All Discussions > Steam Forums > Steam Discussions > Topic Details
Darth Phoenix 13 Aug @ 9:27am
Request to CEO at Steam
Steam you've built an empire that's revolutionized PC gaming. But Steam stands at a pivotal life crisis the kind that could spell GAME OVER if not addressed swiftly. With rising competition, traditional payment processors are bleeding your margins dry. Fees from Visa, Mastercard, and PayPal can eat up value from transactions, stifling growth in an era where gamers demand seamless, global access. Regulatory pressures on fiat currencies and economic volatility further threaten your dominance, as younger demographics flock to decentralized alternatives.
This isn't doom; it's opportunity. By embracing cryptocurrencies, Steam can slash those processor fees dramatically and down to fractions of a percent, in some cases. Imagine accepting Bitcoin, Ethereum, Solana, and more, instantly converting them into an internal Steam Credit system. Users deposit crypto, get credits for purchases, and you avoid volatile holdings while expanding to untapped markets in regions underserved by banks. This move would attract crypto savvy gamers, boost transaction volumes, and position Steam as a forward thinking leader with real world utility.
To elevate further, consider partnering with Ripple's XRP Ledger. Create a Steam specific token that is fully under your control, freely tradable, and built on XRP's fast, low cost infrastructure. This custom crypto could power in game economies, NFTs for cosmetics, or even cross platform rewards, all while maintaining compliance and security. XRP's proven scalability ensures it handles Steam's massive user base without hiccups.
Act now: Integrate multi crypto support within months, and watch revenues soar. Ignore this, and rivals will outpace you. Let's pioneer the future of gaming together with your gamers, Steam deserves to level up. Let's not end this game!

Please vote up on this and ask this to be passed to the leadership of Steam.
Last edited by Darth Phoenix; 13 Aug @ 9:28am
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Showing 1-15 of 66 comments
Zarineth 13 Aug @ 9:30am 
No. Crypto shouldn't be reintroduced and NFTs are a dead meme at this point, revived only by grifters scamming people out of money.
#1
Chika Ogiue 13 Aug @ 9:31am 
Valve tried crypto. They dropped it due to wildly fluctuating fees that could even change multiple times during a transaction and because over 50% of the purchases made with Crypto were fraudulent. Crypto ain't coming back, bro.
Last edited by Chika Ogiue; 13 Aug @ 9:32am
#2
Darth Phoenix 13 Aug @ 9:32am 
The NTF isn't the core idea of this, its just a byproduct that could be explored later. The intital use of NTFs was likely money laundrying, but Steam or gaming companies in generally, have a more legitiment use of NTFs.
#3
d3str0y3r 13 Aug @ 9:33am 
Valve already tried cryptocurrencies. Over 50% of the transactions were fraudulent. Valve has also banned nfts on the platform.

So that should make it clear how they feel about it all.
#4
Darth Phoenix 13 Aug @ 9:33am 
Originally posted by Chika Ogiue:
Valve tried crypto. They dropped it due to wildly fluctuating fees that could even change multiple times during a transaction and because over 50% of the purchases made with Crypto were fraudulent. Crypto ain't coming back, bro.

They might not have a choice. But, they could partner with other more favorable companiess to help reduce that risk.
#5
xBCxRangers 13 Aug @ 9:36am 
That'll never happen. It's a deregulated currency. What IS going to happen, is Mr Newell is stopping selling this tripe, he should have never sold in the first place.

He will do, what he expects us to do, in following the TOS of these pay processors, as he expects us to follow his TOS.

He will if needed, have to go to an ID Verification system, for games 17 and older.

He will have to assure certain ages before posting on our forums in certain countries.

He will have to hire more staff to monitor game hubs, assuring the moderators moderating such hubs, are vetted and of age to do so.

He will have RESPONSIBILITY, in running a company, that until now have been running itself, and the potential of running it into the ground if he does not take the wheel.
Last edited by xBCxRangers; 13 Aug @ 9:37am
#6
Mad Scientist 13 Aug @ 9:37am 
Originally posted by Darth Phoenix:
By embracing cryptocurrencies
No.
It didn't work last time due to the rampant fraud.

Originally posted by Darth Phoenix:
Act now: Integrate multi crypto support within months, and watch revenues soar.
Judging by last time the only thing that would soar is fraud and monetary loss.
#7
Darth Phoenix 13 Aug @ 9:42am 
Originally posted by xBCxRangers:
That'll never happen. It's a deregulated currency. What IS going to happen, is Mr Newell is stopping selling this tripe, he should have never sold in the first place.

He will do, what he expects us to do, in following the TOS of these pay processors, as he expects us to follow his TOS.

He will if needed, have to go to an ID Verification system, for games 17 and older.

He will have to assure certain ages before posting on our forums in certain countries.

He will have to hire more staff to monitor game hubs, assuring the moderators moderating such hubs, are vetted and of age to do so.

