Steam Should Create Their Own Crypto Currency On A Private Blockchain
Simple question really, should steam create their own crypto currency and run their own private blockchain considering the rise in BTC prices?
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Beiträge 115 von 59
Darren 8. Dez. 2017 um 21:59 
Why? They don't want their own currency. They never even wanted BitCoin (preferring to have BitPay handle that and pay them USD).
Just because its crazy expensive now, doesn't mean that tomorrow morning instead of being worth 15,000 dollars (or what ever its worth), a single bit coin could be worth 34 cents and then stay there forever.

Stuff like this is just way too unstable, and would be one of the dumbest things Valve could ever get into. I don't even know why they accepted bit coin (through an exchange or what ever it was) to start with, it just goes up and down too much to be worth while. They have since dropped it, but if it was still active, today someone could buy a $60 dollar game for say 1 bit coin or lets call it 1 valve coin. By the time the interaction with the exchange could happen the price, that bit coin is now only worth 20 cents, so valve is now out $59.80 plus all the fees that go along with it.

This would be a HUGE mistake for Valve to get into this stuff.
Zuletzt bearbeitet von Gwarsbane; 8. Dez. 2017 um 22:00
Darren 8. Dez. 2017 um 22:03 
Ursprünglich geschrieben von Gwarsbane:
Just because its crazy expensive now, doesn't mean that tomorrow morning instead of being worth 15,000 dollars (or what ever its worth), a single bit coin could be worth 34 cents and then stay there forever.

Stuff like this is just way too unstable, and would be one of the dumbest things Valve could ever get into. I don't even know why they accepted bit coin (through an exchange or what ever it was) to start with, it just goes up and down too much to be worth while. They have since dropped it, but if it was still active, today someone could buy a $60 dollar game for say 1 bit coin or lets call it 1 valve coin. By the time the interaction with the exchange could happen the price, that bit coin is now only worth 20 cents, so valve is now out $59.80 plus all the fees that go along with it.

This would be a HUGE mistake for Valve to get into this stuff.

Valve would never have been out the 59.80 they insisted BitPay give them the $60, they let BitPay worry about how much that would be in BitCoin (that wasn't Valves issue).
So your telling me that if Valve had not of just sat on all the Bitcoin they processed through Bitpay at USD market rate since they started allowing it as an option they wouldn't be worth hundreds of percentages on increase in USD? Valve could now be selling that Crypto for 1000% profit?
Zuletzt bearbeitet von CIABrad.eth; 8. Dez. 2017 um 22:08
Darren 8. Dez. 2017 um 22:12 
Ursprünglich geschrieben von ߣÄČĶĦÅŤ ĘŜPĔĔĎ™:
So your telling me that if Valve had not of just sat on all the Bitcoin they processed through Bitpay at USD market rate since they started allowing it as an option they wouldn't be worth hundreds of percentages on increase in USD? Valve could now be selling that Crypto for 1000% profit?

Potentially yes. But Valve isn't in the business of currency speculating, they are in the business of selling games. They don't have anyone with the expertise nor interest in taking the risks of that market.
Ursprünglich geschrieben von ߣÄČĶĦÅŤ ĘŜPĔĔĎ™:
So your telling me that if Valve had not of just sat on all the Bitcoin they processed through Bitpay at USD market rate since they started allowing it as an option they wouldn't be worth hundreds of percentages on increase in USD?

It could have just as easily gone the other way too you know. And at any moment the price its at now, could crash so hard that you'll hear people around the world screaming about why they didn't sell it when it was worth more then a $1.29. Seriously, something happened a few weeks or months ago where the price went from like 5000 or something dumb, down to 300 bucks and then back up to where it had been. In that time, lots of auto sellers, sold off their coins for 300 bucks instead of what ever it was worth because it dropped past the thresh hold that they set.

Heck just today after it hit 17,000, it crashed down 2500 so everyone who paid over 15,000 for it lost money. Will it stay at 14,500? Who know, again tomorrow morning you could wake up and instead of being worth 14,500 its worth 3 cents.

Normal currencies don't usually do stuff like that, its just not safe to get into stuff like that, unless you happen to be on the ground floor and got bit coins when they were just worth pennies each in the hope that you might actually make some money from them some day, or as a joke or what.

And just because bit coin is up in price, doesn't actually mean any other crypto currency will even break 1 dollar. Some are at like 300, some are only pennies, some you might actually be able to get a big mac from mcdonalds if they actually accepted it.

Its also taken many years for bit coin to get to this high. In 2015 it was worth around 200 and something. At the start of this year, it was only worth 700 and something. Now less then a year later, its jumped to over 15,000... its going to crash, and its going to crash hard.
https://www.coindesk.com/price/

Click on all and you will see just how much the prices have gone up and down and how fast its suddenly gone up. When stuff like this suddenly goes up, its called a bubble, and bubbles pop.

