Readd the option to buy with crypto

[Reuben]

The last method was a complete failure, I get it, but several years later there's been significant strides in legal clarity for several coins in multiple countries and the space is a lot more mature.

There's even services like Coinify that can facilitate the transaction in the payment flow when you select the option to pay by crypto and they give merchants the option to get paid with fiat if that's what the merchant wants (Valve wouldn't need to store and convert any crypto to money that they transact in themselves).

[TBS AlexDK]

The issue with crypto is how volatile it is, so it will most like not be added as a payment option any time soon on steam

[azgoodaz]

At that point, Valve should just make their own coin and use that instead of random coins

[Reuben]

Ursprungligen skrivet av TBS AlexDK:

The issue with crypto is how volatile it is, so it will most like not be added as a payment option any time soon on steam

Services can pay merchants in fiat when the transaction completes, if something cost $60, the merchant will get $60 minus any fees similar to VISA and Mastercard. The only volatility exists on the customer end as to how much x amount of y coin is worth $60.

[Reuben]

Ursprungligen skrivet av azgoodaz:

At that point, Valve should just make their own coin and use that instead of random coins

I disagree.

A hypothetical Valve coin would need significant upkeep and utility to be viable and recognised, it's better to use coins that have already been accepted by the community and governments as legitimate such as the top 10 market cap coins.

[Mad Scientist]

Overly volatile currency, tons of rug pulls, fees for transactions, different value upon payout time and a basically con-based nature. Yeah, No, crypto is still an awful option for companies that want the value to remain entirely stable by the time it comes to paying other parties, let alone not having a large transaction fee each time it changes hands or is converted.

The only way to realistically ever accept such is if they were directly paid on the spot with all conversions done into USD, with all fees/conversion losses paid by the crypto holder before the transaction is complete to result in the desired USD amount, which is most likely going to cost crypto users significantly more to reach the end result.

Ursprungligen skrivet av Reuben:

A hypothetical Valve coin would need significant upkeep and utility to be viable and recognised, it's better to use coins that have already been accepted by the community and governments as legitimate such as the top 10 market cap coins.

You know what "Valve coin" aka Steam Wallet is? Store Credit that comes from direct payment methods converted to USD. So I doubt they will be making their own crypto "coin".

[Reuben]

Ursprungligen skrivet av Mad Scientist:

Overly volatile currency, tons of rug pulls, fees for transactions, different value upon payout time and a basically con-based nature. Yeah, No, crypto is still an awful option for companies that want the value to remain entirely stable by the time it comes to paying other parties, let alone not having a large transaction fee each time it changes hands or is converted.

The only way to realistically ever accept such is if they were directly paid on the spot with all conversions done into USD, with all fees/conversion losses paid by the crypto holder before the transaction is complete to result in the desired USD amount, which is most likely going to cost crypto users significantly more to reach the end result.

Ursprungligen skrivet av Reuben:

A hypothetical Valve coin would need significant upkeep and utility to be viable and recognised, it's better to use coins that have already been accepted by the community and governments as legitimate such as the top 10 market cap coins.

You know what "Valve coin" aka Steam Wallet is? Store Credit that comes from direct payment methods converted to USD. So I doubt they will be making their own crypto "coin".

You just ignored everything I said.

Services already let merchants get paid in the fiat of their choosing, if a product costs $60 worth of x coin then the merchant gets $60. You don't have to be hit with high processing fees and long wait times, coins such as XRP (which recently won it's SEC case and is not considered a security) and XLM (a fork of XRP) already transact instantly and with negligible fees below a cent.

The fake wallet money can't be withdrawn because Valve would then need to collect extra information from customers profiting from in-game items in order to remain compliant, it's just not comparable in this case.

Fiat devalues every year, it's not as safe as commodities such as Gold and Silver and this is especially true for USD in the last couple of years, especially since the petrodollar no longer exists.

[Mad Scientist]

Ursprungligen skrivet av Reuben:

The fake wallet money can't be withdrawn because Valve would then need to collect extra information from customers profiting from in-game items in order to remain compliant, it's just not comparable in this case.

Valve is not a bank

So of course you can't withdraw here, that would be a scammers/phishers paradise if you could do that. Store credit once paid to the store remains currency for that store only, since this is not a bank people should not treat it like one.

Ursprungligen skrivet av Reuben:

Fiat devalues every year, it's not as safe as commodities such as Gold and Silver and this is especially true for USD in the last couple of years, especially since the petrodollar no longer exists.

They made their stance known, safe to say it's not coming back as it's not trustworthy and is realistically not backed by anything. Change your crypto into banked currency then buy your game through said banked currency. Other people can sit on it and hope for the best while most likely becoming worthless over time. Simple solution.

[Reuben]

Ursprungligen skrivet av Mad Scientist:

Ursprungligen skrivet av Reuben:

The fake wallet money can't be withdrawn because Valve would then need to collect extra information from customers profiting from in-game items in order to remain compliant, it's just not comparable in this case.

