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Stripe Launches L1 Blockchain: Tempo

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Re: Stripe Launches L1 Blockchain: Tempo

#761

Post by sunshine-o »

ChadNauseam wrote: post #714
sunshine-o wrote: post #615

Earlier quoted context omitted.

> 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 strat…

> Banks doing those batch jobs probably had much higher TPS than ethereum.

Yes the platform running in most banks, usually built on what we call "mainframes", is still mind blowing and with incredible performance. Also just one of those CPU is about the price of a house...

Also the requirements I cited is for running an Ethereum mainnet "Layer 1" node. And most "TPS" happens on the layer 2s anyway.

So it is hard to compare technically. But one thing for sure is becoming an active participant in the Ethereum mainnet has a very low barrier. They got rid of the whole intensive "Proof of work" part about 5 years ago. For a full sync node the waste is more at the bandwidth and disk levels.

Re: Stripe Launches L1 Blockchain: Tempo

#762

Post by wouldbecouldbe »

ethbr1 wrote: post #579
wouldbecouldbe wrote: post #522

Earlier quoted context omitted.

Airbnb was a bit more then a regulatory loophole, it at least started out as a new way for private homeowners to monetize one of their greatest asset. So it was much more an unused potential that was being tapped in. The regulation that came after has in my personal experience privatized airbnb and now it's hard to find a private renter, when I started using it that was the standard.

Once Airbnb became systemically harmful, regulation followed. Nobody cares about small tech companies breaking the law for a few users. Everyone cares about {insert bad outcome from mass regulatory avoidance}. (Also, of the 3 airbnb founders, one has delusions of being the next Steve Jobs and turning it into an everything app (Chesky), another now works for DOGE (Gebbia), and the last is sucking up to Chinese governm…

I know many many friends who were able to survive an expensive city because of it. Cities that are largely messed up due to the governments stupid games with taxes and interest

Re: Stripe Launches L1 Blockchain: Tempo

#763

Post by fergie »

smoovb wrote: post #361
udev4096 wrote: post #219

Earlier quoted context omitted.

Bullshit. The biggest stable coin, Tether, is pure scam. They are essentially creating money out of nowhere. They were found guilty of massive fraud and were fined $18M [1]. They refuse to get audited by a third-party [2]. The ones that do audit them are just as sketchy as them [3]. I would recommend watching this video to grasp the scope of their fraud [4] [1] - https://coingeek.com/tether-bitfinex-prohibited-from-o…

Counterpoint. Tether has grown into one of the most profitable, well funded companies on the planet. Their past growing pains are irrelevant to where they are now. They make $30-50 million per day with just 200 employees. They are the 18th largest holder of US debt, ahead of UAE and Germany. Last year, Tether achieved $14 billion in profit, surpassing Pfizer, Tesla, and BlackRock. https://www.bitget.com/news/detail/1…

> They make $30-50 million per day with just 200 employees

Right, but isn't this... bad? Like so bad that it could bring down the entire capitalist system if it is allowed to grow unchecked?

Re: Stripe Launches L1 Blockchain: Tempo

#764

Post by neis »

sagarm wrote: post #561
dcposch wrote: post #513

Earlier quoted context omitted.

> Once again - this is a feature not a bug Are you really "once again"ing Patrick Collison on the issue of how payments work ?

I don't know who pc is, and he mentioned speed as a benefit without addressing the fraud / abuse implications. It's pretty reasonable to flag the gap.

Patrick Collison, the CEO & co-founder of stripe. His profile mentions his personal website: http://patrickcollison.com.

