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What will be interesting to see is when/if they roll this back. Historically significant announcements like this from large corps are more of a PR play than any

What will be interesting to see is when/if they roll this back. Historically significant announcements like this from large corps are more of a PR play than anything else. Even Elon/Tesla backed away from crypto less than three months after announcement. They've been (allegedly) looking at it again for almost a year now but given no additional announcement of progress that announcement was quite possibly just another PR move.

wollsmoth 5y ago
Well, it's USDC which is stable and probably is less of a headache to deal with than ETH/BTC. I suppose if not very many people use it, it might not be worth the engineering time to maintain it though.
- lostmsu 5y ago
  Isn't USDC a token on Ethereum and some other blockchains? According to this it is 99%+ ETH: https://www.theblockcrypto.com/data/decentralized-finance/stablecoins https://www.theblockcrypto.com/data/decentralized-finance/st...
  - saurik 5y ago
    Those charts aren't loading on my phone, but I presume you mean Ethereum (not ETH, which is a currency). This announcement says explicitly that the payouts will occur on Polygon, not Ethereum. Polygon currently has much lower fees than Ethereum (though the same scalability bottleneck inherently exists).
    - lostmsu 5y ago
      Why have you omitted that Polygon is also a layer on top of Ethereum?
      - saurik 5y ago
        Because it doesn't affect the price of using Polygon (and because it is only half true in the first place...) making it entirely irrelevant?
  - wollsmoth 5y ago
    hmm, yeah, wow, I kind of assumed USDC transaction costs would be low, but I'm reading they can be kinda steep like eth.
stu2b50 5y ago
I think this has more lasting power. There's a lot of reasons not to take crypto purchases... but that's the merchant's problem, not stripe's problem. They'd only deprecate it if the end users eventually dwindle to 0 and it becomes more expensive to maintain in engineering hours than fees. Which could happen, but it'll take longer than merchants who dip their toes into cryptocurrencies as a currency and find piranhas.
sweetbitter 5y ago
Musk recently said in an interview that Tesla is waiting for bitcoin to consistently use more than 50% renewable power.

wollsmoth 5y ago

Well, it's USDC which is stable and probably is less of a headache to deal with than ETH/BTC. I suppose if not very many people use it, it might not be worth the engineering time to maintain it though.

lostmsu 5y ago
Isn't USDC a token on Ethereum and some other blockchains? According to this it is 99%+ ETH: https://www.theblockcrypto.com/data/decentralized-finance/stablecoins https://www.theblockcrypto.com/data/decentralized-finance/st...
- saurik 5y ago
  Those charts aren't loading on my phone, but I presume you mean Ethereum (not ETH, which is a currency). This announcement says explicitly that the payouts will occur on Polygon, not Ethereum. Polygon currently has much lower fees than Ethereum (though the same scalability bottleneck inherently exists).
  - lostmsu 5y ago
    Why have you omitted that Polygon is also a layer on top of Ethereum?
    - saurik 5y ago
      Because it doesn't affect the price of using Polygon (and because it is only half true in the first place...) making it entirely irrelevant?
- wollsmoth 5y ago
  hmm, yeah, wow, I kind of assumed USDC transaction costs would be low, but I'm reading they can be kinda steep like eth.

stu2b50 5y ago

I think this has more lasting power. There's a lot of reasons not to take crypto purchases... but that's the merchant's problem, not stripe's problem. They'd only deprecate it if the end users eventually dwindle to 0 and it becomes more expensive to maintain in engineering hours than fees. Which could happen, but it'll take longer than merchants who dip their toes into cryptocurrencies as a currency and find piranhas.

sweetbitter 5y ago

Musk recently said in an interview that Tesla is waiting for bitcoin to consistently use more than 50% renewable power.