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Stripe Launches L1 Blockchain: Tempo

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Re: Stripe Launches L1 Blockchain: Tempo

#871

Post by BiteCode_dev »

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…

At first stable coins were to avoid taxes when selling and buying again by skipping the round trip to fiat.

But now, the use case Stripe is talking about is basically the equivalent of creating WoW Gold for companies, and bypassing state money entirely, but IRL.

This is a dangerous idea.

Big corps have become immensly powerful, but they are still kept in check by the state for 3 reasons: the monopoly on law, violence, and minting money.

Lobbying is taking care of the law.

And now they are coming for the money.

Crypto currencies were supposed to taken the power of currency from big actors and back to the people. It's going to take it from the state to companies.

Soon, they will effectively have more power than the state, and citizens will be screwed.

Re: Stripe Launches L1 Blockchain: Tempo

#872

Post by nivertech »

pixelatedindex wrote: post #153
nivertech wrote: post #114

Somebody should start “Killed by Stripe - Stripe Graveyard”[1], because this project soon (several years max) will be featured there. —- 1. https://killedbygoogle.com/

Are there other products they have killed like Google? It’s not really a graveyard if it’s just this project, and we don’t yet know that it will be killed

killed by Stripe:

  +-----------------------------+----------------------+--------------------------------------------------+
  | Discontinued Offering       | Discontinuation Date | Notes                                            |
  +-----------------------------+----------------------+--------------------------------------------------+
  | Bitcoin Payments[1]         | April 2018           | Phased out after decreasing adoption             |
  | Verifone P400 Reader        | Jan 29, 2025         | Fully non-functional                             |
  | BBPOS Chipper 2X Reader     | Jan 31, 2022 (orders)| Still usable if already in customer hands        |
  | SOFORT Payment Method       | March 31, 2025       | Merged into Klarna’s solution                    |
  +-----------------------------+----------------------+--------------------------------------------------+
1. https://stripe.com/blog/ending-bitcoin-support

NOTE: This table was generated by ChatGPT, I didn't fact-checked it.

Re: Stripe Launches L1 Blockchain: Tempo

#873

Post by Self-Perfection »

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…

Why new blockchain? There are already several of them that provide constant low fees and scaling to ~100k tps on L1.

Re: Stripe Launches L1 Blockchain: Tempo

#874

Post by 1970-01-01 »

Doesn't pass the Grandma Test. I could not simplify this enough to explain what this is to anyone non-technical and neither can you:

     Tempo is a purpose-built, layer 1 blockchain for payments, developed in partnership with leading fintechs and Fortune 500s. With support for all major stablecoins, Tempo enables high-throughput, low-cost global transactions for any business use case.

Re: Stripe Launches L1 Blockchain: Tempo

#875

Post by quickthrowman »

jdminhbg wrote: post #694
quickthrowman wrote: post #520

Earlier quoted context omitted.

Yeah, I’d like clarification on what SpaceX is doing, ‘managing money in long tail markets’ is essentially meaningless.

"Long tail markets" here means small countries with currencies you don't have any particular interest in holding. Starlink sells access in Benin and South Sudan, for example, that's the long tail.

“Avoiding forex risk” is only three words, I hate corporate communications. Why can’t people just say what they mean, sigh.

Re: Stripe Launches L1 Blockchain: Tempo

#876

Post by davidlee1435 »

snthpy wrote: post #835
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…

Have you looked into Ethena USDe? It is completely decentralized and doesn't use a flawed algorithmic stablecoin mechanism like Terra-Luna but rather creates synthetic cash exposure by shorting perpetuals against collateral the same way a TradFi investment manager would manage their asset allocation exposure. The perps are traded on DEXs and I believe the BTC and ETH is held in on-chain vaults. This is a solid model…

I like USDe, but it's not completely decentralized. You still have to trust whoever's trading the basis like you have to trust Tether/Circle to trade treasuries.

Re: Stripe Launches L1 Blockchain: Tempo

#877

Post by runarberg »

runarberg wrote: post #642
bongodongobob wrote: post #640

Earlier quoted context omitted.

How does a user use AI to bypass copyright?

By training models on unauthorized work and allow users to request them back. https://news.ycombinator.com/item?id=43573156

I need to clarify, parent asked how does a user use AI to bypass copyright. But I answered how an AI company uses AI to bypass copyright.

I am under no illusion that if a user of AI requests an image of Indiana Jones and uses it in their art, the rights holders will issue a takedown an would succeed. The AI company that owns the model that generated the model will however not face any consequences, and have therefor successfully have bypassed copyright protections.

Re: Stripe Launches L1 Blockchain: Tempo

#878

Post by dangero »

kccqzy wrote: post #458
raincole wrote: post #403

Earlier quoted context omitted.

> 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,…

Large banks like JPMorgan Chase are also looking into launching their own stablecoins, just because it has less regulation than normal banking. In fact Jamie Dimon himself says so. The idea is really simple: creating stablecoin deposit accounts for customers allows banks to skip existing customer protections that are normally afforded to traditional deposit accounts.

Yes — similarly I work in cryptocurrency and constantly try to tell people that credit cards are unbeatable for payments because of the consumer protections. Chargebacks are an insanely consumer friendly feature. Nobody ever wants to engage in that conversation.

Re: Stripe Launches L1 Blockchain: Tempo

#880

Post by davidlee1435 »

isodev wrote: post #833
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…

> But I imagine most banks would point to regulation as a reason for the delays There is also good regulation e.g. the EU made it so banks process transactions within "10 seconds", including and especially cross-border transfers for SEPA countries (Single Euro Payments Area). https://www.europarl.europa.eu/news/en/press-room/20240202IP... So banks willingly being slow with transfers is perhaps a question for your loc…

And projects like Tempo are a good example of private sector forcing incumbents and government to move faster
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