Steam stopped supporting Bitcoin a day before it rose from $12,000 to nearly $17,000

>Steam stopped supporting Bitcoin a day before it rose from $12,000 to nearly $17,000
What a fucking blunder. They deserve to be laughed at for being so incompetent.

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The best part is that people now have even more reason to use G2A since they support Bitcoin. Whoever made this decision at Valve should be fired.

Steam is not an investment firm
They are a video game distribution company
And they have a point it's becoming less useful as a currency

If you don't do drugs and pirate your vidya, what do you spend bitcoin on?

People tell me that this shit is going to crash, but it rises higher and higher.
I bet it's going to be $30,000 soon and I will be feeling like shit because I decided against the purchase.

That's an interesting point about G2A.
Valve already has a large pile of Bitcoin probably.

When is 1 bitcoin going to be worth more than the whole world's GDP?

Are you stupid? They stopped supporting it exactly because it's in the middle of a huge bubble right now.

When mining a bitcoin on your computer takes as much energy and resources as the world can provide

So bitcoins are what will drive us to become a type II civilization eventually.

how much do they charge for transaction fee?

I don't know anyone who has actually converted bitcoin into real, usable currency. I do have one friend who uses it to buy drugs but that's about it. Hell I know a guy who made more USD off of Runescape gold than I do bitcoin. I'll probably regret not buying into the meme too, but only if it starts being accepted as a mainstream currency.

>it's worth $1 trillion gazillion dollars, goy
>no, you can't sell it. why would you want to sell it anyway? look how much it's worth!

there's a fee involved but converting bitcoins into dollars and back again is a super simple process if you know what you're doing

>rose from $12,000 to nearly $17,000
>buttcoiners think this is something a stable, reliable currency should experience
Lmao.

>he doesn't know about high transaction fees and clogged network
guess who is the one who deserves to be lauged at.

This.

>children not recognizing a bubble that's about to pop when they see one

I can't wait to get an aftermarket gpu on the cheap when this cumbubble bursts in China's face.

Why would you want a GPU that's been raped to death in a server farm?

I'm sure you, random fucko on a taiwanesse rice farming site, know more than Gaben, renowned master juden, a guy with more net worth than Donald Trump himself.

Nice meme, mining is a very stable and comfortable job, it's all about the energy efficiency ratio so overcocking and abusing the GPU is counterproductive.

>only processes 7 transactions per second
>transaction fee skyrocketing to $10 (USD) or more

Oh my god, the G2A wankers arrive again.

Even if you undervolt the GPU, it's still going to work at full load 24/7. That's a ridiculous amount of wear and tear that will drastically reduce the lifetime of the GPU and you have to be literally brain dead to buy such a thing.

>Its going to pop at 100
>its going to pop at 1000
>Its going to pop at 4000
>its going to pop at 10000
>its going to pop at 20000
Its not going to pop its going to crush itself under its own weight

Remember when people were saying that bitcoin was about to die any time 13 billion years ago during the quark-gluon plasma era? Nice future prediction guys.

It can pop at 5 million per coin and it still will mean that a shitload of people are going to get scammed. Bitcoins are a pyramid scheme and when the big boys decide to cash out, everyone not fast enough will be left holding the bag of now worthless internet money.

>price skyrockets right around Steam's Thanksgiving sale

intredasting

wtf are you talking about. the chinese government banned bitcoin and want to shut it down completely. all it does for china is waste electricity while being a money laundering tool for organized crime and currency for ilegal goods. plus they dont want a japan controlled currency to run their country.

>Oh no steam won't take my fake money used mostly by people looking to buy and sell Childporn and drugs on the deep web

The fuck is going on with Steam these days anyway? Nowadays it's just an endless stream of shovelware. A quick glance will tell you that there are about 30 shitty indie titles coming out tomorrow alone.

are you economically fucked in the head?
thats exactly why they dropped support
btw bitcoin also crashed today you mongoloid, valve doesnt want to deal with this, no one does, thats why no-one accpts it as a currency

>Had a USB stick with 10 bitcoin on it back in 2011 when they were a few dollars a coin and lost it
End my life.

Early in the morning it crashed from almost 20k to 13k

>tfw people who invested a measly 1000 dollars years ago are now millionaires

I don't wanna know about this, I could have been one of those people if I didn't always buy the latest shitty games and consoles. REEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE

I just found my old wallet, it's got 0.02 bitcoin in it. So that's a nice 300 bucks.

you're telling me, senpai. I remember when it was $5 a coin

Back in 2010/2011 people in bitcoin threads on Sup Forums would literally give them away.

Could've been a billionaire had you dropped that back in the day when pizzas cost 10000 bitcoin.

what a minute that nose...

If the bitcoin is crashing, does this mean that people do nto want to buy bitcoin, so the holders of these bitcoins are willing to sell their coins for less?

>5000 raise
>In one day

holy fuck are you retarded? at some point that shit is gonna crash

good ol' benjamin franklins

>what is a bursting bubble

People want to cash out before it goes down even more, then prolly buy more later when it hits the rock bottom.

