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Stripe Launches L1 Blockchain: Tempo
711–720 of 1001 posts
Re: Stripe Launches L1 Blockchain: Tempo
#712Solana does everything this L1 purports to be able to do by the way, and better. You can also actually use it today!
Good luck to Stripe though. Building the network effects necessary for an L1 is very difficult.
Re: Stripe Launches L1 Blockchain: Tempo
#713[dead]
Beware, this is a scam. I've seen a number of these on X and Youtube, but I'm surprised to see it appear here as well.
Re: Stripe Launches L1 Blockchain: Tempo
#714Earlier quoted context omitted.
> Why not have a central bank currency that can be traded on the blockchain, especially since converting it to real money will still entail KYC? Because literally the only point is to avoid the existing banking system and you can do that with a postures database with much less cpu involved.
> Because literally the only point is to avoid the existing banking system and you can do that with a postures database with much less cpu involved. Ethereum is actually very low resource intensive nowadays. You can run a validator node on a RPI, a full sync node on a Intel N100 minipc with a big fast SSD and the "light clients" can probably run on something very small. I have seen banks having to bring semi-trailers…
I like crypto (I'm formerly in the industry), but that's not quite a fair comparison.
1. Running a validator is inexpensive in terms of compute, but there are 1,000,000 validators or something, which adds up to a lot of CPU usage. Of course, I think it's insanely awesome that you can run some code on Ethereum and it'll be replicated on 1,000,000 independently-operated machines, but it's not a very CPU-efficient strategy. 2. Banks doing those batch jobs probably had much higher TPS than ethereum.
Re: Stripe Launches L1 Blockchain: Tempo
#715"Comprehensive technical documentation for developers coming soon."
Is this an actual public "blockchain"? Can anyone read it and archive all the transactions? Are there multiple validators who have to agree? Or is this really just a proprietary database?
Re: Stripe Launches L1 Blockchain: Tempo
#716Earlier 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…
What does a bank do? Many things that crypto can't but probably the number 1 thing compared to crypto ... the bank (via the FDIC) provides assurances for each account for up to $225,000 USD. I wouldn't write off banks that quickly.
It's important to note that FDIC doesn't kick in for instances of scams or other unauthorized transfers. It only gives assurances to deposit holders. Stablecoins under the GENIUS Act requires 100% backing and is more stringent than banks since reserve requirements are still 0%[1]. I think it's also useful to focus on stablecoins in a conversation like this rather than crypto at large.
[1] https://www.federalreserve.gov/monetarypolicy/reservereq.htm
Re: Stripe Launches L1 Blockchain: Tempo
#717There 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…
Can you explain some of the technical goals of your project and the overall model you're thinking about implementing? You mentioned sub-cent tx fees, 100k tps, and what I presume to be atomic swaps for stablecoins. Are you thinking about something like $0.10 fees or something like $0.0001 fees? At $0.10 fees at 100ktps that end up representing $100/s in tx costs which is about $8.6M/day or $3B/year. Presumably you ex…
Oops, my math was off. I meant $0.001/tx at 100ktps=$100/s=$8.6M/day=$3B/yr
Re: Stripe Launches L1 Blockchain: Tempo
#718There 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…
Yes but bitcoin is essentially useless as an unit of exchange because it’s extremely unstable and deflationary nature. The only “logical” thing to do with it is to HODL.
Re: Stripe Launches L1 Blockchain: Tempo
#719Earlier 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…
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…
The person you are responding to is not arguing there is not a use case for crypto in cases like this.
They are arguing that stablecoins, specifically, require an off-chain entity that ultimately control them. And if you have an entity actually in control, why go through the trouble of blockchain? Then you can just have the controlling entity run a normal non-blockchain ledger.
I like the argument elsewhere in this thread that the actual reason is that it allows running a bank while pretending it’s not, bypassing regulation meant to protect depositors.
Re: Stripe Launches L1 Blockchain: Tempo
#720There 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…
> 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.
International wire money transfer is far too difficult today. And after you've sent it, you still need to wait minutes (hours?) for the receiving end's bank to actually process the wire and move it into the recipient's account (correctly).
Then you need to nag the receiving party to check their account every few minutes so that they can inform you that they actually did receive it successfully. What if they're in a different timezone? 12 hours off?
Moving money on a blockchain is far simpler.