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Steam is no longer supporting Bitcoin

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Re: Steam is no longer supporting Bitcoin

#311

Post by LsDmT »

seanwilson wrote: post #277
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A Lightning Network transaction results in one of two things - a proof that a certain amount of bitcoins can be withdrawn at any time (minus some delay), or a proof of cheating.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 tried a few times to read about the Lightning Network and it seems complicated to understand and implement. I'm not an expert at all but it seems like a flaw in the Bitcoin protocol that you have to build something like this on top. Are there other cryptocoins that are built on protocols that avoid having to have this extra layer on top to make them scalable? I imagine the more complexity that is added, the more sc…

FYI today the first Lightning transaction was completed on the main net.

It's really not that complicated, especially from the average end users perspective.

Re: Steam is no longer supporting Bitcoin

#312

Post by sillysaurus3 »

lifty wrote: post #163
sillysaurus3 wrote: post #143

Earlier quoted context omitted.

Because it's better than being on a trajectory where BTC hitting $1m is a real possibility. That world will be terrifying, and it's important for us to think about ways of mitigating or stopping it.

Can you go into more detail as to why that world would be terrifying? Is it because the implications predicted by orthodox monetary theory?

Sure: https://news.ycombinator.com/item?id=15867841

Re: Steam is no longer supporting Bitcoin

#313

Post by sillysaurus3 »

cgmg wrote: post #230
sillysaurus3 wrote: post #143

Earlier quoted context omitted.

Because it's better than being on a trajectory where BTC hitting $1m is a real possibility. That world will be terrifying, and it's important for us to think about ways of mitigating or stopping it.

> That world will be terrifying Why?

https://news.ycombinator.com/item?id=15867841

Re: Steam is no longer supporting Bitcoin

#314

Post by kpozin »

In the U.S., it seems absurd to even consider Bitcoin (or any other cryptocurrency) for small day-to-day transactions like Steam purchases. Under the current IRS guidance, every sale or exchange of cryptocurrency is a taxable event.

That means that for every $10 game you bought with Bitcoin during the last summer sale, you now have to calculate the cost basis, capital gains, etc., of the BTC you used, and list it on a Form 8949 in April.

Re: Steam is no longer supporting Bitcoin

#315

Post by fapjacks »

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?

You can lie to an exchange that supports it. Sign the paperwork making promises about things that aren't true.

Re: Steam is no longer supporting Bitcoin

#316

Post by bad_user »

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.

If BTC isn't valuable as a currency, then it is in fact a speculative bubble that will suffer a dramatic collapse, just like the tulip mania in the Netherlands in the 17th century.

Re: Steam is no longer supporting Bitcoin

#317

Post by Nydhal »

fullshark wrote: post #221
patmcc wrote: post #215

Earlier quoted context omitted.

>>>2. Everyone who thought the price won't continue to exponentially increase was wrong So far. Want to bet on the price of bitcoin in 1/5/10/25/100 years?

I bet you one bitcoin at each time interval the price of bitcoin is above $30 USD.

You should increase the bet with every interval, for a better outcome :)

Re: Steam is no longer supporting Bitcoin

#318

Post by nugget »

bad_user wrote: post #316
nugget wrote: post #290

Earlier quoted context omitted.

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.

If BTC isn't valuable as a currency, then it is in fact a speculative bubble that will suffer a dramatic collapse, just like the tulip mania in the Netherlands in the 17th century.

What about the new "digital gold" store of wealth narrative?

Re: Steam is no longer supporting Bitcoin

#319

Post by rawoke083600 »

DSMan195276 wrote: post #116
bigtunacan wrote: post #45

Earlier quoted context omitted.

How are these transaction fee amounts even determined? With something like credit cards, PayPal, or EFT the fees are deterministic. With Bitcoin it seems fees are both ridiculously high, plus I can't even tell what I am going to be charged?

I think it's easiest to think of Bitcoin TX fees as a bribe to the miners to include your transaction in a block sooner then other transactions that have a lower fee attached. You get to choose the fee that you provide to the miner. The problem is that there are now so many transactions that are attempting to get through (And there is a maximum number of transactions that can be placed in a single block) that miners…

Stupid question.... What sort of compression is used on the block ? I.e If you use a better compression or re-align the transaction in the block can you not get more transactions per block ?

Re: Steam is no longer supporting Bitcoin

#320

Post by mr_toad »

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…

The possibility of goods or services being returned or disputed at a later date creates risk even when the initial transactions are instant.
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