Well atleast your not the 200,000 bitcoin pizza guy.

The good old days.

Who is taking the transaction fee? Who is the broker?

Yeah let me know when you can buy real items with this fake shit.

>buy a coffee
>thatll be 2 dollars + 20 dollar transaction fee + tip please

This. They stopped supporting it because it's extremely volatile right now. They have no way of knowing its value from day to day. It's gone up $7000 in a couple of days and it's entirely possible it will experience a significant crash soon (i.e. the major hack recently where someone lost $64M in Bitcoin showing how vulnerable it is.)

I also hear it's becoming less and less liquid

the eternal one

>I also hear it's becoming less and less liquid
>less and less liquid
What did he mean by this?

So that's why /biz/ wojak is pink.

>What a fucking blunder
It costs a fixed percentage and an average of 15 minutes to make any transaction now. Are you retarded?

ids gedding solid

They stopped supporting because of the huge variances it usually has retard

>Who is taking the transaction fee?
Whoever you choose to do the blockchain calculation for the transfer. It turns out bitcoin is self-defeating as a currency and was from the start.

robots are jobs though, and bitcoin is proof that robots do jobs, if we own the currency then it's us using the robots for work we would do as substitute.

liquidity is going down

>Today's High $16,615.94
I want off this fucking ride!!!

Don't most places do like a 2 BTC max conversion? Why do I keep hearing that it's hard to cash out your btc

>The good old days
after 9/11

That's how BitCoin works. The transactions are processed by the miners.

i woulds sell as much as i can right now or in the next few days this bubble will burst soon

WTF I LEFT MY BITCOINS IN THE SUN TO AVOID LOSS OF LIQUIDITY AND NOW THEY'RE MELTING
CAN I PUT THEM IN THE FREEZER?

this is the most retarded and perhaps fake story I've ever read

Bitcoin may be """worth""" 17k, but who is actually going to buy it at that price? It's probably already too late to sell

it's 20k and rising fast on asian exchanges, western exchanges are still catching up
not a good idea to sell yet

Bitcoin is not real money and trying to cash it out into any usable form is impossible.

It’s only exist for libertarians to buy crack.

Valve thread? youtu.be/ncQ6wsPtsvs

i cash out 1% of my BTC every week, wtf are you talking about?
there's also purse.io which lets you buy shit off amazon with your BTC

It's worth 17k internet bucks. Not 17k USD.

money is just numbers that represent a conversion unit to make bartering easier
nothing is "real" money, money is just an idea

youtu.be/SiXS_jjJYY8

Even though bitcoin was made as a currency it is in no way usable as one. All of it's worth is in relation to other currencies. There is no concept of "the value of a bitcoin" the way there is "the value of a dollar".

And even if there was such a concept, it'd be changing daily at this point. Between a month ago and now 1 bitcoin could buy you a car. But the type of car is dramatically different.

Bitcoin is a good enough investment but terrible as a currency. It'd be like using stocks to buy burgers at McDonald's.

i would watch it carefully though

...

>just buy everything new goyim!

It's not about buying bitcoins. It's investing bitcoins

it's literally worth 17k valued in USD you idiot

...

Don't freeze your assets.

>The transactions are processed by the miners.
>reach the bitcoin population cap
>mining new bitcoins is no longer economically viable as the speed of bitcoins getting lost isn't really high and you can't mine new coins over the population cap
>most people stop mining coins, only huge warehouse mining farms continue to operate at a small profit, effectively covering the renewall of lost bitcoins
>bitcoin transactions are processed by people mining coins
>since the number of people mining is smaller, the cost of transactions skyrockets
This shit is fucking retarded. "Future currency" my ass. In fact, my turds have a better chance of becoming "future currency" than bitcoin.

Why would I invest real money to get more monopoly money?

you can sell fractions of it.

How much is an American being sold for at McDonalds?

anyone who's heavily invested though won't be able to unload all of it

the difficulty scales with the number of miners, user, and if the value keeps going up, so does the transaction fee, it's important to note that the total bitcoin amount of your transaction doesn't matter for the purposes of fee calculation, for example, if your transaction is 250 bytes, you'll have to pay the same fee whether you're transferring 0.001 bitcoins or 1 million bitcoins

Go ahead and find someone who will pay 17k flat for bitcoin. I'll wait.

Except it has no value as an investment if it weren't a currency

>bitcoin will replace USD because its becoming worth more USD, which wont exist i guess because bitcoin will replace it so bitcoin will be worth more bitcoin

What do you mean?

>all these nocoiners who don't understand BTC playing mental gymnastics to justify their stupid decision to not buy BTC despite its rise from one cent to over $10,000 in less than a decade
you do you guys, while I enjoy my gains

i once bought drugs on silk road for 50 btc

Where do they cash out though? Who in their right mind or especially which monetary organization/bank will exchange millions of bitcoin for billions of dollars?

/biz/ wojak is best wojak.

>tfw have 2million in memecoin value.
>tfw can’t use to to pay off medical debt
>tfw /biz/ still jew’s it as the future.