Valve is not a bank

So of course you can't withdraw here, that would be a scammers/phishers paradise if you could do that. Store credit once paid to the store remains currency for that store only, since this is not a bank people should not treat it like one.

Ursprungligen skrivet av Reuben:

Fiat devalues every year, it's not as safe as commodities such as Gold and Silver and this is especially true for USD in the last couple of years, especially since the petrodollar no longer exists.

They made their stance known, safe to say it's not coming back as it's not trustworthy and is realistically not backed by anything. Change your crypto into banked currency then buy your game through said banked currency. Other people can sit on it and hope for the best while most likely becoming worthless over time. Simple solution.

I really don't understand why you mentioned Steam Wallet anyway, it's not the focus of this thread. Are you just trying to get points?

Uh, this isn't true for many coins, Valve doesn't have to accept all of them. Every industry has their bad apples.

[Mad Scientist]

Ursprungligen skrivet av Reuben:

I really don't understand why you mentioned Steam Wallet anyway, it's not the focus of this thread. Are you just trying to get points?

You brought up "Valve coin" which would be a branded thing, which since they have their own essential currency of Steam Wallet displays they already have a branded currency; store credit.

Excessively unstable coins not needed as that would've been backed by real currency at time of the purchase.

Ursprungligen skrivet av Reuben:

Uh, this isn't true for many coins, Valve doesn't have to accept all of them. Every industry has their bad apples.

The massive majority of crypto is a reason to accept none of them especially with how much Valve got burned by crypto.

Change your crypto into banked currency then buy games with said banked currency. Simple solution. Not everyone wants to accept stuff that can become worthless after the waiting period to pay out all involved parties.

[cSg|mc-Hotsauce]

Ursprungligen skrivet av Reuben:

Readd the option to buy with crypto

The last method was a complete failure, I get it, but several years later there's been significant strides in legal clarity for several coins in multiple countries and the space is a lot more mature.

There's even services like Coinify that can facilitate the transaction in the payment flow when you select the option to pay by crypto and they give merchants the option to get paid with fiat if that's what the merchant wants (Valve wouldn't need to store and convert any crypto to money that they transact in themselves).

https://www.pcgamer.com/50-of-transactions-were-fraudulent-when-steam-accepted-bitcoin-for-payments-says-gabe-newell/

[Ionut Catalin Frasineanu]

No way! This is not a gambling platform.

[Reuben]

Ursprungligen skrivet av Mad Scientist:

Ursprungligen skrivet av Reuben:

I really don't understand why you mentioned Steam Wallet anyway, it's not the focus of this thread. Are you just trying to get points?

You brought up "Valve coin" which would be a branded thing, which since they have their own essential currency of Steam Wallet displays they already have a branded currency; store credit.

Excessively unstable coins not needed as that would've been backed by real currency at time of the purchase.

Ursprungligen skrivet av Reuben:

Uh, this isn't true for many coins, Valve doesn't have to accept all of them. Every industry has their bad apples.

The massive majority of crypto is a reason to accept none of them especially with how much Valve got burned by crypto.

Change your crypto into banked currency then buy games with said banked currency. Simple solution. Not everyone wants to accept stuff that can become worthless after the waiting period to pay out all involved parties.

I didn't bring that up, someone else mentioned Valve making their own cryptocurrency, if such a thing existed which I'm not advocating it even should, it would serve a different role than Wallet funds and you wouldn't be able to convert Wallet funds to it much like any other currency.

As mentioned above even if a coin went down or up 50%, the user still needs to find $60 worth of that coin which the merchant receives, any block chain fees and wait time is on the user, not Valve and Valve can get paid with USD by the facilitator, the middleman charging as much as Visa and Mastercard already does.


Example, I bought a game via CDKeys using XLM and the middleman was Coinify, the transaction was instant and the fee was less than a penny, I paid exactly the same amount of money I would've paid if it was in GBP and I had 15 minutes to complete the transaction before the conversion rate reset.

[eram]

apart from all the other reasons why it was removed it wasnt popular enough, there was no demand for it.

[Reuben]

Ursprungligen skrivet av cSg|mc-Hotsauce:

Ursprungligen skrivet av Reuben:

Readd the option to buy with crypto

The last method was a complete failure, I get it, but several years later there's been significant strides in legal clarity for several coins in multiple countries and the space is a lot more mature.

There's even services like Coinify that can facilitate the transaction in the payment flow when you select the option to pay by crypto and they give merchants the option to get paid with fiat if that's what the merchant wants (Valve wouldn't need to store and convert any crypto to money that they transact in themselves).

https://www.pcgamer.com/50-of-transactions-were-fraudulent-when-steam-accepted-bitcoin-for-payments-says-gabe-newell/

:nkCool:

That's why you use blockchains like XRPL.

Ursprungligen skrivet av Ionut Catalin Frasineanu:

No way! This is not a gambling platform.

Please clarify the part that's gambling.

[eram]

Crypto is a gamble it's not an investment.