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Steam To Accept Bitcoin

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#1 Surn

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Posted 23 April 2016 - 08:33 AM

http://www.tweaktown...tion/index.html Steam is finally entering the modern era and will begin to accept secure money designed for the online shopper...
What a concept, online money used for online games!

Bitcoin is the worlds first proven application of distributed security, the model means that central servers are no longer the most secure way to share information.

This has scared many organizations that rely upon centralized authority as a way to claim power and money in the name of "safety and security". For online shoppers, bitcoin is like using cash in so far as you no longer give unknown online entities your entire account or wallet and trust that they will only take what is owed.

Edited by MechregSurn, 23 April 2016 - 02:04 PM.


#2 Narcissistic Martyr

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Posted 23 April 2016 - 08:46 AM

Yay steam is accepting fake money with no backing which they will then immediately sell to nerds and arms dealers for money backed by the blood sweat and tears of the American people.

#3 Divine Retribution

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Posted 23 April 2016 - 09:13 AM

View PostNarcissistic Martyr, on 23 April 2016 - 08:46 AM, said:

Yay steam is accepting fake money with no backing which they will then immediately sell to nerds and arms dealers for money backed by the blood sweat and tears of the American people.


Don't worry, it's so unstable in imaginary value that it can't possibly end poorly. I mean 10% value fluctuation over the course of a day is normal for currencies issued by governments, right? We don't even remember the manipulation that caused the perceived value to break $1000 per BC, or that a BC was only worth $100 a few months before... I guess Valve doesn't either or is simply gambling on BC value trending upwards.

I guess if Valve wants to take the risk of losing money or having to hold BC during value fluctuations it's up to them, so long as the companies making the games get paid real money in the correct amount for purchases. Probably would have to, hard to imagine Valve not getting into legal trouble if they shorted game companies because of BC fluctuations.

EDIT: Looks like the processor is taking all the risk from the link in the OP, Valve is smart enough to deal with real money.

Edited by Divine Retribution, 23 April 2016 - 09:15 AM.


#4 XxXAbsolutZeroXxX

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Posted 23 April 2016 - 09:33 AM

I've been using bitcoin since 2011-2012.

Its been an interesting ride seeing people sell their cars to buy more bitcoin when they thought the price was going to go up, the numerous triangle and ponzi schemes, scammers and scam sites and assorted cast of colorful characters, idealists and dreamers

1 bitcoin today is worth more than $400. And to think that years ago people were giving 10's even 100's of bitcoins away for free because they never thought they would be worth anything.

#5 Chuck Jager

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Posted 23 April 2016 - 10:41 AM

SO now I can actually get something useful with my money earned from alternative agricultural and all those tips I never report from dancing after I convert them to bitcoin.

#6 Jaeger Gonzo

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Posted 23 April 2016 - 12:40 PM

That`s good news. Some XX century minded people maybe will accept new reality. That train will not stop, it`s far beyond that point by now. No matter what less informed guys like Martyr would say.

#7 Monkey Lover

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Posted 23 April 2016 - 12:51 PM

Kind of a no brainier. It's not like they will hold any . As soon as people pay they just convert it into dollars.

Bitcoin is basically turning into a cheap payment system.

#8 Monkey Lover

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Posted 23 April 2016 - 12:55 PM

View PostJaeger Gonzo, on 23 April 2016 - 12:40 PM, said:

That`s good news. Some XX century minded people maybe will accept new reality. That train will not stop, it`s far beyond that point by now. No matter what less informed guys like Martyr would say.


I'm not so sure it can hold up as the capacity is limited. It's not even doing close to the transaction of visa and it is having a hard time now.

I'm waiting for a 3rd party like Google to come out with something.

#9 Surn

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Posted 23 April 2016 - 02:03 PM

View PostMonkey Lover, on 23 April 2016 - 12:55 PM, said:

I'm not so sure it can hold up as the capacity is limited. It's not even doing close to the transaction of visa and it is having a hard time now.

I'm waiting for a 3rd party like Google to come out with something.


The point to bitcoin is that it is distributed security, that is WHY you don't need to trust google or the government. Bitcoin is backed by the internet. If you think the internet is a fad, then keep getting your identity stolen with credit cards.

#10 Surn

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Posted 23 April 2016 - 02:12 PM

View PostNarcissistic Martyr, on 23 April 2016 - 08:46 AM, said:

Yay steam is accepting fake money with no backing which they will then immediately sell to nerds and arms dealers for money backed by the blood sweat and tears of the American people.


Let me ask you , have you ever launched a online store using tokenized credit card processing?

Bitcoin is much more secure than that...

I have launched such stores, and the reason PCI ( https://www.pcisecuritystandards.org/ ) is a thing is because it is insecure to use credit cards. Credit cards were developed in the 1960's and anyone who holds credit card numbers is risking all those customers' money from theft by hackers or employees. Credit Card fraud is a major problem and industry when you consider the cost of PCI compliance. The alternative is bitcoin which is as safe as spending cash.

