Should STEAM Accept Shiba Inu Crypto as currency?

[Mayhem]

I think Steam needs to accept Shiba Inu coin as payment! It would be awesome to buy games with Shib!!

[FOXDUDE69]

引用自 Damp Wizard Sleeve：

Future "what ifs" have zero bearing on current market behavior.

This is not a "what if", it's something you can observe in the crypto market today.
The larger the market cap of an asset, the more stable and less volatile the asset is..

And the overall market cap all Crypto assets has increased from 900 Billion at the beginning of this year to 2.3 Trillion now. This is happening before mass adoption, lol.

[FOXDUDE69]

引用自 Hans!：

Cryptocurrencies are a risky investment and you're better off using cold, hard cash instead of fake internet money

Oh yes, it's so fake that JPMorgan Chase, Wells Fargo and Goldman Sachs are hiring crypto experts. Hahaha.

[On Vacation]

引用自 Hans!：

引用自 FOXDUDE69：

So? 1 Doge is still 1 Doge.

And 1 Doge is worthless without money to back it up, just like money is worthless without gold in the bank. You spend a certain amount of money to acquire cryptocurrency, and the value of which fluctuates a lot, and often times overnight, while the value of physical money is a lot more predictable in its fluctuations.

Say you bought a game for 60 Doge, which are worth $1 each. Then the next day, Doge becomes worthless. That's 60 worthless currency items and $60 the company loses.

Paper currency hasn't been backed by gold in the US since the 30's.

引用自 TheGraveDigger：

引用自 Hans!：

There's also no telling when it might become worthless, which would mean that Valve loses money

true

The value of bitcoin didn't matter directly then and doesn't really now, because Valve was not actually the entity dealing with the crypto. All transactions went through Bitpay who converts bitcoin to USD in this case at the rate that was locked in at the time of purchase. So it's actually not even accurate to say "Steam accepted bitcoin", because in truth they accepted fiat currency from bitpay on behalf of people who paid in crypto. It's actually a pretty important distinction in this conversation, because that distinction determines which entity carries the actual risk.

Refunds equally don't matter and we can say this definitively because both bitcoin as a purchasing option and refunds existed at the same time on this platform. In the event a refund is requested and approved, Bitpay is the entity that refunds the crypto. Steam refunds the fiat currency they received back to Bitpay and Bitpay uses the current exchange rate to convert that and send it to the consumer. You also pay a transaction fee on top of this. Frankly most of the time you'd have been better spent refunding to Steam wallet as going the bitcoin root would end up costing you more.

At any rate, neither of these actually touch on the main problem that Steam faced but they spelled that out pretty well for themselves in their announcement on why they are no longer supporting it, so there's not much reason to iterate it again. Honestly not sure why the conversation is even going the route it is. The reasons Steam outlined that they wanted to get away from bitcoin....are still very much reasons why it won't come back.

[[N]ebsun]

引用自 Mr. Gentlebot：

引用自 TheGraveDigger：

I could see a reason why steam doesn't use cryptocurrency due to refund issues, steam refunds have to give back the exact value you paid
and it's harder to give the exact value for crypto because of the constant fluctuation in its value

Brought this up in many crypto threads, people don't realize that they can essentially predict, and steal from Valve based upon this fact. Not only commercial activity but basically defrauding valve by market manipulation, which they are not fond of.

The "Value" returned would be whatever Valve received.
The amount of coins you have do not suddenly disappear - if someone paid 500 shib and Valve received that, they just return 500 shib. If Valve received $50, they return $50... same thing.

The Value of a dollar also fluctuates, at a smaller scale - also if you buy a game on sale for $2 and when you refund it after the sale you don't get the $100 non-sale price as a refund.

If someone paid 500 shib, and Valve received $50, Valve would return $50 worth of shib at it's current price.