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Stripe Launches L1 Blockchain: Tempo

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Re: Stripe Launches L1 Blockchain: Tempo

#821

Post by kriops »

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.

Obviously not true, as explained by other replies.

But if it was true, then so what?

Re: Stripe Launches L1 Blockchain: Tempo

#822

Post by SXX »

seviu wrote: post #792
vintermann wrote: post #727

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? 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.

You would be surprised about tether though They are now really backed. It might be they weren’t. Now they definitely are. https://tether.to/en/transparency/?tab=usdt All these years all this Fud and so far nobody demonstrated what you clam. They are also the faster to block their stablecoin whenever there is a hack.

Madoff Ponzi scheme also ran for at least 20 years. And yeah around 1% of total USDT supply is blocked so yeah Tether can very well live on those blocked funds:

https://dune.com/phabc/usdt---banned-addresses

Re: Stripe Launches L1 Blockchain: Tempo

#823

Post by kccqzy »

thehappypm wrote: post #652
benjaminwootton wrote: post #601

Earlier quoted context omitted.

You are correct but with Venmo or PayPal there’s a middleman charging fees who can lock your funds. A decentralised PayPal is appealing.

What fees?

An implicit fee by not paying you any interest for money held in Venmo.

Also notice there's no option to automatically transfer received money into your real checking account. They are banking on you forgetting your money is there and they are earning the interest but not passing it to you.

For this reason I prefer receiving money via Zelle but pay with Venmo.

Re: Stripe Launches L1 Blockchain: Tempo

#824

Post by snitty »

9dev wrote: post #441
madamelic wrote: post #420

Earlier quoted context omitted.

Personally, I think US banking needs something an Uber or AirBnB style shake-up to get their act in order. It's awful how behind the times the US is when it comes to banking. 2 - 3 days to get money from one account to another is beyond embarrassing in the modern day. It took the US something like 15 years to get chip-and-pin. Banks are still these monolithic entities that don't care to innovate or listen to customer…

Other countries managed to regulate their banks to innovate just fine without blockchain technology, though. It doesn’t always need a startup to disrupt something by flipping the finger to lawmakers. Sometimes humble regulation is enough. Take SEPA as an example: I can transfer money free of charge to any European bank account, in a few seconds.

US banks literally collapsed the world financial system in 2008. You don't deserve humble regulation after that. They got, and they deserved, the Dodd-Frank Act, which has now been significantly rolled back.

Re: Stripe Launches L1 Blockchain: Tempo

#825

Post by alkonaut »

JeremyNT wrote: post #309
agambrahma wrote: post #141

[I'm likely missing something, but] "EVM-compatible, built on Reth" => they're essentially building a private Ethereum fork with a fancy validator selection process. Couldn't they just get these benefits (predictable fees, fast settlement) by ... running a database between these financial institutions? If Stripe controls the validator set (even indirectly), then ... just a distributed database with extra steps, no?

> Couldn't they just get these benefits (predictable fees, fast settlement) by ... running a database between these financial institutions? Sure, but they wouldn't get all the legal and regulatory bypass benefits of using cryptocurrency.

Is this like Uber and AirBnB all over? They don't want to be a bank just like Uber doesn't want to be Taxi (means following regulations about insurance, accessibility etc) and AirBnB doesn't want to be a hotel nor a landlord?

In some countries, regulators simply point to these companies and say "Ok, so you're driving people around for money thus you are a taxi? How would we not regulate you as a taxi?".

And this should apply for a bank or financial institution that tries to avoid banking regulations through technical means, no?

Re: Stripe Launches L1 Blockchain: Tempo

#827

Post by martinohansen »

jrm4 wrote: post #248
Goofy_Coyote wrote: post #162

Earlier quoted context omitted.

Can you elaborate on what is real crypto, vs what’s happening now with BTC or other decentralized stable coins, please? I’m curious to know more. Thanks

The fees and slowness of BTC have essentially rendered it unusable as a "real cryptocurrency" and is more-or-less just being taken over by the banks. The others aren't doing well right now despite the fact that the tech that runs them can do what crypto promised, often better. It will all come down to whether people will buy in?

Isn’t the lightning network solving the slowness and high fees problem?

Re: Stripe Launches L1 Blockchain: Tempo

#829

Post by sunshine-o »

wbnns wrote: post #787
sunshine-o wrote: post #772

Earlier quoted context omitted.

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 cry…

> What is blocking its adoption? There's no native web experience that makes it easy to use Lightning in a browser; this forces everyone to step outside the box to figure out a way to (e.g. install extension or download an app) There's also not much of an app ecosystem for it providing enough utility for people to use it each week/day

Interesting, so this is I believe the same problem as all the Ethereum type stuff: you need to have it lives with your keys in the most horrific place in a computer, meaning a browser extension. Or put the web browser in the wallet. Either way, something like Metamask is really slow and scary.

The core Ethereum stuff is pretty elegant but once you want to build an UI you get trapped in hell to plug it to the "web".

Maybe the biggest problem of "Web3" is it was built on Web2.

Re: Stripe Launches L1 Blockchain: Tempo

#830

Post by _zoltan_ »

sunshine-o wrote: post #767
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.

> 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.

you guys are talking about free SEPA transfers, but I just checked a couple of banks in Hungary, Austria and Germany, and I don't see this.
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