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Stripe Launches L1 Blockchain: Tempo

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Re: Stripe Launches L1 Blockchain: Tempo

#961

Post by vagab0nd »

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…

That doesn't make sense. You are basically making money on the interest of "in-flight" fund. What does it have to do with stablecoins?

Re: Stripe Launches L1 Blockchain: Tempo

#962

Post by westurner »

westurner wrote: post #619
jazzyjackson wrote: post #508

Earlier quoted context omitted.

> You need a consensus mechanism and immutable ledger in order for it to be secure and truly transparent Consensus between who? The stablecoin issuer, stripe in this case, is a single party, who are they coordinating with that requires a consensus algorithm?

How does centralized SQL replication do consensus, compared to a DLT? Blockchain consensuses: Which is the next block, Which protocol version must what quorum upgrade to before a soft fork locks in, Whether a stake should be slashed, Leader/supernode election (handled by the UNL text file in git in rippled, which underpins R3, W3C Web Monetization micropayments, and W3C ILP Interledger protocol (which FedNow implemen…

I suspect this was downvoted in ignorance.

Do you understand how consensus matters with distributed databases and DLTs?

Do you understand the difference between WAL checksums and Merkle hashes?

If the WAL checksums are not sufficient, is the SQL database sufficient? Why are Merkle hashes not "bolted on" but native to blockchains?

How many integrity hashes should be bolted onto a SQL database for there to be replication with data integrity?

Re: Stripe Launches L1 Blockchain: Tempo

#963

Post by runarberg »

School-Cotton wrote: post #906
runarberg wrote: post #636

Earlier quoted context omitted.

In my circles we have been calling it unregulated free market capitalism, or laissez faire capitalism. More examples include Uber to bypass taxi regulation, and generative AI to bypass copyright regulation (as well as consumer protection regulation in both cases as well as labor protections).

What we're talking about is a much more specific phenomenon than "unregulated free market capitalism". In fact, in an unregulated market, there would be no regulatory arbitrage opportunities, by definition (e.g. Uber would have no reason to exist since taxis would already be unregulated).

The idea of the argument (or more accurately the joke) is that Uber is unregulated free market capitalism. It is what happens to the taxi market if they would lift all regulations. Uber’s whole “innovation” was to find a way to be unregulated while most of their competitors were still regulated.

Re: Stripe Launches L1 Blockchain: Tempo

#964

Post by ec109685 »

jdminhbg wrote: post #691
ec109685 wrote: post #627

Earlier quoted context omitted.

Why can’t bridge just convert the money into USD? What’s the point of the stable coins step?

Once you buy the stablecoins, moving the money anywhere is an API call and a sub-1¢ transaction fee, rather than a cross-border wire transfer and a multi-day settlement process.

I still don’t know why there is the settlement process. If it was just a row in the database that this person has N dollars, why isn’t that enough?

Re: Stripe Launches L1 Blockchain: Tempo

#965

Post by snthpy »

Jommi wrote: post #960
snthpy wrote: post #835

Earlier quoted context omitted.

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

Hi, thanks for correcting me on that. It actually says right [here](https://docs.ethena.fi/solution-overview/risks/exchange-fail...) that they use CEXs to trade the derivative positions so I clearly didn't do my due diligence on this. I don't mind being wrong but I shouldn't have been spreading misinformation when I didn't know the details so I apologise for that.

I'm actually quite disappointed that this is how they implement the protocol because to me the main benefit of the hedged collateral model was that it was the one way to produce a truly decentralized stablecoin. Do you know of another project that implements the same mechanism fully on-chain and decentralized?

Re: Stripe Launches L1 Blockchain: Tempo

#966

Post by camgunz »

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…

"Trump isn't pursuing financial crimes on blockchains, so we're cashing in as quickly as possible"

Re: Stripe Launches L1 Blockchain: Tempo

#968

Post by StopVibeCoding »

whimsicalism wrote: post #756
pornel wrote: post #76

This uses blockchain only for marketing buzzwords. Stablecoins require trusting that the coin issuer doesn't print money. This goes against the core premise of blockchain being trustless! This is just a payment API with extra steps (all of the integrity and identity features use cryptography that works without blockchain, unless your definition of blockchain is broad enough to include git and matrix chats, then the s…

not true of algorithmic stablecoins

true of stablecoins. look up do kwon

Re: Stripe Launches L1 Blockchain: Tempo

#969

Post by FireBeyond »

kccqzy wrote: post #463
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…

Banks have banded together to create Zelle for mostly instantaneous payments for individuals. As far as transactions between individuals, moving money quickly is a solved money. As for moving money from individuals to businesses, taking a long time gives customers more "float" and more time to earn interest, and it is a feature not a bug.

Banks banded together to create Zelle to offload most fraud risk onto individuals.

They used "mostly instantaneous payments" as the carrot to get those individuals to use the service.

Banks have near zero obligations around Zelle transaction fraud - if they do anything, it's often mostly as a goodwill gesture for a customer.

Re: Stripe Launches L1 Blockchain: Tempo

#970

Post by 1970-01-01 »

Zpalmtree wrote: post #958
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?

Grandma asks how she can send her grandson 1 of these table coins for his birthday. Is it fast enough to get to him by Tuesday night? How much does it cost to send it on email?
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