Steam stops accepting payments in bitcoins

[Themius]

Let me know how this applies to anything we're talking about.

I made a lot of money everyone wants to make a lot of money. One should give a shit about advice.

[Ripster42]

I made a lot of money everyone wants to make a lot of money. One should give a shit about advice.

Your advice was about losing money on a med stock and investing in something early that's currently going through a bubble. Is that what you saying? Am I getting that right?

[Themius]

Your advice was about losing money on a med stock and investing in something early that's currently going through a bubble. Is that what you saying? Am I getting that right?

I invested in a medical stock based off what I knew about the industry and their sector so while I lost 70% in the beginning I had full knowledge it was only a matter of time because of upcoming catalyst. I knew when all catalyst were and was completely unworried

The point is I made a nearly 400% return so you can say I lost money but that’s be dumb.

I’m invested in litecoin iota and dash

Respectively I’ve made about 500-600% (averaged up over time recent purchases are up a little over 300%)700% and and about 280%. I have a very small bitcoin position that isn’t worth much. I’m more invested in alternative coins for long term.

[Ripster42]

I invested in a medical stock based off what I knew about the industry and their sector so while I lost 70% in the beginning I had full knowledge it was only a matter of time because of upcoming catalyst. I knew when all catalyst were and was completely unworried

The point is I made a nearly 400% return so you can say I lost money but that’s be dumb.

I’m invested in litecoin iota and dash

Respectively I’ve made about 500-600% (averaged up over time recent purchases are up a little over 300%)700% and and about 280%. I have a very small bitcoin position that isn’t worth much. I’m more invested in alternative coins for long term.

Ah, this was a misunderstanding on my part. I thought you were saying you lost money on a med stock but had evened out your losses (and in fact had significant growth) from gains in investments from bitcoin.

[Iamanerd]

People can hate on Crypto all they want and remain uninformed. My LTC/IOTA/Ripple have all done well, and the gains on LTC alone have been insane this year for me, sold a little bit to get back my initial investment. I'm looking forward to Ripple taking off in the future as well.

[Themius]

People can hate on Crypto all they want and remain uninformed. My LTC/IOTA/Ripple have all done well, and the gains on LTC alone have been insane this year for me, sold a little bit to get back my initial investment. I'm looking forward to Ripple taking off in the future as well.

Ripple is he one working with the banks and I want to get into it soon as well.

[Celista]

There are 3 main types of people who use Bitcoins: speculators who have deluded themselves into thinking its value will keep increasing indefinitely, libertarian crazies who use it so the government can't "spy" on them, and various criminals who use it for their illegal deeds.

When that is your core user base, it's not sustainable. The only thing that could change this is if major countries decided to back the currency, which is not going to happen.

It is most certainly a bubble, and I suspect the only people saying otherwise are people who currently own Bitcoins and realize all this talk of it being a bubble is hurting their "investment".

Yup, agreed.

Honestly, if people want to engage in speculative behavior, there is probably money to be made in cryptocurrencies. I think their outlook is poor as a long term investment for the aforementioned reasons, however.

[Iamanerd]

Ripple is he one working with the banks and I want to get into it soon as well.

Yeah it seems to be in a good position. Also LTC on fire tonight!

[schwarzkopf]

What's your opinion on this?

Very sensible mood, you can't use it as a currency if you have no idea how much it is worth.

Because Bitcoin is technically not a currency, but a commodity - it makes a very poor way to pay for services.

[suprep]

Bitcoin/cryptos seem to be a very controversial topic here on MMO, I personally started investing two years ago into a crypto called Ether (Ethereum). I see where people are coming from and I've heard countless of times about the bubble popping. The thing is that this is MUCH more accessible to the average user than say stock trading. Whenever prices dip, there are people waiting to catch knives.

