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Stripe Launches L1 Blockchain: Tempo

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Re: Stripe Launches L1 Blockchain: Tempo

#771

Post by udev4096 »

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…

Aren't you the definition of delusion. The past matters for a reason, it's the indication of how they started their fake scam. Sure, hard to touch them now but once a crook always a crook and taking pride in that shows your immoral nature in this late stage capitalistic era where money negates all the bad things you did in the past

Re: Stripe Launches L1 Blockchain: Tempo

#772

Post by sunshine-o »

alchemist1e9 wrote: post #285
notatoad wrote: post #226

Earlier quoted context omitted.

i'm still unclear what the crypto really adds to this play. stripe customers need to move their money around, and they need a trusted source to hold money. stripe could just do that. why add crypto into the mix?

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 am curious about the Lightning Network, 10 years in it is still perceived as a failure.

What is blocking its adoption?

One I can think about is it is hard to accept that if I pay $20 for a pizza today, 6 months later that pizza might have cost me $40. It is a bit irrational but it will prevent most people from using it.

This is where the stablecoin thing is genius, one can decide/optimise when get in and out of crypto.

Re: Stripe Launches L1 Blockchain: Tempo

#773

Post by udev4096 »

LMYahooTFY wrote: post #743
taberiand wrote: post #500

Earlier quoted context omitted.

The pinnacle of fake it till you make it. Still a scam.

How exactly is it a scam now? Did they somehow fake treasury purchases? Can you describe something scam like about their business which doesn't also apply to JP Morgan?

If you wouldn't be so goddamn lazy, you would know, after searching for a minute that there is NO dollar backing. It's all just words. They have been caught with their pants down numerous times. Either you are a paid tether shill or you are actually that dumb

Re: Stripe Launches L1 Blockchain: Tempo

#774

Post by Nursie »

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…

> remind them that they don't have to take days to process a transaction

And in a lot of places, they don’t. I haven’t had to wait days for a transaction for… more years than I can remember, in the UK or Australia.

Re: Stripe Launches L1 Blockchain: Tempo

#775

Post by arcticbull »

vintermann wrote: post #727
narrator wrote: post #527

Earlier quoted context omitted.

Can you do fractional reserve banking with stablecoins where you lend out the underlying dollars to people and don't have full reserves? That's what makes banking tricky. When there are a surge of loan defaults across the banking system the money supply shrinks rapidly unless the government bails them out. Thus, the need for regulation. One reason the U.S government has to like stablecoins is because Tether is one of…

> Can you do fractional reserve banking with stablecoins where you lend out the underlying dollars to people and don't have full reserves? In a manner of speaking. You need to trust that the issuers have the reserve they claim. There's no way around this, unless the asset in reserve is equally ethereal (i.e. another cryptocurrency). Tether, for one, almost certainly doesn't have the reserves.

Correct, this is fundamentally the oracle problem. There is no link between the blockchain and the real world which is why only money-like instruments have been successful for whatever value of success this constitutes.

Re: Stripe Launches L1 Blockchain: Tempo

#776

Post by zarzavat »

j2kun wrote: post #280
apinstein wrote: post #151

Here's the play. It's very simple, and it's quite good. Stripe processes a LOT of money. The customers that get that money need to move it around. Often to banks. Stripe makes no money on that. Over the last few years, stablecoins have become a preferred means to hold and move money (for convenience, etc). Stablecoin providers make money on their float -- selling stablecoins means you get free deposits, and risk-free…

> Over the last few years, stablecoins have become a preferred means to hold and move money (for convenience, etc). For avoiding regulation.

I once wanted to send money to someone with an extremely common Arabic name, think "John Smith" in Arabic. My bank took issue with this and wanted a copy of their ID etc. One can speculate about why they wanted this, but ultimately I think it shows that the regulations are racist.

Re: Stripe Launches L1 Blockchain: Tempo

#777

Post by dgb23 »

lacy_tinpot wrote: post #445
rebolek wrote: post #379

Earlier quoted context omitted.

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.

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…

The country I live in is democratic.

I can elect representatives and I have a direct vote multiple times a year to shape national policy.

The banks and corporations are not. I trust them purely based on their reputation and trust in following the rules that we have put in place.

Re: Stripe Launches L1 Blockchain: Tempo

#778

Post by varenc »

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…

> Implement something the banks just aren't willing to do themselves?

I think that's it. We're very unlikely to see international transactions between banks happen as easily and as quickly as they can with a stablecoin, even though it's technically possible.

I think part of what makes it easier is that with crypto there's "no take backs" since it's largely impossible. Banks have to worry about fraud constantly because they're somewhat liable.

Re: Stripe Launches L1 Blockchain: Tempo

#779

Post by chinathrow »

> Global payouts > Pay anyone, anywhere, in any currency—without banking delays or fees.

Being a Stripe customer from Country XY, charging my customers in USD and getting charged a hefty fee by Stripe for the conversion when I have a payout, I wonder how this would affect their business model.

Re: Stripe Launches L1 Blockchain: Tempo

#780

Post by chinathrow »

apinstein wrote: post #151

Here's the play. It's very simple, and it's quite good. Stripe processes a LOT of money. The customers that get that money need to move it around. Often to banks. Stripe makes no money on that. Over the last few years, stablecoins have become a preferred means to hold and move money (for convenience, etc). Stablecoin providers make money on their float -- selling stablecoins means you get free deposits, and risk-free…

> Stripe makes no money on that.

They do if you charge in a foreign currency, e.g. in USD and transfer it to the bank account abroad, e.g in CHF.

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