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Stripe Launches L1 Blockchain: Tempo

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Re: Stripe Launches L1 Blockchain: Tempo

#951

Post by paperpunk »

degamad wrote: post #789
paperpunk wrote: post #483

Earlier quoted context omitted.

I wouldn't really say trust is a solved problem in cross-border transfers. Why only today I've seen transactions where: - an intermediary credited another institution only to realise later they didn't have the money, and have to beg pretty-please to return the payment over a SWIFT message (there is no guarantee here, at best there is "market practice" which is basically just manners, but for banks) - an intermediary…

> an intermediary credited another institution only to realise later they didn't have the money, and have to beg pretty-please to return the payment over a SWIFT message (there is no guarantee here, at best there is "market practice" which is basically just manners, but for banks) But this situation is not made any better by a blockchain - there's still no way to reverse a transaction except asking nicely and hoping…

I was only disputing parent assertion that trust is a solved problem and that banks don't "need" a solution.

I haven't the foggiest if stablecoins solve these problems any better. In theory I think all participants having visibility into the ledger would at least answer the problem of "where actually is the money", but I'm not even sure of that though because of fiat on/off ramps, custodial arrangements, roll-ups that might happen off chain, etc.

I don't know if you could use smart contracts to encode a recall/dispute resolution process into transactions but that's very hand-wavey and possibly collapses under scrutiny!

All in I've no idea if crypto helps us here but I do think we have a long way to go either way.

Re: Stripe Launches L1 Blockchain: Tempo

#952

Post by LMYahooTFY »

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

So they own fake treasuries?

Re: Stripe Launches L1 Blockchain: Tempo

#953

Post by Jommi »

topranks wrote: post #947
ta12653421 wrote: post #911

Earlier quoted context omitted.

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)

This is a much more optimal solution than blockchain.

that we need one company to achieve such big scale that they literally are regulated in every single country and basically become monopolistic in terms of their influence?

a Blockchain based system can maintain similar effects but with a balance of power

think about it

Re: Stripe Launches L1 Blockchain: Tempo

#954

Post by Jommi »

reubenmorais wrote: post #768
hahn-kev wrote: post #741

Earlier quoted context omitted.

My understanding is that Wise isn't a true international transfer. Wise has money already in a Brazilian account, and when they receive money in their European account then they send you money from their Brazilian account. If they don't have enough money in that Brazilian account then it can't be instant like it is today.

From my perspective, if it quacks like a duck...

and if wise bans you?

Re: Stripe Launches L1 Blockchain: Tempo

#955

Post by Zpalmtree »

jchw wrote: post #678
staplers wrote: post #658

Earlier quoted context omitted.

This is a very bad place to ask. Very anti-bitcoin crowd.

Well, I was just curious to hear it from the horse's mouth since they were answering questions in here. The answers are interesting, though I think they're answering a bit of a different question than I am personally asking. Like, blockchain technology to power distributed ledgers for peer-to-peer payments is pretty interesting and I think I'd prefer it exists, consequences be damned. Stable coins don't really fit th…

Why does it need to be achieved using traditional technology? Crypto works, and has attracted billions in liquidity for stable coins

Re: Stripe Launches L1 Blockchain: Tempo

#956

Post by Zpalmtree »

serial_dev wrote: post #243
dcposch wrote: post #132

Earlier quoted context omitted.

> The problem with all that, is the fact it remains possible to create a protocol with N big institutions [...] This maintains many benefits of the blockchain and lacks many issues (fast, simple, near zero cost) That's more or less exactly what this is. Stripe is launching an EVM L1. The Ethereum Virtual Machine part gives it a mature tech stack with experienced developers and auditors. Plus, well-tested smart contra…

I don’t get it yet. If we skipped the whole blockchain part, wouldn’t it be faster, simpler, cheaper? What value does the whole blockchain, EVM, L1 offer? Don’t they fully control the network? Don’t they decide “everything” anyway? I’d love to understand it, I’m not a hater, just a developer who don’t quite get this announcement.

There has been a huge amount of tooling and programs written for EVM that you instantly have access to

Re: Stripe Launches L1 Blockchain: Tempo

#957

Post by Zpalmtree »

mynameisash wrote: post #706
ralfhn wrote: post #621

Earlier quoted context omitted.

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

I wired approximately that much money internationally years ago with Wise (then known as TransferWise). Wasn't a hassle at all, didn't require any rigamarole, and importantly, didn't require crypto. What's the problem with using Wise?

What's the problem with using crypto?

Re: Stripe Launches L1 Blockchain: Tempo

#958

Post by Zpalmtree »

1970-01-01 wrote: post #874

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.

send money fast and cheap

maybe you are just stupid?

Re: Stripe Launches L1 Blockchain: Tempo

#959

Post by Jommi »

immibis wrote: post #791
gamblor956 wrote: post #491

Earlier quoted context omitted.

Stablecoins will end subject to just as much regulation as a normal bank, maybe even more. JPMorgan Chase, BofA, and their ilk have R&D budgets large enough to have already launched a dozen stablecoins by now. They haven't, not because they can't (on a technical level) but because they don't actually see the value to it (on a business level). They're simply paying lip service to crypto because it pumps up share value…

Is Uber subject to taxi regulations yet?

yes in many many many countries.

Re: Stripe Launches L1 Blockchain: Tempo

#960

Post by Jommi »

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…

USDe is definitely not decentralized lol.

It's a hedge fund with a dual structure

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