We also have futures now for Bitcoin, which appear to be keeping the price slightly more in check and less volatile. As much as I'd like to believe this 'bubble', there's a possibility it might not happen (at least in our lifetime, remember that Bitcoin won't be fully mined until 2150 or so). Not all cryptocurrencies are speculative investments, Ethereum allows users to deploy code using a turing-complete language on the blockchain (also called a smart-contract) which has already seen acceptance by major businesses (Microsoft, Santander to name a few).

At the end of the day, my initial investments into Ether was $7 and for reference the current trading price is a bit north of $500. I've already cashed out a few times on the way (making a lot more than my initial investment). I do agree that some cryptocurrencies (Bitcoin) can't be reliably used as a currency, having said that I have purchased a brand new PC using BTC only a month ago (BitPay), so there's that.

[Jeezy911]

http://www.bbc.co.uk/news/technology-42264622



What's your opinion on this?

The shit went up 30 fold and they are cashing those profits. Smart move.

[therealstegblob]

People keep saying they think Valve dropped Bitcoins because of their 'volatile' nature, but this is probably incorrect.

Bitcoins are not volatile. They steadily increase in price, they're like the least volatile currency you could ask for lol. Of course they're in a bubble and who knows if the bubble will pop or if they'll finally flatline in value.

The real reason Valve stopped accepting BTC is probably because they're no longer a valid currency. Bitcoin is, at this stage, just a way of storing or transferring wealth and investments. Using 'shards' of a bitcoin is confusing and the prices are weird. Given that Bitcoin was also a popular currency of hackers and account thieves and that we can assume almost no one else ever paid for anything with them, it's only very obvious Steam would stop supporting its use.

[McFuu]

People keep saying they think Valve dropped Bitcoins because of their 'volatile' nature, but this is probably incorrect.

Bitcoins are not volatile. They steadily increase in price, they're like the least volatile currency you could ask for lol. Of course they're in a bubble and who knows if the bubble will pop or if they'll finally flatline in value.

The real reason Valve stopped accepting BTC is probably because they're no longer a valid currency. Bitcoin is, at this stage, just a way of storing or transferring wealth and investments. Using 'shards' of a bitcoin is confusing and the prices are weird. Given that Bitcoin was also a popular currency of hackers and account thieves and that we can assume almost no one else ever paid for anything with them, it's only very obvious Steam would stop supporting its use.

Volatile means unstable. BTC is extremely unstable.

[therealstegblob]

Volatile means unstable. BTC is extremely unstable.

So the price going up and up with no major fluctuations over the course of a year is "unstable"? Gotcha.

[God Save The King]

So the price going up and up with no major fluctuations over the course of a year is "unstable"? Gotcha.

Yes. The price is not stable, therefore it is unstable. It is also increasing, but that doesn't matter since unstable does not mean decreasing.

[therealstegblob]

Yes. The price is not stable, therefore it is unstable. It is also increasing, but that doesn't matter since unstable does not mean decreasing.

Under the generic definition "the price isn't stable therefore it's unstable" you might as well criticize literally every currency, including the US Dollar and the EU Euro. Guess Steam should stop taking them because they have unstable values, eh?

[renet]

Bitcoin and cryptos are here to stay and the value of them will only increase it might be a bit of a roller coaster but it will increase

20 years or so from now people will look back wish they had been involved in the early days
every month more and more companies accept bitcoin for payment thus ensuring its long term survival and acceptance as a virtual currency with real world application here are a few of the companies that accept them now as payment

•Peach Airlines: a Japanese airline accepts Bitcoin as a payment method
•Virgin Galactic: Fly to space, and pay with Bitcoin
•airBaltic: a Baltic airline that has accepted Bitcoin since 2014
•LOT Polish Airlines: a worldwide airline based in Poland

•Future Tours: Book flights with bitcoin (uses The Rock Trading Exchange for Bitcoin exchange) — based in Vietnam
•CheapAir: Purchase flights and hotels with Bitcoin
•Expedia: You can book for hotels (but not flights) and pay with Bitcoin
•One Shot Hotels: Book hotels with Bitcoin (based in Spain)
•Destina: Book flights and hotels with Bitcoin (based in Spain)
•BTCTrip: Book vacations using Bitcoin and Litecoin


You can buy gift cards with Bitcoin.
This includes gift cards from Amazon, eBay, Uber, Skype, Whole Foods, Target, Home Depot, CVS, Best Buy, REI, Macy’s, Bloomingdales, TJMaxx, Marshalls, Home Goods, Kohl’s, Sephora, Skype, Wine.Com, Regal Cinema, StubHub, Hotels.Com, EAN Hotels and iHotelGiftCard.

