Steam Removes Bitcoin Support as Payment Option

[Ubersonic]

Dead? It's trading at $100.00, pretty much its all time high.

Nah it was worth around 0.038 back in 2013, it's now worth 0.0086, it's fallen to less than a quarter of its all time high. The mistake you're making is looking at the USD value instead of the BTC value, the USD value is a lot higher now simply because the USD value of BTC is and like most altcoins that's how LTC derives its value in USD.

It's sort of similar to when the news says "The pound is down against the dollar but up against the euro", what they actually mean without the positive spin is that the pound and the euro have both fallen but the euro has fallen more. Basically if the USD value of bitcoin is going up then the USD value of altcoins rises too, sometimes (and quite often) even if their value is falling at the same time like is the case with LTC. Even though it's lost 3/4 of it's value since 2013 it looks at first glance like it's shot up, when in reality anyone who's been holding all this time has actually lost a lot of money.

A really simple way to look at it is, if you had 1 BTC in 2013 and did nothing with it you would have $11,912 worth of crypto today. But if instead you had exchanged it for LTC you would have $2,685 worth of crypto today, because the value of LTC has fallen to less than a quarter of its all time high.

LTC was a great coin back in 2013/2014 because it was the first major altcoin after BTC became unmineable on GPUs and it managed to position itself as the silver to BTC's gold, but it's day has long passed. The likes of Ethereum, Dash, Zcash, etc have long since surpassed it.

 

[TheMailMan78]

 

[R-T-B]

Did you miss the part where one of the first things bought with bitcoin was in fact a pizza Mailman?

Bitcoin can also be made physical, and last time I was at a Chuck E. Cheeses (granted, years ago) you could not use the tokens for pizza. Also, there is talk of making their currency digital with swipe cards.

Chart is completely invalid.

Nah it was worth around 0.038 back in 2013, it's now worth 0.0086, it's fallen to less than a quarter of its all time high. The mistake you're making is looking at the USD value instead of the BTC value, the USD value is a lot higher now simply because the USD value of BTC is and like most altcoins that's how LTC derives its value in USD.
.

No, I think the mistake you're making is regularizing it to BTC (which I consider a dying beast) and not to end purchasing power. The end purchasing power is what matters to the end user. Metrics be damned. I want more, not less because you think bitcoin is magic. I'd take a 2017 litecoin over an "all time high" 2013 litecoin for sure.

Oh, and look at the value today relative to BTC. Nailed it.

Federal Reserve Bank?

It's not a bubble or a cash cow. No one gets rich just buying dollars. You know, inflation?

 

[TheMailMan78]

Did you miss the part where one of the first things bought with bitcoin was in fact a pizza Mailman?

Bitcoin can also be made physical, and last time I was at a Chuck E. Cheeses (granted, years ago) you could not use the tokens for pizza. Also, there is talk of making their currency digital with swipe cards.

Chart is completely invalid.



No, I think the mistake you're making is regularizing it to BTC (which I consider a dying beast) and not to end purchasing power. The end purchasing power is what matters to the end user. Metrics be damned. I want more, not less because you think bitcoin is magic. I'd take a 2017 litecoin over an "all time high" 2013 litecoin for sure.

Oh, and look at the value today relative to BTC. Nailed it.



It's not a bubble or a cash cow. No one gets rich just buying dollars. You know, inflation?

That chart is at least 50% accurate.

 

[R-T-B]

That chart is at least 50% accurate.

I prefer more than 50% truth.

 

[verycharbroiled]

They highlight my main complaint with bitcoin as their primary reason: Transaction fees have become unbearably high. At this point you must pay around $20 bucks just to send a transaction.

What was that about defeating swipe fees? Oh yeah, I can't hear you over my transaction fees...

It just goes to show Bitcoin really is a dying beast, regardless of value. Some other coin will one day overtake it.

I'm watching Litecoin. More transaction volume, less fees, more usability.

i dont really care about the transaction fees, i think of btc as a reserve currency and the on/offramp to other crypto currencies. its not very usefull for small amounts and for on chain stuff probably never will be. lightning network (off chain) will be for small transfers.

you can use fairly low fees if you dont care about the wait, sometimes days. segwit addresses on the originating side helps a bit too, as it uses lower fees. and yes i have used largish fees sometimes when i need to move coin in a hurry but compared to the value of the coins ive had to move, the fee is a couple percent. thats livable.

i have used ltc several times on lower value transaction and yeah ltc is nice that way but thats only to private individuals, not many payment processors use it, if any. hopefully that will change.