Why hasn't the acceptance of btc by steam spiked the price?

clopoterian

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Quote from: jaredboice on May 21, 2016, 09:04:18 AM

Quote from: talks_cheep on May 21, 2016, 08:29:32 AM

There are only about 250k-500k bitcoin users in the world; of those, only a few hundred users would consider paying btc for steam. Btc has become a speculative vehicle, not a medium of exchange or currency. Too many fools think btc will go to 1 Million Dollars soon. Sad, but true. As long as users HODL, not spend btc, it won't go up in value.

As long as users save their ~~Bitcoin~~ BTCeanie BTCabies, available supply will continue to be restrained and thus price must go up. Your economics is exactly backwards.

Yeah, that reasoning works with everything--bitcoins, altcoins, BTCeanies--everything that's artificially scarce.
The problem is it only works as long as users hoard their BTCeanies & never realize their profit (sell, cash out).

harizen

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Quote from: Baby Rage on May 09, 2016, 04:43:34 AM

i personally think spikes in btc price are not productive for the long term sustainability of btc. But i am sure traders love spikes. so steam recently started accepting BTC as a method of payment. valve is a 1.5 billion dollar company. so surely a corporation that large would give alot of exposure and add more value to btc.

Valve is a 1.5billion dollar company but bitcoin enthusiast users I think is only 30% to 40%.

Take note also that even they are bitcoin enthusiast, some of them will still follow their old style of payment.

Bitcoin just an additional option.

jaredboice

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Quote from: talks_cheep on May 21, 2016, 08:29:32 AM

There are only about 250k-500k bitcoin users in the world; of those, only a few hundred users would consider paying btc for steam. Btc has become a speculative vehicle, not a medium of exchange or currency. Too many fools think btc will go to 1 Million Dollars soon. Sad, but true. As long as users HODL, not spend btc, it won't go up in value.

As long as users save their Bitcoin, available supply will continue to be restrained and thus price must go up. Your economics is exactly backwards. While it's true that bitcoin was made to be transacted, it doesn't follow that saving it will decrease the price. While gold is used in certain things like jewelry and some industrial use cases, the majority of above ground Gold is nothing but hoarded by central banks and its a multi-trillion dollar commodity.

randy8777

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good news nowadays don't have much impact on the price anymore. also, the block halving is what a lot people here have pointed their focus at. back in 2013 and 2014 the price would have seen a huge green candle at the moment the news hits the internet of steam accepting bitcoin. it doesn't work like that anymore. bad news that ends up being no bad news at all, no matter how minor, still impacts the price. that's the weird thing.

Redrose

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Let the time tells. Before we see anything changing, we'll need some time. People that aren't used to it yet will surely don't become Bitcoin lovers. See it more as a nice-placed advertisement. To get people on board we'll still need some easy ways to buy bitcoins using credit cards.

pariahbit

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^That, plus Steam isn't accepting BTC, it's accepting USD. BitPay, one of Steam's payment processors, is accepting BTC.

talks_cheep

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There are only about 250k-500k bitcoin users in the world; of those, only a few hundred users would consider paying btc for steam. Btc has become a speculative vehicle, not a medium of exchange or currency. Too many fools think btc will go to 1 Million Dollars soon. Sad, but true. As long as users HODL, not spend btc, it won't go up in value.

Alibatant

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There are too may Steam users have the bitcoin. It will take a few years for the bitcoin user to use Steam.

Herbert2020

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these things take time, you won't see people change their normal ways just because there is a second option even if it is a better option. and it has always been this way not only with bitcoin but with everything it takes time for people to realize these things and embrace the change.

Baby Rage

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i personally think spikes in btc price are not productive for the long term sustainability of btc. But i am sure traders love spikes. so steam recently started accepting BTC as a method of payment. valve is a 1.5 billion dollar company. so surely a corporation that large would give alot of exposure and add more value to btc.

Topic: Why hasn't the acceptance of btc by steam spiked the price? (Read 691 times)