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Steam is no longer supporting Bitcoin

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Re: Steam is no longer supporting Bitcoin

#301

Post by alanfalcon »

nugget wrote: post #290
derriz wrote: post #212

Earlier quoted context omitted.

Eh? The volatility is a HUGE problem for bitcoin as a currency. If I run a small business, accepting payment in bitcoin just creates risk. The state of my business not only depends on the quality and success of my product/service but also on the volatility of bitcoin because by accepting bitcoin I am forced to effectively take a long position on BTC. The price could crash by 25% before I sell the bitcoin and now I've…

Do many Bitcoin boosters even care about BTC becoming a currency any more? Seems it has achieved much more success as a frenzied medium of global speculation than it ever dreamed of as a stable digital currency.

You underestimate the dreams of BTC Boosters.

Re: Steam is no longer supporting Bitcoin

#302

Post by alanfalcon »

totalZero wrote: post #267
derriz wrote: post #212

Earlier quoted context omitted.

Eh? The volatility is a HUGE problem for bitcoin as a currency. If I run a small business, accepting payment in bitcoin just creates risk. The state of my business not only depends on the quality and success of my product/service but also on the volatility of bitcoin because by accepting bitcoin I am forced to effectively take a long position on BTC. The price could crash by 25% before I sell the bitcoin and now I've…

How does one take a short position in Bitcoin?

Whaleclub

Re: Steam is no longer supporting Bitcoin

#303

Post by wpietri »

totalZero wrote: post #267
derriz wrote: post #212

Earlier quoted context omitted.

Eh? The volatility is a HUGE problem for bitcoin as a currency. If I run a small business, accepting payment in bitcoin just creates risk. The state of my business not only depends on the quality and success of my product/service but also on the volatility of bitcoin because by accepting bitcoin I am forced to effectively take a long position on BTC. The price could crash by 25% before I sell the bitcoin and now I've…

How does one take a short position in Bitcoin?

I have the same thought myself sometimes, but then I remember this quote: "Markets can remain irrational a lot longer than you and I can remain solvent."

Re: Steam is no longer supporting Bitcoin

#304

Post by tlrobinson »

zodiac wrote: post #258
vertex-four wrote: post #197

Earlier quoted context omitted.

A Lightning Network transaction results in one of two things - a proof that a certain amount of bitcoins can be withdrawn at any time (minus some delay), or a proof of cheating. Surely a proof that you can withdraw a certain amount of bitcoins is more-or-less equivalent to that many bitcoins, and therefore any rational actor - including your suppliers - should accept it as such? This isn't equivalent to unconfirmed t…

I think it is worth pointing out that it is not exactly equivalent, in the sense that if you pay Steam via a payment channel (for simplicity, a one-directional payment channel, so they don't need to lock up any cryptocurrency themselves), they don't need to settle on-chain, but if they don't do so they cannot use the "money" the received from you to pay someone else (eg their lawyer). In the very long term, if we get…

> if they don't do so they cannot use the "money" the received from you to pay someone else (eg their lawyer).

They certainly can if their lawyer is also on the Lightning Network.

Eventually all Bitcoin wallets should support on-chain and Lightning Network transactions, and seamlessly pick one or the other depending on the transaction amount.

Re: Steam is no longer supporting Bitcoin

#305

Post by infogulch »

derriz wrote: post #212
janoc wrote: post #30

Earlier quoted context omitted.

The volatility alone wouldn't be a huge problem if the transactions were quick, apart from having to constantly re-price the goods (not a big deal with an automated system selling digital downloads, even though it is a real PITA for the accounting afterwards!). However, getting the transaction confirmed can take many hours at the times of high demand and then it still fails because thanks to the volatility, the trans…

Eh? The volatility is a HUGE problem for bitcoin as a currency. If I run a small business, accepting payment in bitcoin just creates risk. The state of my business not only depends on the quality and success of my product/service but also on the volatility of bitcoin because by accepting bitcoin I am forced to effectively take a long position on BTC. The price could crash by 25% before I sell the bitcoin and now I've…

If transactions were confirmed quickly with low fees, you could just turn around the Bitcoin in a few minutes in the exchange for dollars, all automatically. The price won't change that much on the timescale of minutes, so add in a small buffer percentage to make up the leftover difference and you're done.

Re: Steam is no longer supporting Bitcoin

#306

Post by LsDmT »

malloryerik wrote: post #271
totalZero wrote: post #267

Earlier quoted context omitted.

