Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Stripe Launches L1 Blockchain: Tempo

tempo.xyz

Post reply on HN
Print view View original

911–920 of 1001 posts

Re: Stripe Launches L1 Blockchain: Tempo

#911

Post by ta12653421 »

reubenmorais wrote: post #723
acchow wrote: post #720

Earlier quoted context omitted.

> 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. International wire money transfer is far too difficult today. And after you've sent it, you still need to wait minutes (hours?) for the receiving end's bank to actually process the wire and move it into the recipient's account…

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.

Not the full picture: Wise is that big that it has already lots of local accounts and/or correspondent banks; so basicly "you get the money from Wise" but from a "local payment way/scheme" (to which Wise is connected in the background through several layers)

Re: Stripe Launches L1 Blockchain: Tempo

#912

Post by hiatus »

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 wonder if those places would be more affordable if there weren't airbnbs.

Re: Stripe Launches L1 Blockchain: Tempo

#913

Post by eximius »

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

_Your_ transaction wasn't about regulation.

What is the breakdown of transaction volumes?

Re: Stripe Launches L1 Blockchain: Tempo

#914

Post by glitchc »

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…

Bravo! I don't think it can be put more plainly than that.

> So what are stablecoins really trying to do? Circumvent regulation? Implement something the banks just aren't willing to do themselves?

They allow businesses to act like banks without obtaining a commercial banking license. Initially this circumvents regulation, but over time, it allows entities to outsource solutions for those pesky regulations (compliance, audit, etc.) to third parties.

Re: Stripe Launches L1 Blockchain: Tempo

#915

Post by habinero »

baq wrote: post #803
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…

> You trust your stablecoin's issuer that they hold enough fiat in reserve to match the coin? You might as well trust your bank stablecoin issuers are for all intents and purposes banks. they'll try very hard to stop anyone from calling them that, but in essence, they give you a note (a crypto coin, in this case) in exchange for a promise that they'll give you back the amount of fiat printed on the note. this is the…

No, a bank is regulated and insured and we have a lot of experience handling banks that go insolvent or otherwise fail.

Stablecoins are three raccoons in a trenchcoat who pinky promise you can trust them.

Re: Stripe Launches L1 Blockchain: Tempo

#916

Post by smoovb »

udev4096 wrote: post #773
LMYahooTFY wrote: post #743

Earlier quoted context omitted.

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

Ad hominem is as ad hominem does.

Re: Stripe Launches L1 Blockchain: Tempo

#917

Post by smoovb »

FridgeSeal wrote: post #515
smoovb wrote: post #361

Earlier quoted context omitted.

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…

Your argument is “ah yes, it’s a scam, but look how much money it makes” That doesn’t make it…less of a scam. I bet drug kingpins make bank too, doesn’t make them any more valid.

define scam.

Re: Stripe Launches L1 Blockchain: Tempo

#918

Post by jama211 »

nikcub wrote: post #487
jama211 wrote: post #287

Earlier quoted context omitted.

Australia too has instant and fee free transfers, so American staples like venmo just simply don’t exist here. People just send money to and from each other’s banks directly instantly and for free. So why would we need another service? Crypto here would similarly make very little sense.

It's not about the domestic use case - that is solved by regulation in stable economies. Try paying someone in Pakistan from Australia. Business is global now.

I seem to have no issue purchasing goods online from stores operated in other countries.

Re: Stripe Launches L1 Blockchain: Tempo

#919

Post by smoovb »

jml7c5 wrote: post #698
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…

Even if they were a fraud, at this point they've made enough money that they could be well capitalized. I'd love to know if they were a fraud (and I suspect they were), but I suspect they got past the "fake it until you make it" hurdle.

Tether had a big chunk of funds seized by a government/bank making them less then whole. They did the needful to get past that and now a distant memory. Scam allegations are made by old curmudgeons who drank the bitfinexed cool-aid.

Re: Stripe Launches L1 Blockchain: Tempo

#920

Post by baq »

habinero wrote: post #915
baq wrote: post #803

Earlier quoted context omitted.

> You trust your stablecoin's issuer that they hold enough fiat in reserve to match the coin? You might as well trust your bank stablecoin issuers are for all intents and purposes banks. they'll try very hard to stop anyone from calling them that, but in essence, they give you a note (a crypto coin, in this case) in exchange for a promise that they'll give you back the amount of fiat printed on the note. this is the…

No, a bank is regulated and insured and we have a lot of experience handling banks that go insolvent or otherwise fail. Stablecoins are three raccoons in a trenchcoat who pinky promise you can trust them.

this is exactly what I meant when I said

> they'll try very hard to stop anyone from calling them that

because they are banks at the core of what they do, but don't want to be regulated like banks.

Post reply on HN