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Steam is no longer supporting Bitcoin

steamcommunity.com

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Re: Steam is no longer supporting Bitcoin

#2

Post by eqmvii »

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.

Re: Steam is no longer supporting Bitcoin

#3

Post by vxNsr »

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.

Re: Steam is no longer supporting Bitcoin

#5

Post by Epenthesis »

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?

Re: Steam is no longer supporting Bitcoin

#6

Post by pault »

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?

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

Re: Steam is no longer supporting Bitcoin

#7

Post by nlperguiy »

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?

Main source of instability is price manipulation by big players and market inefficiency (not easy enough to arbitrage between exchanges). It would be interesting to see them do the same thing if BTC market cap is in couple of trillions.

For example, if you're on any exchange that lists the total amount of orders in BTC, you can easily catch when the manipulation starts by seeing out of the ordinary sums (triple the amount of usual) for open positions.

Not to mention insane bot activity that is equivalent to a DDOS attack on the exchange.

During the last several hours of IOTA pump, exchanges, even the IOTA tangle were, and still are unstable.

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