No wonder Steam stopped taking cryptocurrency.
alyaza
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honestly shocked it’s that low, if anything. cryptocurrency is rife with fraudulent or meaningless transactions, to the point where it’s essentially a feature of the system, not a bug.

and as usual, the instability of bitcoin which renders it functionally useless for everyday transactions rears its ugly head again, making it clear why bitcoin and crypto as a whole can never hope to displace fiat currency as it currently exists, despite the best efforts of its evangelists:

Newell reiterated that Bitcoin’s fluctuations were “a complete nightmare”—people weren’t happy when a game could cost $10 one day and $100 the next.

@breed
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No offense, but I don’t think that you fully understand crypto currencies.

  • “Bitcoin” is not instable. The price of bitcoin in usd is freely floating, i.e. can fluctuate.
  • bitcoin is not equal to crypto. Bitcoin is one cryptocurrency (cc) and many implementations differ significantly from bitcoins blockchain.
  • cc will replace fiat, if you like it or not. Maybe/probably not in the current form or how many expect it to be but some of those who currently build the fundament will be successfull. We just don’t know yet which implementation it is going to be. Maybe it’s not even developed or public right now.
  • the quote is kinda useless. You can denote the price in USD, you do not need to have a fixed bitcoin price. Some people were not happy that they bought bitcoin today for 100 and tomorrow sold it for 10 but those who bought for 10 were probably quiet happy about it but those didn’t complain. Moreover, the price of bitcoin in USD only knew one direction in 2016. Basically steam failed at the implementation. And noone was forced to buy something in bitcoin, you could also buy it with fiat. Meaning to complain that it is too expensive for you to buy in bitcoin is somewhat strange but ok.
  • what is a fraudulent bitcoin payment? Either steam receives the payment or they don’t. It is not explained in that post. It could possibly mean that those bitcoin that were used to buy something on steam had a “dark background”. That’s also a difference between NFTs and bitcoin, bitcoin is fungible. If those people wouldn’t have payed with illicit bitcoin funds they would have bought it with “real money” of which steam wouldn’t have known how dark the background is.
alyaza
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i’m sorry but you will never be able to sell me on bitcoin and cryptocurrency generally being anything but the latest in an increasingly large series of greater fool scams to keep the capitalist machine from cannibalizing itself under the weight of its own contradictions. additionally, crypto evangelism is on the same level as missionary work to me–you are not valid, you are making the world a worse place, and it would be morally and politically justified to destroy cryptocurrency forever, just as it would be for natives to liquidate missionaries lol

@breed
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Tbo, I didn’t try to convince you to believe in cc. I just read your comment and corrected things that were wrong. You may massively criticise bitcoin or crypto but if you do, do it with the right points. There’s a lot to talk about but not those things you said. It is incredibly difficult to understand the current implementation of money and it is very difficult to understand crypto currencies.

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