And I hope it does and tanks all the other crypto currencies out there because I want video card prices to come back down to what they actually should be, their MSRP instead of being 100 or 200 or more dollars higher because of all these people buying them all out and stores raising their prices just because they can.
Zuletzt bearbeitet von Gwarsbane; 8. Dez. 2017 um 22:30
bitcoin is essenially pretend money that can go poof at any given moment

people have too much faith in that currency if you want my honest opinion, and if anything the dotcom incident should have told us is to never put all your eggs in one basket.
1. 'valve coin' is issued to the purchaser by issuing a new percentage of the fixed game price.
2. You can purchase steam games with the paid 'valve coin'.
3. 'valve' sells the returned coin to the list price on its own exchange. Treat it like a gift certificate. Some discounts are needed in the beginning.
4. As the number of 'valve coin' merchants increases, market demand for 'valve coin' increases. Applying an advantageous algorithm to the 'valve coin' block chain for small transactions can lead to a small trading market.
5. The surge in speculation caused by speculation can be restrained by limiting the maximum purchase amount per account.
6. If successful, valve will be able to preempt the virtual money market in virtually all retail markets around the world, and will be able to collect tremendous commissions in connection with card companies.


end. There are many advantages, but ... The biggest advantage of this 'valve coin' model is that it is a currency that does not require currency exchange in the world within a small tax allowance that is legally permissible. Anywhere in the world.
Zuletzt bearbeitet von MD space Industry; 9. Dez. 2017 um 1:43
The steam wallet already is valve coin.
Ursprünglich geschrieben von star1412z:
1. 'valve coin' is issued to the purchaser by issuing a new percentage of the fixed game price.
2. You can purchase steam games with the paid 'valve coin'.
3. 'valve' sells the returned coin to the list price on its own exchange. Treat it like a gift certificate. Some discounts are needed in the beginning.
4. As the number of 'valve coin' merchants increases, market demand for 'valve coin' increases. Applying an advantageous algorithm to the 'valve coin' block chain for small transactions can lead to a small trading market.
5. The surge in speculation caused by speculation can be restrained by limiting the maximum purchase amount per account.
6. If successful, valve will be able to preempt the virtual money market in virtually all retail markets around the world, and will be able to collect tremendous commissions in connection with card companies.


end. There are many advantages, but ... The biggest advantage of this 'valve coin' model is that it is a currency that does not require currency exchange in the world within a small tax allowance that is legally permissible. Anywhere in the world.

This is exactly what I was thinking.
Some how I trhink the only reason people like crypto is that it's money that they don't need to get a job to earn.

Valve already has the steam wallet. THey don't need anumore than that.. The exchange rate on steam wallt is 1:1
Ursprünglich geschrieben von Washell:
The steam wallet already is valve coin.
More like a I.O.U.
'Whatever' coins can have their own exchange ratios.
Wallet money worth is fixed to the currency value. One 'Steam wallet' dollar is and will be one 'Real world' dollar on Steam.

Ursprünglich geschrieben von Zetikla:
bitcoin is essenially pretend money that can go poof at any given moment
Right now it's become nothing more than a speculative commodity. And it's showing all the signs of a humongous speculative bubble.
Kind of funny hearing the same things parroted about Bitcoin than I heard a decade back about my own country real state bubble.

Ursprünglich geschrieben von Gwarsbane:
Just because its crazy expensive now, doesn't mean that tomorrow morning instead of being worth 15,000 dollars (or what ever its worth), a single bit coin could be worth 34 cents and then stay there forever.
Or literally nothing. Zero, niente, nada.

The thing with some speculative bubbles is that they mostly are based on something with an intrinsec real world value (Tulips, Business assets, Real State properties) blown out of proportion.
But cryptocurrencies are intrinsecally just a bunch of bytes on a computer.

One concept Bitcoin owners might also be interested on reading is this one:
https://en.wikipedia.org/wiki/Corralito
The weakness of crypto is proven by one simple fact. Why do stores need to accept it directly? Surely it should be easy to find a money changer that will give you their relatively inferior real money in exchange that super great crypto.

The reason. For all that's said about the value, the truth is, its more like csgo skins. all value exists in the owner's head.
So Valve should basically give out free games?

Every cryptocurrency is backed by money initially invested into it. Specifically to give it some value. Everything else is speculative value only, backed by nothing. So basically Valve would give you part of their money for you to pay them. That's not a sound business at all.
Valve could have hired someone who could manage a private blockchain and their private finance portfolio would have made them 100000% already.... Gaben has already considered this I'm sure.
Zuletzt bearbeitet von insomniac1039; 9. Dez. 2017 um 13:10
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