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Stripe Launches L1 Blockchain: Tempo

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Re: Stripe Launches L1 Blockchain: Tempo

#661

Post by favflam »

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…

People are rushing to do CDO-squared (collateralized debt obligation from 2006) type financial products using stable coins. And one company has already created an ETF product linked to an on-chain CDO-style debt product.

I think the financial industry has figured out a way to do an end run around all financial regulations written since the 1930s.

I think like vaccine mandates, we will all have to "relearn" why we wrote this regulations in the first place the hard way.

Re: Stripe Launches L1 Blockchain: Tempo

#662

Post by sundbry »

cco wrote: post #643
alchemist1e9 wrote: post #285

Earlier quoted context omitted.

So many of the crypto skeptic comments on this story are massively out of touch with the products and sophistication of the crypto industry. For those of us who aren’t, the question has basically been flipped to “what does a bank add to this situation?” . I’m typing this shortly after buying my groceries with a visa debit card that was funded 30 seconds before the transaction over Lightning Network with Bitcoin that…

> I’m typing this shortly after buying my groceries with a visa debit card that was funded 30 seconds before the transaction over Lightning Network with Bitcoin that was sold at a 0.1% fee for USD and immediately then transacted on Visa debit payment network. I think I'm confused. You paid 0.1% on this transaction, but if you'd done it with just a Visa debit card tied to a traditional bank account you would have paid…

He gets the benefit of just-in-time conversion to fiat; so his exposure to inflation purchasing power loss is nil.

Re: Stripe Launches L1 Blockchain: Tempo

#664

Post by jeremyjh »

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…

This isn't a consumer payments system. Certainly there are use-cases where fraud and abuse aren't very relevant. A network of larger businesses could find value in expediting transactions but they are all long-term players and can't afford to defraud each other. The system could make it impossible to hide such activity, and recovery through the courts is always possible because there is an entity with assets involved in a business transaction.

Re: Stripe Launches L1 Blockchain: Tempo

#665

Post by idiotsecant »

j2kun wrote: post #486
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

The frequency with which people involved in cryptocurrency "pull the levers themselves" has far outpaced government manipulation of currency.

Has it? You're not really providing much evidence of that. If it so far outpaces, it should be easy to give several examples.

Re: Stripe Launches L1 Blockchain: Tempo

#666

Post by 0x10ca1h0st »

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…

Invest in echi coin and then we can talk about your coin! ;)

Re: Stripe Launches L1 Blockchain: Tempo

#668

Post by anonymoushn »

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…

If someone spends significant effort to gather documents proving that their family was forcibly relocated from Poland, they may be able to become a Polish resident and then spend a year or so doing paperwork, bringing all of the documents that are required according to the official web site for some task to the appropriate government office where they are then told that other documents are required, or that nobody in that office even knows what documents are required, and so on, and after that time they may achieve Polish citizenship. You know, in recognition of the fact that their family is in fact Polish. But during that year or so, they may have trouble using the banking system because of sanctions on Russia and because no Polish bank will serve them until they become Polish. So their employer may be on the lookout for alternative payment rails.

Re: Stripe Launches L1 Blockchain: Tempo

#669

Post by jeremyjh »

brunohaid wrote: post #137
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…

You still have a lot of credibility to not be put into the number-go-up bracket and the social capital to overcome the political and power structures you had to face for two decades and know more about than most people by having built your company. But as long as I don't see somewhat more transparent conversations with the people in your orbit like patio11, Matt Levine, Kyla etc, where you address how you'll actually…

The fact that Stripe is doing it in 2025 should already be a strong signal. If they were just like the clueless trendmongers who ran crypto initiatives at large institutions in 2019, they'd have done it then instead of now, after the GENIUS act has been passed.

Re: Stripe Launches L1 Blockchain: Tempo

#670

Post by idiotsecant »

logicchains wrote: post #393
anthem2025 wrote: post #380

Earlier quoted context omitted.

Bitcoin makes a lot of sense if you’re a libertarian weirdo who thinks fiat currency is the worst thing ever. It makes no sense in the real world.

The "real world" includes countries with double or even triple digit inflation, and if you live in such a country bitcoin absolutely makes sense.

Phew seldom have I heard such a wrong thing. Bitcoin makes absolutely no sense as an actual transacting day to day third world currency because A) it is completely incapable of scaling to the task due to the projects allergy to sensible development hobbling it to 20 year old technology B) because of A, the transaction fees are many times the weekly salary or even yearly salary of those target users.

Bitcoin was an interesting idea. 20 years ago. It's entirely without merit now, but it will take decades to fade into obscurity, pumping out carbon the whole time.

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