[HN Gopher] Stripe to start taking crypto payments starting with...
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Stripe to start taking crypto payments starting with USDC
stablecoin
Author : rvz
Score : 25 points
Date : 2024-04-25 18:39 UTC (4 hours ago)
(HTM) web link (techcrunch.com)
(TXT) w3m dump (techcrunch.com)
| namanyayg wrote:
| They're supporting Solana which is basically a centralized coin
| with a superminority of 22 validators [0] and keeps going offline
| regularly [1].
|
| They fail to support legitimate businesses and instead choose to
| support crypto, which is a world of grift and scams.
|
| Has Stripe sold their ethics?
|
| [0] https://solanabeach.io/validators [1]
| https://decrypt.co/216132/solana-outage-developers-say-could...
| hanniabu wrote:
| It is a damn shame to see Solana getting integrations and put
| on the same playing field as Ethereum, since as you say it's
| quite centralized and was a product of Sam Bankman-Fried's
| fraud pumping it into "relevancy".
|
| But unfortunately those behind the projects and the project's
| treasury itself has become quite rich from the increase in
| price and can support bizdev and grants (bribes).
| spxneo wrote:
| If the fish rots from the head then this "ny state of mind"
| doesn't begin with Stripe if you understand who I'm talking
| about.
|
| Its incredible that the harm that SBF has done with Solana and
| other ponzi coins would get direct support from Stripe
| J_Shelby_J wrote:
| IMO, the old generation of crypto people will go to their grave
| mad that anything other than ethereum sees success.
|
| There are valid complaints about Solana, but the ones that get
| trotted out in online discourse are repeated until they become
| reality for the horse beater. Unfortunately for them, their
| reality is disconnected from actual reality.
| harles wrote:
| How long do these payments take? Or are they layering a
| centralized system on top to pretend the crypto has moved?
| hanniabu wrote:
| Depends on the chain.
|
| Bitcoin, which is unfortunately many people's first
| introduction to crypto, takes on average 10 minutes per block.
| Typically services then wait for finality which is 6 blocks, so
| about an hour.
|
| On Ethereum, each block is 12 seconds and 64 blocks for
| finality, so 12.8 minutes. If Stripe were smart, they'd be
| using an L2 like Base where block times are ~2s.
|
| On Solana, each block .45s and 20-40s for finality. But Solana
| makes a lot of sacrifices and tradeoffs to achieve this and
| thus isn't on the same level as Ethereum.
|
| Edit: From another article is appears they'll be using custody
| funds though, at least to start. So in that case transactions
| should be instant due to a centralized layer as you mention.
| J_Shelby_J wrote:
| What sacrifices and trade offs does it make that an L2 with
| equivalent performance doesn't also make?
| kevincox wrote:
| > finality which is 6 blocks
|
| There isn't such thing as "finality" in bitcoin right? The
| probability of another chain growing longer just dramatically
| shrinks each extra block mined (as most of the mining power
| will quickly shift to the longest known chain).
|
| There is also a lot of historical data as the bitcoin
| blockchain has been running for many years. How many times
| has a chain with a 2-block lead been surpassed? It seems like
| the data is out there to create a pretty accurate graph for
| by-chance reversal for a given number of confirmations.
| (Intentional reversing is a bit of a different issue but you
| should be able to estimate the computation costs as well).
| J_Shelby_J wrote:
| I used Solana pay irl last year, and it was as easy and quick
| as Apple Pay. Solana has a sub-second confirmation time.
|
| If you live in a county with a functional and stable financial
| system then this announcement isn't for you. If you live in xyz
| country where getting a credit card is a big challenge this
| will make it easier to shop online.
| colesantiago wrote:
| It is a massive disappointment that Stripe is getting involved in
| facilitating scams and ransomware by accepting 'crypto payments'.
|
| I think it's about time to move off Stripe to other payment
| providers that don't accept crypto since Stripe is becoming more
| hostile and banning customers and shutting down their accounts
| for no reason.
|
| I am betting that Stripe chose crypto to avoid more chargebacks
| (that crypto does not support)
| spxneo wrote:
| I am quite taken back by Stripes decision here but dissing PG's
| golden boy will get me banned so I suggest everybody to read
| @bitfinexed on X on why USDC/Tether is extremely shady.
|
| but I don't know which payment processor like Stripe can do the
| following:
|
| - marketplace onboarding for buyers and sellers
|
| - crowdfunding
|
| - mass payouts/intermediary payouts
|
| - doesn't hide fees for dashboard
| yfw wrote:
| They used to take btc before
| TacticalCoder wrote:
| Two HN unicorns involved then. Although USDC is emitted by
| "Centre", Centre is 50/50 Coinbase and Circle. And Coinbase is
| another HN unicorn.
| thecleaner wrote:
| Is Stripe profitable ?
| steve_adams_86 wrote:
| Apparently they weren't for a long time, but they may have been
| last year (based on some cursory googling). They projected
| $100,000,000 EBITDA for 2023, but I'm not certain it panned
| out.
|
| Their cash burn over the years has been astonishing. It seems
| like a very difficult business to make money in, somewhat
| ironically. Sort of a "water water everywhere" situation.
| toomuchtodo wrote:
| Can't your bank just accept FedNow instant payments? You don't
| need Stripe and stablecoins for them to do that. 20 second SLA,
| $100k value transfer at a time (to start, up to $500k based on
| specific institution risk profile), and they are free or very low
| cost.
|
| https://www.frbservices.org/financial-services/fednow/organi...
|
| https://www.moderntreasury.com/journal/fednow-launch
|
| https://www.moderntreasury.com/questions/what-is-the-maximum...
| brcmthrowaway wrote:
| I thought stablecoins were a scam?
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