The implementation of bitcoin is quick and easy. You can go get a free wallet and start accepting and sending money in a few minutes... contrast that with the cost of processing credit cards. It is rockets vs buggy whips from a technology point of view.

I am a little older, most of us in this game are, but I am not so stuck in the past that I can't see today and tomorrow.

#11 wanderer

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Posted 23 April 2016 - 02:17 PM

View PostNarcissistic Martyr, on 23 April 2016 - 08:46 AM, said:

Yay steam is accepting fake money with no backing which they will then immediately sell to nerds and arms dealers for money backed by the blood sweat and tears of the American people.


You mean like most forms of fiat currency? At this point, the dollar is backed only by our debt rating (ie, how good we do at paying back our bonds), we long ago stopped things like actually backing it up with anything material.

Could be more hilarious. They could start accepting the gold-pegged yuan. :)

#12 Jaeger Gonzo

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Posted 23 April 2016 - 03:05 PM

View PostMonkey Lover, on 23 April 2016 - 12:55 PM, said:

I'm not so sure it can hold up as the capacity is limited. It's not even doing close to the transaction of visa and it is having a hard time now.

I'm waiting for a 3rd party like Google to come out with something.

You are not informed enough. What capacity? Gold capacity is limited as well. Bitcoin as something that 5 years ago was cheaper then glass of water, now cost more then 400$ and you say is having hard time? I say that is developing quiet dynamic. This whole project is still very new.

What google will do is accepting cryptos, as everybody else. You can`t hide your head in sand for ever.

#13 Monkey Lover

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Posted 23 April 2016 - 03:15 PM

View PostJaeger Gonzo, on 23 April 2016 - 03:05 PM, said:

You are not informed enough. What capacity? Gold capacity is limited as well. Bitcoin as something that 5 years ago was cheaper then glass of water, now cost more then 400$ and you say is having hard time? I say that is developing quiet dynamic. This whole project is still very new.

What google will do is accepting cryptos, as everybody else. You can`t hide your head in sand for ever.


Transaction per second, sounds like I might be more informed than you are :)

Edited by Monkey Lover, 23 April 2016 - 03:16 PM.


#14 Monkey Lover

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Posted 23 April 2016 - 03:20 PM

View PostMechregSurn, on 23 April 2016 - 02:03 PM, said:


The point to bitcoin is that it is distributed security, that is WHY you don't need to trust google or the government. Bitcoin is backed by the internet. If you think the internet is a fad, then keep getting your identity stolen with credit cards.


Might be the point but the issue is with the system they made. It's not going to scale into a system the world can use. Someone like Google with the skill and resources could make something that could work. There is no reason to think it wouldn't be open source.

Bitcoin is just one of thousands of cryptocurrencies.

Edited by Monkey Lover, 23 April 2016 - 03:21 PM.


#15 Karl Marlow

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Posted 23 April 2016 - 03:22 PM

View PostNarcissistic Martyr, on 23 April 2016 - 08:46 AM, said:

Yay steam is accepting fake money with no backing which they will then immediately sell to nerds and arms dealers for money backed by the blood sweat and tears of the American people.


I'm still hoping they start accepting monopoly money.

#16 occusoj

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Posted 23 April 2016 - 03:53 PM

View PostJaeger Gonzo, on 23 April 2016 - 12:40 PM, said:

That`s good news. Some XX century minded people maybe will accept new reality. That train will not stop, it`s far beyond that point by now. No matter what less informed guys like Martyr would say.

Reality stopped bigger trains than that one.
As almost all other currently used currencies, its completely worthless. Its based on nothing but trust and has an intrinsic value of exactly zero - and thats where its ultimately going to return to once trust in it is gone. Which can happen in a matter of hours.
Once a sufficient amount of people got burnt by BC theyll realize that for everyday use its nothing else than ordinary fiat currencies with the added downside of totally lacking regulation.
In contrast to ordinary currencies, theres not even any kind of regulative authority watching over it as well as its exchange rates and inflation so the risk for heavy fluctuations and thus catastrophic losses is very high. Worse than monopoly money.

Cryptos are the perfect tool for making money by manipulation as especially the smaller ones should be quite easy to pump up and collapse. Only cool if youre on the right side of the game, which most people simply arent.

However, it has proven to be very useful for illegal arms trading, people smuggling, narcos, scrub-level money laundering, the darkweb and various other not-so-legal activities. The risk of currency fluctuation is small compared to the risk of getting busted.


Quote

At this point, the dollar is backed only by our debt rating

And by your military.

Quote

Bitcoin is much more secure than that...

Bitcoin is not that secure because anyone with sufficient computational power can do quite bad things to the blockchain. Also, wallets are not immune to getting stolen.

Quote

Bitcoin is just one of thousands of cryptocurrencies.

Spotforex must be tame compared to trading such extremely volatile and totally unregulated minefields like thousands of cryptos. Whoever accepts them will most likely instaneously convert to a much more stable currency.
Anyone knows what typical spreads with their pairs are and how bad slippage gets? Has to be terrible with the minor ones. Can they even be traded against each other efficiently?

