Bring Back Bitcoin

[Monsterbitar]

Some years back it was possible to pay with Bitcoin here on steam, and I loved it. Then came the 2017 bubble, the sad fee market, unstable confirmation times and steam removed this support because it was a customer support nightmare.

I'm sorry steam had to live through that, but I want steam to support Cryptocurrencies again, specifically Bitcoin Cash (BCH), since it has been upgraded specifically to resolve the issues that Bitcoin had back then.

If steam still feels burnt by the experience, I suggest re-adding it for a single service at first: topping up the steam wallet. This would mean that if a user has a problem with a game or wants a refund for something they bought, steam can just refund back to the steam wallet.

A final note, I was recommended to post this here by the steam support when making an inquiry about it, so we know they are not 100% against it - and that means it's a good idea to make a show of hands:

How many of you here would pay with cryptocurrencies if steam supported that?

EDIT: removed poor wording (on behalf of)

[Sadpan]

引用自 Start_Running：

引用自 Sadpan：

This is by far one of the biggest issues, they can see where your coins came from and all of the associated transactions. Coinbase is already known to do this, and it's hugely scandalous.

And yet, this is exactly what has to happen before any crypto can gain proper currency status. Behiold the irony. The thing preventing cryptos from being real currency is the mindset of the people who want to sue it as currency.

If this is talking about my mindset, I don't think we're at the point crypto should be used for payment for most things. The best way to think about it is that it's not a currency, it's a commodity like gold or silver. Which brings up my main point, why can't I pay in gold or other metals? I think we should bring back the gold standard, that would fix a lot of things in this country. I'd love to hand deliver my deposit in gold to Valve and let them give me store credit!

[Monsterbitar]

引用自 Spawn of Totoro：

Doesn't mean it is completely secure and can't be faked/altered or exploited in some way, shape or form.

You are right. I'm just vouching for the counterfeit and I'm also just pointing out that historically it has a good track record, and why I think that is the case.

引用自 Spawn of Totoro：

And seeing as Crypto can be stored locally, with no internet connection required

This is actually a misconception. Bitcoins aren't stored locally, only the right to access them is. Bitcoins are stored as a ledger entry in a public distributed ledger, where each set of coins are locked with a math-lock. Your wallet contains the keys to all your locks, and you can copy your keys as much and as often as you like, but once anyone uses the keys to move the coins, they get locked by a key the recipient controls.

[Monsterbitar]

引用自 Washell：

Once it starts gaining value, the 10 bucks you're holding will be worth 11 tomorrow, so it makes sense not to spend it yet, reducing rotation and thus reducing supply, which pushes the value even further. This in turn makes your 11 bucks worth 13 tomorrow, so you're still not spending

While this might sound reasonable in theory, it isn't the case in practice, except for those who already have all of their lives needs and desires already covered and also happen to believe that there is no end how valuable it can become.

The very fact that people like me is trying to buy goods and services with it shows that it does make sense to spend money. Payment processors is a group of business that also agree with me, and they make their entire livelihood off of that fact.

[Monsterbitar]

引用自 Sadpan：

引用自 Roze：

Not really, steam sets a price in EUR/USD and the payment processor receives crypto, converts them on an exchange and then send the EUR/USD steam asked for to their bank account. This is a solved problem.

But exchanges have different prices? What exchange would they use? Do you get to pick? This goes back to square one then.

The payment processor picks, steam doesn't care. If user pays, steam get money. If user doesn't, payment processor is doing a bad job and goes out of business.

Since there is multiple payment companies for crypto that has been around multiple years, I'd say that is evident enough that the business model is working.

For a more detailed explanation, bitpay, for example, has API connections with a large number of exchanges and prior to selecting an exchange rate they do a lookup for the full order depth and ensure that there is orders that can be fullfilled for the full amount, then calculate their exchange rate based on that. Customers get close to the best rate possible, bitpay gets a very stable and reliable number every time and the client that is using bitpay for payment processing doesn't see, know or care what the price is - they still get their EUR/USD in their bank account.

[Monsterbitar]

引用自 Start_Running：

引用自 Sadpan：

This is by far one of the biggest issues, they can see where your coins came from and all of the associated transactions. Coinbase is already known to do this, and it's hugely scandalous.

