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Stripe Launches L1 Blockchain: Tempo

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Re: Stripe Launches L1 Blockchain: Tempo

#851

Post by torginus »

throwup238 wrote: post #179
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…

As an extreme skeptic of crypto in general, the uses for stablecoins seem obvious as long as they’re transparently backed or used only for short term transactions before going back into fiat. Even just paying a foreign contractor is a pain in the ass sometimes so if a bunch of banks and financial service providers around the world manage to make international transfer easier via the coins, that’s great. Not everyone…

What? It's not hard to transfer payments to any foreign country with a functioning banking system. The hard part is actually figuring out the legal rules around taxation and employment and contracts that are between two dissimilar legal systems.

This doesn't really help that.

KYC isn't an 'inconvenience' it's a legal requirement that you (or your employee) can go to jail over if you do not comply with.

Re: Stripe Launches L1 Blockchain: Tempo

#852

Post by torginus »

ViewTrick1002 wrote: post #357
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…

> We're currently adding stablecoin functionality to the Stripe dashboard, and the first user is an Argentinian bike importer that finds transacting with their suppliers to be challenging. Using crypto to dodge currency controls? Of course I agree that currency controls are bad. But, if the use case for crypto keeps being fostering illegal transactions then it doesn’t solve anything a functioning economy needs.

Omg, imagine if you were a foreign country and an US state-backed company decided you're collecting too much taxes, and helped your citizens evade that (for a fee of course)

Re: Stripe Launches L1 Blockchain: Tempo

#853

Post by abvdasker »

whimsicalism wrote: post #760
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.

From what I have heard it wasn't just the US but other governments as well which came down on them quite hard. States broadly do not like it when a bunch of huge corporations get together to issue their own currency.

Re: Stripe Launches L1 Blockchain: Tempo

#854

Post by [deleted] »

raincole wrote: post #403
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…

> a shared ledger implemented with traditional databases / protocols would be faster, easier, and more transparent. Stablecoin is not a technology. It's an excuse. An excuse to do what banks do while not being regulated like a bank or using the infrastructure banks use. Similar to how Airbnb is not a technology but an excuse to do what hotels do without hotel's license. So it makes no sense to compare it to database,…

[deleted]

Re: Stripe Launches L1 Blockchain: Tempo

#855

Post by utyop22 »

j45 wrote: post #115
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…

Ledger technology has a lot of uses, use cases are what usually get left behind after the hype has died down a bit.

Such as? Always happy to read clear and direct responses.

Re: Stripe Launches L1 Blockchain: Tempo

#856

Post by ethbr1 »

wouldbecouldbe wrote: post #762
ethbr1 wrote: post #579

Earlier quoted context omitted.

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

I think we might have different definitions of things if "survive" and "because of airbnb" can coexist in the same sentence.

Re: Stripe Launches L1 Blockchain: Tempo

#858

Post by littlecranky67 »

uyzstvqs wrote: post #811
littlecranky67 wrote: post #765

Earlier quoted context omitted.

> 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.

If this Tempo blockchain truly delivers, it'll not be that difficult for anyone to create a decentralized exchange using smart contracts and AMMs. And you can create a Wrapped BTC to use as well. Also gold-backed stablecoins. Lightning is not a solution. Having to run a node that's online 24/7 is unreasonable, and so is having to convince others to allocate inbound liquidity to you. Any wallet which does not require…

> Lightning is not a solution. Having to run a node that's online 24/7 is unreasonable

I agree, but with trampoline payments approaching standardization (it is in use by electrum and ACINQ/Phoenix wallet already) and async payments, the 24/7 issue should be gone.

I DO agree that stablecoins are different and probably have a different setup - they are still centralized and require trust (that the underlying asset is held accordingly), while Bitcoin/L2-Lightning are completely decentralized.

Re: Stripe Launches L1 Blockchain: Tempo

#859

Post by epolanski »

ralfhn wrote: post #621
j2kun wrote: post #280

Earlier quoted context omitted.

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

My online bank doesn’t support international wire transfers. I had to wire money to a local bank then go to the branch in person, twice, to wire money to my own brother in Europe. He then had to schedule an appointment with his own bank, go in person, and justify why he received such a big transfer, mind you, it was 8k… So yeah, it’s not about regulation. If crypto can help streamline all this, it’s a net positive

No it's not.

The limitations you're describing are only in place because the countries that are subject to these bank limitations present significant issues (money laundering, terrorism, etc).

Re: Stripe Launches L1 Blockchain: Tempo

#860

Post by utyop22 »

jrm4 wrote: post #258
stale2002 wrote: post #169

Earlier quoted context omitted.

> There is nothing that a Stripe controlled blockchain could offer that a database could not. There absolutely is. Its called having access to the ecosystem. The money features that exist in the current blockchain landscape are simply a better developer ecosystem, with many more features, than the non existent "Database driven", uhh money tools. Blockchains are no longer about the singular feature of having a trustle…

All pointless. None of those things require a blockchain and are all made less efficient by doing them that way. Again, truly decentralized cryptocurrency ADDS slow clunky overhead; that's the price of decentralization. Everything you're imagining is ALL done much easier with good ol' databases et al.

Indeed. People don't seem to evaluate the benefits of centralisation do they..
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