Edited by occusoj, 23 April 2016 - 03:55 PM.


#17 MischiefSC

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Posted 23 April 2016 - 04:04 PM

I can't wwait for them to start taking tulip bulbs. That works well.

#18 MischiefSC

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Posted 23 April 2016 - 04:24 PM

View Postoccusoj, on 23 April 2016 - 03:53 PM, said:

Reality stopped bigger trains than that one.
As almost all other currently used currencies, its completely worthless. Its based on nothing but trust and has an intrinsic value of exactly zero - and thats where its ultimately going to return to once trust in it is gone. Which can happen in a matter of hours.
Once a sufficient amount of people got burnt by BC theyll realize that for everyday use its nothing else than ordinary fiat currencies with the added downside of totally lacking regulation.
In contrast to ordinary currencies, theres not even any kind of regulative authority watching over it as well as its exchange rates and inflation so the risk for heavy fluctuations and thus catastrophic losses is very high. Worse than monopoly money.

Cryptos are the perfect tool for making money by manipulation as especially the smaller ones should be quite easy to pump up and collapse. Only cool if youre on the right side of the game, which most people simply arent.

However, it has proven to be very useful for illegal arms trading, people smuggling, narcos, scrub-level money laundering, the darkweb and various other not-so-legal activities. The risk of currency fluctuation is small compared to the risk of getting busted.



And by your military.


Bitcoin is not that secure because anyone with sufficient computational power can do quite bad things to the blockchain. Also, wallets are not immune to getting stolen.


Spotforex must be tame compared to trading such extremely volatile and totally unregulated minefields like thousands of cryptos. Whoever accepts them will most likely instaneously convert to a much more stable currency.
Anyone knows what typical spreads with their pairs are and how bad slippage gets? Has to be terrible with the minor ones. Can they even be traded against each other efficiently?

The magic of postmodernism. They saw an article about it on the internet, thus they know as much or more than someone with a Masters in Economics and the last 7,000 years of trends with currency.

The attitude that reality is subjective; that their narrow and I'll informed opinion is true in the face of facts and any presentation of evidence to the contrary is dismissed and treated as "shilling for the conspiracy".

Which always figures in to it. Like there is this huge swath of people who don't act like other people - who are perfect at keeping secrets and absolute sociopaths in their willingness to let others suffer. Also that anything challenging or difficult is a former of persecution.

Oh humanity. You so crazy. At least we're funny crazy most the time.

#19 Surn

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Posted 23 April 2016 - 04:55 PM

View PostNarcissistic Martyr, on 23 April 2016 - 08:46 AM, said:

Yay steam is accepting fake money with no backing which they will then immediately sell to nerds and arms dealers for money backed by the blood sweat and tears of the American people.

Actually US Dollars aren't backed by anything other than the taxing authority, which runs a deficit and is at least $19 trillion in debt. The US Dollar also inflates at 2% per year, which means it is worth 2% less every year.

Then there is the fact that taxes are not voluntary, so that "blood sweat and tears" is mostly collected under threat of harm.

..Or, you could use MATH to back a currency that is secure and cannot be counterfeited. Free Markets decide the value of Bitcoin, and guess what.. the largest holder of Bitcoin is THE US GOVERNMENT.

#20 Surn

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Posted 23 April 2016 - 05:07 PM

View PostMischiefSC, on 23 April 2016 - 04:24 PM, said:

The magic of postmodernism. They saw an article about it on the internet, thus they know as much or more than someone with a Masters in Economics and the last 7,000 years of trends with currency.

The attitude that reality is subjective; that their narrow and I'll informed opinion is true in the face of facts and any presentation of evidence to the contrary is dismissed and treated as "shilling for the conspiracy".

Which always figures in to it. Like there is this huge swath of people who don't act like other people - who are perfect at keeping secrets and absolute sociopaths in their willingness to let others suffer. Also that anything challenging or difficult is a former of persecution.

Oh humanity. You so crazy. At least we're funny crazy most the time.


Actually, I have a 4 year degree in Investments which was mostly economics at the top 5 business program I attended as an undergrad. Economics is the study of FREE MARKETS, so bitcoin is a beautiful example of ECONOMICS. From your reply that distinction seems to have escaped you.

Further, your statement about the history of currency is flat out wrong. The point of many currencies has been sovereignty breaking away from whichever centralized creator of currency dominated the moment. Currency is historically unstable due to its centralized nature. The currency markets are required to create a semblance of rationality, of which bitcoin is just another currency.

The big difference is that the security and value of bitcoin is based upon a decentralized model of confirmed transactions. Which means, as centralized currencies fluctuate, Bitcoin will grow stronger. It is the alternative to greedy, out-of-control politicians, dictators, kings and bureaucrats controlling money.

The only question is if Bitcoin is exactly the implementation that will last or if an even better alternative will be devised.





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