And yet, this is exactly what has to happen before any crypto can gain proper currency status. Behiold the irony. The thing preventing cryptos from being real currency is the mindset of the people who want to sue it as currency.

I want to use it as currency. (right here, right now)

I also pay my taxes, and I don't mind showing the government my transaction history to back up my finances. I don't want some theoretical stalking ex-fiancee to know exactly what I do, or announce to the entire world how rich or poor I am.

Thankfully, bitcoin is pseudonymous - not anonymous - and it's 100% fully traceable for every single coin and transaction ever issued. In fact, it is by FAR more traceable than cash is.

[Washell]

引用自 Roze：

引用自 Washell：

Once it starts gaining value, the 10 bucks you're holding will be worth 11 tomorrow, so it makes sense not to spend it yet, reducing rotation and thus reducing supply, which pushes the value even further. This in turn makes your 11 bucks worth 13 tomorrow, so you're still not spending

While this might sound reasonable in theory, it isn't the case in practice, except for those who already have all of their lives needs and desires already covered and also happen to believe that there is no end how valuable it can become.

The very fact that people like me is trying to buy goods and services with it shows that it does make sense to spend money. Payment processors is a group of business that also agree with me, and they make their entire livelihood off of that fact.

Would you spend it if the curve upwards showed that holding on to it for a year meant having a 100k?

Anyway, yes, there will always be some people spending it, but the greater the curve upwards the less there will be. And it is the case in practice, since I have about 300 years of financial bubble graphs and currency failures backing it. It's a well documented phenomenon that guides many political and central banking decisions.

[mathias_kmr]

+1 I would pay with Bitcoin Cash!!

[Dr.Shadowds 🐉]

Remember time people put money into ICO like bitconnect, and etc that some just end up running away with all your money. So many people lost so much.
https://www.youtube.com/watch?v=Zw6T4Db7_7o

Then there were people who try to jump on bitcoin at the wrong time back in late 2017 buying at 10k+ upwards of 19k, then 2018 happen, lost so much a lot of people end up pulling out, due to the crash after realizing, how Bitcoin will never be a safe "hard" currency. Bitcoin didn't really recover as people hope until 2019, and slowly went back up, but has two small crashes in 2019 again, but manage to come back, that how volatile and unstable bitcoin is, and that how it will remain, when mining become harder, and demand for exchange, that what keeping the value up, but at the same time this depends heavily on the people that have to use it, because if bitcoin not being pushed around with money, then it loses it value, hence why the exchanges exist; another thing is that all it takes is one dude to hijack an bitcoin exchange, or pools then they have access to everyone coins on the exchanges/pool, just like what happen to nicehash, Binance, etc, etc, and etc... That why have to keep cold storages, so you have your own private key that not shared with anyone. Funny enough people scramble to try to make their own exchange services, or mining pools, or even wallet online, which it would be smarter to get cold storage wallet compare to online wallet.

Anyways I don't think Steam will be coming back to Bitcoin any time soon, unless cryptocurrency becomes a sustainable, and non-volatile currency.

Just have to use certain services to covert your coin into money to transfer to your bank transfer that available as a payment option on Steam, even thought it costs more, that what you will have to put up with for the meantime.

[Monsterbitar]

引用自 Dr.Shadowds 🐉：

Just have to use certain services to covert your coin into money to transfer to your bank transfer that available as a payment option on Steam

Since I don't have a bank account, that simply means that I will not be able to buy a valve index VR setup and would have to buy something else from a competitor. :'(

[Dr.Shadowds 🐉]

引用自 Roze：

引用自 Dr.Shadowds 🐉：

Just have to use certain services to covert your coin into money to transfer to your bank transfer that available as a payment option on Steam

Since I don't have a bank account, that simply means that I will not be able to buy a valve index VR setup and would have to buy something else from a competitor. :'(

Could look other 3rd party stores that accept your bitcoin, and see if they're selling Valve index. Far as I know can buy from Amazon, eBay, and etc...

[Rowan Skye]

引用自 Spawn of Totoro：

There would be no farms. It would be backed by the Government as the Government would make and control it. A Government would produce their own Crypto on their own servers and distribute it as they do current, physical bills.

