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Just last year Stripe wouldn't even allow any crypto business to be their customers. You could not use Stripe if you business was crypto related. A client of mi

by harel 5y ago

Just last year Stripe wouldn't even allow any crypto business to be their customers. You could not use Stripe if you business was crypto related. A client of mine had to switch implementation to checkout.com because of that. I wonder what changed...

jhatemyjob 5y ago
What changed is, someone very powerful said this: "One of my incredibly big misses over the last decade was not buying enough Bitcoin. At $60k per Bitcoin, I'm still not sure if one should aggressively buy it, but surely it is telling us that we are at a crisis moment for the Fed."
- fuzzybear3965 5y ago
  I searched for who said this but came up empty. Where is this quote from?
  - cshenoy 5y ago
    Pretty sure it was Peter Thiel. https://sports.yahoo.com/tech-billionaire-peter-thiel-says-160721658.html https://sports.yahoo.com/tech-billionaire-peter-thiel-says-1...
    - fuzzybear3965 5y ago
      Thanks for the link. I didn't find that quote in the article, but maybe it was in there. If it's not in there then it's crazy that you linked that article saying "Peter Thiel" - another commenter said the same thing. If it's in there then it's weird that my quoted Google Search didn't yield at least that article.
    - clpm4j 5y ago
      And pretty sure by "not enough" he means only bought single digit 1000s of bitcoins rather than hundreds of thousands or millions of bitcoins.
  - deleted 5y ago
    [deleted]
  - eruleman 5y ago
    a recent Peter Thiel talk: https://youtu.be/Bw1ByVhJt7A?t=740 https://youtu.be/Bw1ByVhJt7A?t=740
    - deleted 5y ago
      [deleted]
- JaimeThompson 5y ago
  I'm not sure he actually is all that good at picking such things given his history https://en.wikipedia.org/wiki/Peter_Thiel#Clarium_Capital https://en.wikipedia.org/wiki/Peter_Thiel#Clarium_Capital
  - boogies 5y ago
    > Thiel used $10 million of his proceeds to create Clarium Capital Management… > 57.1% return … 7.8% loss … 40.3% return > …By 2011, after missing out on the economic rebound, many key investors pulled out, reducing the value of Clarium's assets to $350 million, two thirds of which was Thiel's money. Sounds like it was overall somewhat profitable?
pc 5y ago
Yep. Until very recently, we weren't able to support businesses selling crypto. (The regulatory details are complex.) We're now rolling out support and this page is basically about that change.
- muttantt 5y ago
  So now you can sell NFTs using Stripe, but still VOIP business startups competing with RingCentral, 8x8, etc. get their Stripe accounts cancelled...
  - TechBro8615 5y ago
    Maybe Stripe is using the adapter pattern — once fiat is deprecated, they can remove the technical debt around business restrictions. ;)
- harel 5y ago
  To be honest, I thought your refusal was probably well justified considering the disproportionate levels of credit card fraud involved in anything to do with crypto. I'd love to see your end of year statistics now...
  - rmbyrro 5y ago
    > disproportionate levels of credit card fraud involved in anything to do with crypto Source?
    - harel 5y ago
      Personal observation on 2 projects. See above for details on another reply.
  - mcintyre1994 5y ago
    > disproportionate levels of credit card fraud involved in anything to do with crypto I'm really curious what your source is for this. Anyone legit in crypto who's taking fiat is doing way more KYC than your average ecommerce store.
NovemberWhiskey 5y ago
Did anything necessarily change? I imagine there can be a different answer between the two questions "are crypto businesses bad risks as a payment provider?" and "is cryptocurrency a bad risk as a payment mechanism?"
rewtraw 5y ago
while the crypto community wants to avoid as much regulation as possible, it's important to realize that sensible regulation is a boon to the industry as it clears a path to allow institutions and traditional FinTech companies to hop onboard. So, the timing of this Stripe announcement could be related to the Biden EO: https://apnews.com/article/biden-cryptocurrency-executive-order-7af1d9bfda2d22046547fd9d51711ef5 https://apnews.com/article/biden-cryptocurrency-executive-or...