He will have RESPONSIBILITY, in running a company, that until now have been running itself, and the potential of running it into the ground if he does not take the wheel.

I think age verification may almost be a guarantee at this point. I'd rather them partner with a 3-rd party company like ID.Me rather than collecting the info themselves.
The question is, after that is implemented, will that still limit the selection of legal games of all categories or will payment processors reduce the pressure?
Last edited by Darth Phoenix; 13 Aug @ 9:46am
#8
Darth Phoenix 13 Aug @ 9:44am 
Originally posted by Mad Scientist:
Originally posted by Darth Phoenix:
By embracing cryptocurrencies
No.
It didn't work last time due to the rampant fraud.

Originally posted by Darth Phoenix:
Act now: Integrate multi crypto support within months, and watch revenues soar.
Judging by last time the only thing that would soar is fraud and monetary loss.

There is fraud everywhere. Just need to identify a better system and embrace the right opportunity when it arises to keep fraud to acceptable levels.
#9
Mad Scientist 13 Aug @ 9:47am 
Originally posted by Darth Phoenix:
There is fraud everywhere. Just need to identify a better system and embrace the right opportunity when it arises to keep fraud to acceptable levels.
Last time at least 50% of crypto transactions were fraudulent, which is overwhelmingly significant to monetary loss and an immense liability.
Normal fraud like stolen cc's/unauthorized charges is typically a tiny insignificant fraction of all transactions. When a majority of one payment method is fraud, it's gone and will never return any time soon if ever.
#10
Darth Phoenix 13 Aug @ 9:54am 
Originally posted by Mad Scientist:
Originally posted by Darth Phoenix:
There is fraud everywhere. Just need to identify a better system and embrace the right opportunity when it arises to keep fraud to acceptable levels.
Last time at least 50% of crypto transactions were fraudulent, which is overwhelmingly significant to monetary loss and an immense liability.
Normal fraud like stolen cc's/unauthorized charges is typically a tiny insignificant fraction of all transactions. When a majority of one payment method is fraud, it's gone and will never return any time soon if ever.

I'm not disagreeing with those numbers. And agree with you that given that info it was wise to remove that option then. But, there is nothing to lose to re-research and see all options on the table. Objective #1 - Steam doesn't deal directly with crypto. Objective # 2, inks contracts with business partners that structures crypto payments in a way that hedges Steam get guarantee payment for an expected transaction. Objective #3, Steam converts crypto to more desirable assets promptly, if not immediately with their 3-party.

Steam can outsource the responsibility of knowing your customers with a third party and could place limits on crypto transactions until an account builds trust.
#11
eram 13 Aug @ 9:56am 
you can just buy games on steam like a normal person.
#12
Mad Scientist 13 Aug @ 10:14am 
Originally posted by Darth Phoenix:
(snip)
If you want to use crypto, turn it into real currency and use a payment method tied to real currency.

Originally posted by Darth Phoenix:
With rising competition, traditional payment processors are bleeding your margins dry.
The traditional payment methods are apparently making them 90% or more of their total business. crypto is hardly "rising competition" so much as used for a lot of shady stuff for the deeper parts of the internet, and loads of fraud, rug-pulling, scamming etc.
#13
Draug 13 Aug @ 10:33am 
Look the amount of fraudulent charges was over 50g plus the volitility of the market meant that transaction fees (yes they still exist) could skyrocket in a matter of minutes before the transaction would actually complete.

https://www.rockpapershotgun.com/gabe-newell-interview-steam-deck-crypto


Similarly, at one point Steam was accepting cryptocurrencies for payments. And it turned out that it just made customers super mad. There was the issue of volatility: you don't want your pricing to vary when anchored to people's wages. So if you think of “how much I make,” right? It happens to be denominated in things like euros or dollars or whatever. They don't want to find out that there's tremendous volatility when they're actually purchasing things day to day. Like, why did I spend $497 one day to buy a game, and the next day I spent 47 cents, what's going on here? Volatility is a bad thing in a medium of exchange. That was one problem, that sort of volatility was creating more pain for our customers than the value of having the option of using cryptocurrencies.

Another thing was that the vast majority of those transactions, for whatever reason, were fraudulent, where people were repudiating transactions or using illegal sources of funds and things like that. And that's just out of control, right? You want that number, realistically, in a couple of percent, not half of all transactions turning out to be fraudulent transactions.

So yeah it is unlikely valve will dip its toes into blockchain technology again until it is a bit more regulated... either new coins that are federally regulated or current coinage socially regulated somehow
#14
Chika Ogiue 13 Aug @ 10:41am 
Originally posted by Darth Phoenix:
They might not have a choice. But, they could partner with other more favorable companiess to help reduce that risk.

Valve have all the choice. And their choice is not touch crypto again.
#15
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Date Posted: 13 Aug @ 9:27am
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