They would, yeah, but to create new coins, you need to mine a block by solving equations to get the correct hash needed. Then, you need to broadcast that block towards the "servers" (nodes), towards other servers. Then wallets can connect and be used. Unless a government creates their own cryptocurrency, with their own mining farms and own localized nodes.

To speed up the process, they may even make different kinds of Cryptocurrency, one for each denomination. You would have Crypto A for $1, Crypto B for $5, Crypto C for $10, ect.

It would be a centralized currency, using similar methods and techniques learned from how current Cryptocurrency works.

That is really nice, yeah. There is no such thing as true decentralization after all.

Take note the Technology of Bitcoin and other Cryptocurrency was because of the 2008 Market Crash.

Anyway, there's like, lots of small posts wanting BCH, and a moderator is disagreeing, haha.

[Monsterbitar]

引用自 Dr.Shadowds 🐉：

Far as I know can buy from Amazon, eBay, and etc...

I though the index was only available to order through steam. I went to amazon to check, they dont sell indexes. I already checked several computer part stores before.

[Mailer]

引用自 Roze：

引用自 Dr.Shadowds 🐉：

Far as I know can buy from Amazon, eBay, and etc...

I though the index was only available to order through steam. I went to amazon to check, they dont sell indexes. I already checked several computer part stores before.

I found this:
https://www.amazon.com/Valve-Index-VR-Full-Kit-PC/dp/B07VPRVBFF

Obviously the prices aren't that great in comparison, which is where most of the negative reviews come from. But there are some people who obviously make due anyway because they just *have to* for one reason or another. What there is keeping them from just ordering a cheaper headset from Steam is just down to each person individually.

[Dr.Shadowds 🐉]

引用自 Roze：

引用自 Dr.Shadowds 🐉：

Far as I know can buy from Amazon, eBay, and etc...

I though the index was only available to order through steam. I went to amazon to check, they dont sell indexes. I already checked several computer part stores before.

3rd party would sell the Valve index, it may cost more, but at least you can get it outside of Steam. I don't know which retail would sell the index, but in your case you have to search a lot if only using bitcoin.

Just some ideas for you to look into.

If you have a bank near that offer free banking service, and can link with a bank transfer, then you could just wired money to your free bank service, then use the bank transfer to pay for your index on Steam. You have to view what the plans about as not all banks provide the same kinds of plans. For my area I have quite a bit of options to choose for bank for online banking, that $0 monthly, they do have limits, what you can do, and can't as well fees because they're free $0 monthly, but make sense as well. The only catch is you would need to provide identification, but this varies between banks what they ask from you for identification to making an account.

Another idea is getting an credit card that has no annually price, normally you would need a credit score, some you don't even need one, as long you don't have a bad credit ratings for them to deny you in the 1st place. Could get like upwards $1500 - $2000 if lucky, but that depends on the credit card company you look into as not all credit card companines work the same matter, or provide the same deals, or plans. If you manage do that, could link your credit card to bank transfer to get your index, and pay it off using one of those services that convert your bitcoin into money, to send to your credit card to pay it off. Normally free credit cards only need you to but like one thing every 12 or 24 months to keep it active so they don't shut down your account for being inactive.

[Start_Running]

引用自 Roze：

引用自 Start_Running：

And yet, this is exactly what has to happen before any crypto can gain proper currency status. Behiold the irony. The thing preventing cryptos from being real currency is the mindset of the people who want to sue it as currency.

I want to use it as currency. (right here, right now)

That's nice. Sadly accepting it as currency is more trouble than its worth to Valve.

I also pay my taxes, and I don't mind showing the government my transaction history to back up my finances.

Mmm-hmmm and do you pay taxes on your crypto-income. DO you pay the appropriate gains taxes currently?

I don't want some theoretical stalking ex-fiancee to know exactly what I do, or announce to the entire world how rich or poor I am.p

And there's nothing in any bank, or etc that allows that anyway.

Thankfully, bitcoin is pseudonymous - not anonymous - and it's 100% fully traceable for every single coin and transaction ever issued. In fact, it is by FAR more traceable than cash is.

Physical cash.. yes. because the tech that wouuld allow the tracking of physical notes from owner to owner wouldmake the society in 1984 look outright hippie.

The case is. Valve tried it. And then realized it really wasn't worth the drama. You can simply get it converted to real money and do your shopping. Easy. RIght?