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Stripe Launches L1 Blockchain: Tempo

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Re: Stripe Launches L1 Blockchain: Tempo

#751

Post by staplers »

jchw wrote: post #678
staplers wrote: post #658

Earlier quoted context omitted.

This is a very bad place to ask. Very anti-bitcoin crowd.

Well, I was just curious to hear it from the horse's mouth since they were answering questions in here. The answers are interesting, though I think they're answering a bit of a different question than I am personally asking. Like, blockchain technology to power distributed ledgers for peer-to-peer payments is pretty interesting and I think I'd prefer it exists, consequences be damned. Stable coins don't really fit th…

  appears to be regulatory differences in how the blockchain is regulated versus traditional ledgers.
One is governed by humans/banks, the other by unalterable mathematical precision. If you truly don't see the value I don't know what else could be said.

Re: Stripe Launches L1 Blockchain: Tempo

#752

Post by whimsicalism »

slashdave wrote: post #405
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…

The irony is that valid international transactions must be enforced with centralized rules, and thus a decentralized ledger like BitCoin can never operate in this space. Contradictory requirements.

and yet millions of people do use crypto to do international transfer of dollar-denominated assets and don’t seem too concerned with whether it is valid or not when it is usable money in their pocket.

Re: Stripe Launches L1 Blockchain: Tempo

#753

Post by jchw »

staplers wrote: post #751
jchw wrote: post #678

Earlier quoted context omitted.

Well, I was just curious to hear it from the horse's mouth since they were answering questions in here. The answers are interesting, though I think they're answering a bit of a different question than I am personally asking. Like, blockchain technology to power distributed ledgers for peer-to-peer payments is pretty interesting and I think I'd prefer it exists, consequences be damned. Stable coins don't really fit th…

appears to be regulatory differences in how the blockchain is regulated versus traditional ledgers. One is governed by humans/banks, the other by unalterable mathematical precision. If you truly don't see the value I don't know what else could be said.

That turns into a downside very quickly for a lot of applications.

Re: Stripe Launches L1 Blockchain: Tempo

#754

Post by whimsicalism »

LunaSea wrote: post #740
risyachka wrote: post #586

Earlier quoted context omitted.

yeah bad regulations must be bypassed. There is a case for banks that hold your hand as if you are 90yo and there must be a case for banking where I know what I do and I take responsibility for my actions. If i send my coins to the wrong address its on me. But if I want to send 10k to someone - no one should ask me to wait 3 days, to do 100 verifications if I am not being forced or scammed. I'd want that protection f…

Let's check how people use credit cards and buy-now-pay-layer schemes (Klarna & co) responsibly in America. It clearly demonstrates that people do not have the capacity to make critical judgments and have to be somewhat protected from themselves. That's als what regulations are for.

there should be a pathway where we can opt out of being protected from ourselves and crypto is it.

Re: Stripe Launches L1 Blockchain: Tempo

#755

Post by whimsicalism »

kji wrote: post #358
yieldcrv wrote: post #191

Earlier quoted context omitted.

that's a very high quality question, in comparison to the others. here is what you're missing, and is very easy to miss: the third party, unaffiliated, developer experience is better on an EVM than it is is on a traditional centralized database. Than it is on a shared database with a bunch of signers. Than on any "web 2.0" cloud platform. the developers continue to bring their entire audiences with them, even though…

> the third party, unaffiliated, developer experience is better on an EVM than it is is on a traditional centralized database. This is definitely a take, given how easy it is to write a program with security bugs using Solidity due to specific concerns like reentrancy that only exist due to the unique way smart contracts work. The inability to "undo" a fraudulent or mistaken transaction without requiring all validato…

yes, the developer experience is better on a platform where you can write code (potentially with bugs) than a platform where you can’t write code or do anything programmatic at all.

Re: Stripe Launches L1 Blockchain: Tempo

#756

Post by whimsicalism »

pornel wrote: post #76

This uses blockchain only for marketing buzzwords. Stablecoins require trusting that the coin issuer doesn't print money. This goes against the core premise of blockchain being trustless! This is just a payment API with extra steps (all of the integrity and identity features use cryptography that works without blockchain, unless your definition of blockchain is broad enough to include git and matrix chats, then the s…

not true of algorithmic stablecoins

Re: Stripe Launches L1 Blockchain: Tempo

#757

Post by pluto_modadic »

SR2Z wrote: post #368
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…

> At that point, a shared ledger implemented with traditional databases / protocols would be faster, easier, and more transparent. Except they are frequently _not_. I dislike crypto on principle, but you can't look at the exorbitant transfer fees and latency that a lot of banks charge for common transactions (Visa/MasterCard are especially bad) and say that crypto has no potential. Yes, it would be easier if we could…

India's payment network is a good case study. The US is /not/, because US banks are lazy.

Re: Stripe Launches L1 Blockchain: Tempo

#758

Post by whimsicalism »

xpl wrote: post #155

Why not use actual Ethereum as a base layer? If you want speed, build (or use) an L2 on top of it. I can hardly see any value in "yet another private blockchain" — just use a database, duh.

exactly my thought. i have next to zero interest in yet another l1

Re: Stripe Launches L1 Blockchain: Tempo

#759

Post by staplers »

jchw wrote: post #753
staplers wrote: post #751

Earlier quoted context omitted.

appears to be regulatory differences in how the blockchain is regulated versus traditional ledgers. One is governed by humans/banks, the other by unalterable mathematical precision. If you truly don't see the value I don't know what else could be said.

That turns into a downside very quickly for a lot of applications.

Indeed, we are witnessing many of them currently.

Hyper-inflation, censorship, corporate takeover of all interpersonal transactions, data harvesting, slow processing, fraud, offshore accounts, scams, laundering. The list feels almost endless.

Luckily we're talking about bitcoin right?

Re: Stripe Launches L1 Blockchain: Tempo

#760

Post by whimsicalism »

abvdasker wrote: post #346

Didn't a number of companies led by Facebook already attempt to do this with Libra (Diem) and basically got nuked from orbit by US regulators? I have to assume this is primarily happening now because there is a more favorable (nonexistent) regulatory environment.

the reality is that most new projects started by Meta are going to be nuked from orbit when democrats are in control (even if started during republican control). Stripe has less reputational risk so is less likely to experience the same.
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