How does one take a short position in Bitcoin?

If the futures markets at the CBOT or CME attract volume, you could use those. Otherwise, you'd have to do it over-the-counter. Borrow a bitcoin from someone and turn it into real money. When you have to repay, if BTC is down, you'll buy back a BTC at a profit. If it's up, you'll have to buy back at a loss. Note that this gives you a maximum gain of whatever BTC/USD is today (assuming you denominate in greenbacks), w…

What you mean? You can short any crypto currency on many exchanges. Bitfinex and GDAX being the biggest right now.

Re: Steam is no longer supporting Bitcoin

#307

Post by LsDmT »

janoc wrote: post #30
vxNsr wrote: post #3

It's for the same reason that no one wanted to touch zimbabwe dollar back in 2007, if the value of the medium of exchange differs from breakfast to lunch it's not really a good medium of exchange. Doesn't matter if value is appreciating or depreciating, currency needs to have a reasonably stable value to be useful.

The volatility alone wouldn't be a huge problem if the transactions were quick, apart from having to constantly re-price the goods (not a big deal with an automated system selling digital downloads, even though it is a real PITA for the accounting afterwards!). However, getting the transaction confirmed can take many hours at the times of high demand and then it still fails because thanks to the volatility, the trans…

People seem to forget Bitcoin is still in early "alpha" stages. Transaction times, fees, and even stable price will come IF it proves to be a long lasting means of exchange. This time next year tx times and fees will be solved with the lightning network - today the first text was done on chain. This is still early times

Re: Steam is no longer supporting Bitcoin

#308

Post by LsDmT »

jsmthrowaway wrote: post #246
colordrops wrote: post #43

Earlier quoted context omitted.

> I think this is what will ultimately bring Bitcoin down People have been saying that for years. It serves purposes other than buying and selling goods, and in fact almost no one uses it to buy things.

That’s an entirely different narrative about Bitcoin, though, then what was presented to us when it was seeking adoption. The messaging was literally: use this to buy things. Maybe we all got it wrong, but a lot of people did, then; we must never forget the infamous Bitcoin pizzas. https://twitter.com/bitcoin_pizza I’ve noticed this trend lately of rewriting what Bitcoin is for because I assure you, it was presented…

The truth is user adoption surpassed the development of the tech. I honestly believe a year from now these issues (tx times and high fees) will be solved vis the lightning network.

People who have been involved with Bitcoin from the beginning are not trying to change it's definition. It will 100% be digital cash in due time. The reason it's taking so "long" is because the dev team cares about keeping it decentralized and doesn't throw sloppy code out and end up forking it later like many other alt coins

Re: Steam is no longer supporting Bitcoin

#309

Post by LsDmT »

jsmthrowaway wrote: post #252
colordrops wrote: post #251

Earlier quoted context omitted.

I don't think most reputable proponents have been saying that for years though. In any case, the internet was designed as a communication medium that could survive nuclear war. That's how it was sold by its proponents. So what.

> I don't think most reputable proponents have been saying that for years though. Define reputable. > Announcing the first release of Bitcoin, a new electronic cash system http://web.archive.org/web/20090131115053/http://bitcoin.org... > Instant transactions for points-of-sale http://web.archive.org/web/20130805223235/http://bitcoin.org... (That verbiage lasted most of 2013, but was removed a couple days after this c…

Are you of the opinion bitcoins development is done? User adoption has skyrocketed and far surpassed expectation. The first ever Lightning Network transaction happened today. Bitcoin is still early technology and it will take time to developers a p2p secure digital form if cash.

Ethereum, the supposed answer to bitcoins problem has just recently began to see the exact same problem. Why? Because of a dumb kitten game - what happens once even a single ICO finds an moderate amount of user base?

These are early times friend

Re: Steam is no longer supporting Bitcoin

#310

Post by nickonline »

Havoc wrote: post #170
cgmg wrote: post #137

Earlier quoted context omitted.

> What value? $13K of value, and counting.

All of which is speculative & counting on a future where BTC usage will be more prevalent. And how exactly will it become more prevalent when it can't be used for transactions.

> All of which is speculative

Just like Gold, coloured beads, or stocks

> can't be used for transactions.

Gold is a pain to use for transactions, and so are shares, but they still store value and people continue to speculate on their future worth?

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