by harel 5y ago

jhatemyjob 5y ago

What changed is, someone very powerful said this: "One of my incredibly big misses over the last decade was not buying enough Bitcoin. At $60k per Bitcoin, I'm still not sure if one should aggressively buy it, but surely it is telling us that we are at a crisis moment for the Fed."

fuzzybear3965 5y ago
I searched for who said this but came up empty. Where is this quote from?
- cshenoy 5y ago
  Pretty sure it was Peter Thiel. https://sports.yahoo.com/tech-billionaire-peter-thiel-says-160721658.html https://sports.yahoo.com/tech-billionaire-peter-thiel-says-1...
  - fuzzybear3965 5y ago
    Thanks for the link. I didn't find that quote in the article, but maybe it was in there. If it's not in there then it's crazy that you linked that article saying "Peter Thiel" - another commenter said the same thing. If it's in there then it's weird that my quoted Google Search didn't yield at least that article.
  - clpm4j 5y ago
    And pretty sure by "not enough" he means only bought single digit 1000s of bitcoins rather than hundreds of thousands or millions of bitcoins.
- deleted 5y ago
  [deleted]
- eruleman 5y ago
  a recent Peter Thiel talk: https://youtu.be/Bw1ByVhJt7A?t=740 https://youtu.be/Bw1ByVhJt7A?t=740
  - deleted 5y ago
    [deleted]
JaimeThompson 5y ago
I'm not sure he actually is all that good at picking such things given his history https://en.wikipedia.org/wiki/Peter_Thiel#Clarium_Capital https://en.wikipedia.org/wiki/Peter_Thiel#Clarium_Capital
- boogies 5y ago
  > Thiel used $10 million of his proceeds to create Clarium Capital Management… > 57.1% return … 7.8% loss … 40.3% return > …By 2011, after missing out on the economic rebound, many key investors pulled out, reducing the value of Clarium's assets to $350 million, two thirds of which was Thiel's money. Sounds like it was overall somewhat profitable?

pc 5y ago

Yep. Until very recently, we weren't able to support businesses selling crypto. (The regulatory details are complex.) We're now rolling out support and this page is basically about that change.

muttantt 5y ago
So now you can sell NFTs using Stripe, but still VOIP business startups competing with RingCentral, 8x8, etc. get their Stripe accounts cancelled...
- TechBro8615 5y ago
  Maybe Stripe is using the adapter pattern — once fiat is deprecated, they can remove the technical debt around business restrictions. ;)
harel 5y ago
To be honest, I thought your refusal was probably well justified considering the disproportionate levels of credit card fraud involved in anything to do with crypto. I'd love to see your end of year statistics now...
- rmbyrro 5y ago
  > disproportionate levels of credit card fraud involved in anything to do with crypto Source?
  - harel 5y ago
    Personal observation on 2 projects. See above for details on another reply.
- mcintyre1994 5y ago
  > disproportionate levels of credit card fraud involved in anything to do with crypto I'm really curious what your source is for this. Anyone legit in crypto who's taking fiat is doing way more KYC than your average ecommerce store.

NovemberWhiskey 5y ago

Did anything necessarily change? I imagine there can be a different answer between the two questions "are crypto businesses bad risks as a payment provider?" and "is cryptocurrency a bad risk as a payment mechanism?"

rewtraw 5y ago

while the crypto community wants to avoid as much regulation as possible, it's important to realize that sensible regulation is a boon to the industry as it clears a path to allow institutions and traditional FinTech companies to hop onboard. So, the timing of this Stripe announcement could be related to the Biden EO: https://apnews.com/article/biden-cryptocurrency-executive-order-7af1d9bfda2d22046547fd9d51711ef5 https://apnews.com/article/biden-cryptocurrency-executive-or...