't see anyone in the real world using blockchains at all. I get AI as it was a real world paradigm shift, but I have never seen anything in this blockchain / crypto space that has reached 100-500 million users let alone 1 billion users, that isn't based on speculation.

What reputation? They are known for being the most greedy payment provider and actively killing various other payment providers.

Re: Stripe Launches L1 Blockchain: Tempo

#552

Post by sagarm »

graeme wrote: post #535
narrator wrote: post #527

Earlier quoted context omitted.

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…

Yes, you can absolutely do that with stablecoins. Why couldn't you?

Then bank runs or regulation seem inevitable.

Re: Stripe Launches L1 Blockchain: Tempo

#553

Post by elteto »

graeme wrote: post #535
narrator wrote: post #527

Earlier quoted context omitted.

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…

Yes, you can absolutely do that with stablecoins. Why couldn't you?

How would the “out of thin air” value creation work in a blockchain ledger?

Pardon my very naive understanding of both subjects.

Re: Stripe Launches L1 Blockchain: Tempo

#554

Post by ozgrakkurt »

MadnessASAP wrote: post #65
FergusArgyll wrote: post #11

Earlier quoted context omitted.

> Why create a new blockchain? Stablecoins enable instant, borderless, programmable transactions, but current blockchain infrastructure isn’t designed for them: existing systems are either fully general or trading-focused. Tempo is a blockchain designed and built for real-world payments. - First line in TFA

> Stablecoins enable instant, borderless, programmable transactions, but current blockchain infrastructure isn’t designed for them How? > existing systems are either fully general or trading-focused. Tempo is a blockchain designed and built for real-world payments. What makes existing systems not suitable for instant, borderless transactions? What makes this new chain suitable for instant, borderless transactions? An…

It is just marketing, you can send money instantly on solana now. They will have a version of it with more control, censorship and more integrations so it is between a real blockchain and swift garbage

Re: Stripe Launches L1 Blockchain: Tempo

#555

Post by elteto »

wazdra wrote: post #519
forgotTheLast wrote: post #498

Earlier quoted context omitted.

That term has a very specific meaning and I wish people stopped using it to mean "big tech doing something bad"

Well, doesn't that specific meaning apply here? I mean, the lack of protection for end-users is at first compensated by investment money (low prices and huge effort on support). Once network effect is reached, the unregulated nature of the platform shows, end-users are wronged, only providers profit from the lack of regulation ... Or maybe I don't understand the meaning of enshittification?

https://en.m.wikipedia.org/wiki/Enshittification

Re: Stripe Launches L1 Blockchain: Tempo

#556

Post by horseradish7k »

hitradostava wrote: post #533
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…

Patrick, the problems you describe (speed, cost, cross-border friction) already have solutions. SEPA Instant, FedNow, PIX, and providers like Wise move money in seconds, at negligible cost, inside regulated systems. Tempo doesn’t solve payments; it sidesteps oversight. By shifting flows onto a private stablecoin ledger, Stripe isn’t fixing inefficiency; it’s making it easier to route money in ways regulators and tax…

did you write your comment?

Re: Stripe Launches L1 Blockchain: Tempo

#557

Post by mondrian »

onesociety2022 wrote: post #528
mondrian wrote: post #300

Earlier quoted context omitted.

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?

Good point. In the scenario I described, I'm assuming Stripe will launch their own stablecoin. I tend to think all major tech companies are incentivized to launch stablecoins and give you discounts and perks when you transact using their stablecoin in their own ecosystem. The more of their stablecoin they issue out, the more money they make on interest.

Re: Stripe Launches L1 Blockchain: Tempo

#558

Post by ponector »

logicchains wrote: post #407
rebolek wrote: post #379

Earlier quoted context omitted.

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.

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

Or try to buy something from Hamas, or send money to a cocaine supplier from Colombia.

Re: Stripe Launches L1 Blockchain: Tempo

#559

Post by Onavo »

elteto wrote: post #553
graeme wrote: post #535

Earlier quoted context omitted.

Yes, you can absolutely do that with stablecoins. Why couldn't you?

How would the “out of thin air” value creation work in a blockchain ledger? Pardon my very naive understanding of both subjects.

The reward function in the smart contract can be made to increase over time.

Re: Stripe Launches L1 Blockchain: Tempo

#560

Post by Izikiel43 »

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…

> and the first user is an Argentinian bike importer that finds transacting with their suppliers to be challenging.

I'm not surprised, capital controls come and go there, and when they come, they stay for several years.

Post reply on HN