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Steam is no longer supporting Bitcoin

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Re: Steam is no longer supporting Bitcoin

#11

Post by notheguyouthink »

pault wrote: post #6
Epenthesis wrote: post #5

Earlier quoted context omitted.

I've been hearing this a lot, but what does it actually mean ? Isn't the most important thing you want from a store of value stability? Ie, that it'll store the value that you put into it? Bitcoin certainly doesn't have that property. And if that's not the desired property implied by "store of value", what is?

I think most people are perfectly fine with the instability as long as the price doesn't go _down_.

I'm not - I don't want to buy bitcoin at the moment because I keep waiting for a bit of a dip, I don't want to buy it at a record high. Likewise I don't want to use my bitcoin because it keeps massively "growing" in value.

A stable currency is far more usable to me. Bitcoin is very similar to gold at the moment, in that I'm as likely to use it as I am to carry around bricks of gold in my pocket. For different reasons, sure, but the net result is the same.

Re: Steam is no longer supporting Bitcoin

#13

Post by mancerayder »

pault wrote: post #6
Epenthesis wrote: post #5

Earlier quoted context omitted.

I've been hearing this a lot, but what does it actually mean ? Isn't the most important thing you want from a store of value stability? Ie, that it'll store the value that you put into it? Bitcoin certainly doesn't have that property. And if that's not the desired property implied by "store of value", what is?

I think most people are perfectly fine with the instability as long as the price doesn't go _down_.

Unless they're trading, in which case they're selling on perceived ups and downs, and in some cases making a killing - at least for now! The bullish trend with periodic pullbacks means profit for the bold / greedy.

Re: Steam is no longer supporting Bitcoin

#17

Post by vasilipupkin »

Epenthesis wrote: post #5
eqmvii wrote: post #2

Makes business and technological sense. Even the true believers have largely switched to advocating the store-of-value/digital gold model of bitcoin. We're absolutely in a bitcoin/cryptocurrency mania. Unfortunately, stating that is much easier than predicting what will happen next.

I've been hearing this a lot, but what does it actually mean ? Isn't the most important thing you want from a store of value stability? Ie, that it'll store the value that you put into it? Bitcoin certainly doesn't have that property. And if that's not the desired property implied by "store of value", what is?

The argument I hear by people like Ari Paul of Blocktower Capital, is that many emerging market currencies are already less stable, so you can use bitcoin as a way to escape inflation/government control in those markets.

Re: Steam is no longer supporting Bitcoin

#20

Post by modeless »

Bought my first Bitcoin in 2011. Recently had my credit card stolen and deactivated, wanted to buy something from Steam, and needed an alternative payment method. Considered using Bitcoin, and decided against it for exactly these reasons. Valve is absolutely right. Bitcoin is not useful for day-to-day payments anymore.
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