The list is growing every day more and more business join the ranks of companies that will take bitcoin and some fall the wayside like steam due to many different reasons sometimes its the reasons that steam listed other times companies found their wasn't enough demand for their products with payment in bitcoin

To totally dismiss bitcoin and claim its in a bubble and will collapse it slightly short sighted as history is filled with epoch moments when how business was conducted and goods changed hands
over time we have gone from exchanging raw materials for needed resources like , salt , animal furs to trinkets then on to metals then onto coinage then onto a fiat system that was gold backed but now is mostly government bonds backed

is some aspects printed money is a scam as its backed by bonds so its printed paper backing printed paper lets face it everything is a scam

Myself im glad I invested into cryptos when I did I made more in 1 year then I have in my working lifetime

there are some very good things with crypto and the technology behind them like for an example when I'm chatting with a friend in the US and I'm planning my next trip over their I can instantly send him a set amount in crypto and he will received it moments after i've hit the send button then he converts it to USD goes and books my hotel room and get anything I need in advance so when I arrive I can just chill with him and hi family on the 1st day now stuff around

I can do the same with Fait as well however it can take anywhere from 24 hours to 7 days to get to him and clear then there are exchange rates and transfer fees so its a much slower and costly method and I know of a lot of people who have jumped onto this and are doing the same now to send money to friends and families

The main thing everything people are getting wrong is focusing on bitcoin because its not a bubble or a crash that's going to collapse it no its whatever crypto that's adopted by international banking this is what will harm bitcoin more than fear mongering of bubbles and calling it a scam

XRP or ripple is being tried and tested by over 75 international banks including several American banks is a good example of the possible future of cyrptos

Now say XRP is adopted as the official internatonal value transfer currency banks will internationally be able to transfer hundreds of millions of dollars in seconds to other banks all over the world without having to use third partied or intermediary banks to transfer funds like the do now
so for banks this will save them billions in fees and all debts and clearances and payments will happen in seconds instead of taking days or weeks in some cases
secondly this would stabilise the value of XRP because unlike other cryptos there is no more mining every XRP token to ever exists does now no more will be made or cough cough printed the total amount is kept vaulted and every month an allotment is released if the allotment is greater than market needs then the surplus is returned to the vault

Now what does all mean for the average person ?
its a one world currency that would be accessible at every atm just say back at home you loaded up you travel card with XRP tokens then went overseas you could then in theory withdraw money out in the local currency at whatever the local exchange rate was for XRP
Banks would make darn sure that XRP was stable there wouldn't be the wild fluctuations that you get now get with currency exchanges because they are using it for the core of their business operation for international money transaction

TLDR
Bitcoin will go the way of the petro dollar but what will replace it and how soon is all open to speculation however crypto currencies are here to stay and will become much more common place and in fact are starting to replace gold and silver for privately held reserves

will the value go up and down?
yep like a honeymooners bed springs but its not the same as past experiences this is a different thing altogether and this is what people are getting wrong there is a finite amount of bitcoin no government is just going to buy more debt and print more of them like they do with national currencies

important footnote there are several countries already setting up crypto currency infrastructure for future investment so that should tell people something

[Themius]

Yeah it seems to be in a good position. Also LTC on fire tonight!

Oh I noticed. My largest position in crypto is in ltc

[StayTuned]

Oh look it's this topic again.


Wait, it's 6 months old necro.

[Molis]

Not a Pyramid Scheme
Not a Pyramid Scheme
Not a Pyramid Scheme

If you say it enough times its true