Why Stripe Gave Up on Bitcoin and Blockchain Payments | Hacker News Reader

Why Stripe Gave Up on Bitcoin and Blockchain Payments

fortune.com

It's odd there is no mention of Stellar Lumens in here. Seems relevant since one of Stellar's board members is the Former CTO at Stripe and the current CEO at Stripe is an advisor.

strange that a payment provider doesn't like the tech that aims to replace it.

TLDR: a company slahes some piece of new technology that might make them obsolete

The fact it might make you obsolete is why you're pressured to get on board with it in the first place. Feeling it's safe to ditch it means you've figured out that it's not going to be a threat.

or if you are afraid any legitimity you could give would hasten your demise.

in the end, you still have to swallow the bitter pill if you want to stay relevant - like Microsoft did with Linux

They probably cut it because they weren't going to make as much money as their other transaction processing.

Online stores can add crypto payment easily through sites like coinpayments.net. And when those transaction fees are a half of a percent, of course consumers are going to embrace that.

My material supplier recently started tacking on the 3% credit card convenience fee for swiping a card. It won't take long for a company to come up with a solution for retail that will only cost 1% or less for the consumer.

If we give Stripe's management the benefit of the doubt then I think you are correct. If they are acting rationally then they would seek out technologies that threaten their business model and try to incorporate them to mitigate that risk. Dropping bitcoin would indicate that their internal metrics indicate that the technology is not currently a sufficient threat to their business.

marky words (I am also willing to bet) that they will return when LN is ready. Their founders totally like crypto. There was an interview last year. The COO seems to go her own way

Trusted 3rd Party is way more efficient. Stripe should take on Dwolla, except back it in BTC. Dynamics of BTC valuation plus the fast/clean/reversible/aggregation goddies of a trusted third party. Win win.

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