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Stripe Launches L1 Blockchain: Tempo

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Re: Stripe Launches L1 Blockchain: Tempo

#601

Post by benjaminwootton »

thehappypm wrote: post #582
kccqzy wrote: post #458

Earlier quoted context omitted.

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.

Venmo is essentially a stable coin

You are correct but with Venmo or PayPal there’s a middleman charging fees who can lock your funds. A decentralised PayPal is appealing.

Re: Stripe Launches L1 Blockchain: Tempo

#602

Post by PKop »

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…

What about the tax implications of every transaction being a taxable event?

Are you tracking all of this for tax purposes? These transactions all have to be reported to the IRS even for stable coins. This is the biggest thing making crypto payments a non-starter. What's the story here from the end-user's perspective?

I as an individual have no interest in stacking stable coins if when I spend them to businesses, I have to meticulously track each transaction and report it. Whatever you're doing for businesses doesn't seem like it would solve this problem for individuals, if you're even solving it for businesses themselves that is.

Re: Stripe Launches L1 Blockchain: Tempo

#603

Post by sunshine-o »

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.

> 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.

SEPA was a success but it was only a first step to modernise the banking system. The following regulations/directives like PSD2 failed in my opinion.

The ECB also had one of those CBDC built much earlier than people have been told. They already had something quite advanced around 2020, with a optimist launch date in 2022 I believe.

It obviously failed miserably and I read a few weeks ago that they are "exploring Ethereum and Solana for digital euro launch".

I would be curious what happened exactly but my guess is the banks just said "NO WAY".

Re: Stripe Launches L1 Blockchain: Tempo

#604

Post by lacy_tinpot »

consp wrote: post #476
lacy_tinpot wrote: post #445

Earlier quoted context omitted.

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 its…

> And secondly what if the State is a bad actor? That's ad hominem. You can make that argument for any player (stripe, any intermediary, the customer etc). Personally I trust the state (at least mine) more than any corporation. But that's just me.

The State = People. The government are People. They are both as fallible as people are fallible. It's not magic.

Technology helps to mitigate the fallibility of people.

Re: Stripe Launches L1 Blockchain: Tempo

#605

Post by thallavajhula »

The animations on the landing page are so over-engineered, I love it. The light movement along with the mouse on hover, the movement of the right animation based on the scroll and mouse movement while mousedown activated, the zoom-in as you keep scrolling down. Love this attention to detail on a landing page.

Re: Stripe Launches L1 Blockchain: Tempo

#606

Post by woah »

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,…

> An excuse to do what banks do while not being regulated like a bank or using the infrastructure banks use.

Stablecoins are much more heavily regulated than banks, being required to have 100% reserves under the GENIUS act, unlike banks who generally only ever hold on to 10% of the money you deposit with them.

Using their infrastructure? Why?

Re: Stripe Launches L1 Blockchain: Tempo

#607

Post by dragonwriter »

consp wrote: post #476
lacy_tinpot wrote: post #445

Earlier quoted context omitted.

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 its…

> And secondly what if the State is a bad actor? That's ad hominem. You can make that argument for any player (stripe, any intermediary, the customer etc). Personally I trust the state (at least mine) more than any corporation. But that's just me.

> Personally I trust the state (at least mine) more than any corporation.

I trust the state in aggregate no more than the least-trusted corporation, because corporations are, as creatures of law rather than nature, manifestations and exercises of state power.

Re: Stripe Launches L1 Blockchain: Tempo

#609

Post by XorNot »

davidlee1435 wrote: post #526
thisgoesnowhere wrote: post #493

Earlier quoted context omitted.

> 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

This is as wrong as everytime someone says "the benefit of Bitcoin is you can just walk all your assets across the border!"

It fundamentally misunderstands how foreign exchange works, or how government backed currency works.

You cannot "opt out" of the local currency: period. It is the only currency which can extinguish tax obligations. And even if it wasn't government backed, you can't trade in a currency no one wants in the first place.

This should be trivially obvious from the observation that how much water a gold bar in the desert buys you is going to be pretty highly variable.

Re: Stripe Launches L1 Blockchain: Tempo

#610

Post by emtel »

dperfect wrote: post #348
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…

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…

Banks could offer instant settlement, in theory. But they don’t. Blockchains plus stablecoins do.
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