Re: Stripe Launches L1 Blockchain: Tempo

#765

Post by littlecranky67 »

uyzstvqs wrote: post #290

> Tempo is a neutral, permissionless blockchain open for anyone to build on. > A diverse group of independent entities, including some of Tempo’s design partners, will run validator nodes initially before we transition to a permissionless model. > Protect your users by keeping important transaction details private while maintaining compliance standards. Sounds like it actually has potential. This could enable global…

> This could enable global QR-code payments

In what currency? As I understand it, Stablecoins are bound to an underlying currency. If you do not wan't to tie it to a currency, bitcoin would be the prime candidate. And with its layer 2 solutions such as Lightning, there is already a decentralized system for fast, cheap and private payments.

Re: Stripe Launches L1 Blockchain: Tempo

#766

Post by aspenmayer »

xbmcuser wrote: post #703
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…

They are all mostly using crypto as a replacement/alternative to centuries old hawala/hundi system.

> centuries old hawala/hundi system

I’ve always wondered how disputes are handled under such systems.

Re: Stripe Launches L1 Blockchain: Tempo

#767

Post by sunshine-o »

rebolek wrote: post #379
_zoltan_ wrote: post #316

Earlier quoted context omitted.

screw regulation when a bank transfer isn't instant and the bank can do all kinds of checks and hold your money hostage for days or weeks.

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.

> In EU, regulations are heavy and the result is I can send money instantly for free.

I can assure the cost of those regulations is enormous for the banks. They were forced to make the SEPA transfers free but you ended up paying for it everywhere else.

Re: Stripe Launches L1 Blockchain: Tempo

#768

Post by reubenmorais »

hahn-kev wrote: post #741
reubenmorais wrote: post #723

Earlier quoted context omitted.

I can transfer money from Europe to Brazil in seconds with Wise. I press the button and the money is nearly instantly available in the Brazilian account via PIX. The same in the reverse direction is possible but only if you have a more modern bank in Europe, eg. N26 or Revolut.

My understanding is that Wise isn't a true international transfer. Wise has money already in a Brazilian account, and when they receive money in their European account then they send you money from their Brazilian account. If they don't have enough money in that Brazilian account then it can't be instant like it is today.

From my perspective, if it quacks like a duck...

Re: Stripe Launches L1 Blockchain: Tempo

#769

Post by udev4096 »

fruitworks wrote: post #313
louisanderson01 wrote: post #266

Earlier quoted context omitted.

Monero got 51% attacked

The media has reported on it incorrectly. It's more like a 41% attack. Stochasticially, you are likely to get large reorgs every once in a while but the network sorts itself out after a while.

Currently, they have mined 42 blocks out of last 100 blocks. Source: https://miningpoolstats.stream/monero

Re: Stripe Launches L1 Blockchain: Tempo

#770

Post by ArtTimeInvestor »

plywoodtrees wrote: post #79
ArtTimeInvestor wrote: post #23

Welcome to crypto project number 206701341. At least that is how many are listed on CoinMarketCap: https://coinmarketcap.com/charts/number-of-cryptocurrencies-... Bitcoin is decentralized because the sun distributes energy somewhat evenly across the globe. The other 206701340 crypto projects, including this one, are decentralized because ... ? From the very sparse info on the page, it seems this project does what so…

Bitcoin is _not_ magically produced by the sun striking the ground. There are mild returns to scale in running large-scale mining operations and as a result mining power seems to actually be somewhat centralized under the control of a small number of players: https://digiconomist.net/cryptocurrency-decentralization/ Not to mention that "decentralization" is a technical property and not necessarily desirable in itself…

From your link:

    In March 2023, the New York Times identified a list of
    just 34 Bitcoin mining facilities (controlled by 22
    different entities) in the United States, which
    represented about a third of the total worldwide
    Bitcoin mining network at the time.
If we extrapolate from that, it would be 66 entities that control 100% of Bitcoin mining. Miner revenue is somewhere about $50M per day. So on average one of those miners makes very roughly $1M per day, say $365M per year.

34 such $365M/year entities would have to collude to attack bitcoin. And accept that their business is severely damaged afterwards.

So much for the decentralization and security of Bitcoin.

How does the situation look like in other chains?

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