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    Author Topic: Team Fortress 2 as a payment processor for Bitcoins.  (Read 3810 times)

    • Anonymous
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    June 28, 2011, 03:26:42 AM
     #1
    I'm just going to put this idea out here. Team Fortress 2 is now free-to-play and -- believe it or not -- it's an excellent payment processor: an irreversible payment processor. Once you trade an in-game item, it's gone. This is excellent for buying Bitcoins with.

    So, here's my proposed method:

    1. Download TF2 with a new steam account or otherwise.

    2. Purchase a key from the Team Fortress 2 Store for $2.50.

    3. Trade the key to a user who has the equivalent value in Bitcoins.

    So, wait, let's say you sold the Bitcoins. How do you get your USD worth for the key?

    Well, if you're a TF2 user the key obviously has inherent value for trading purposes and enables you to get a random item in-game. You could also sell the key to another user who wants to buy Bitcoins or another TF2 user, albeit for less than what Valve offers them for. This of course would require a slight-markup on Bitcoin value in transactions; however, that may be justified for this convenient method.

    To make it quick and easy, one could simply start a TF2 server that runs easily on all computers and all the Bitcoin and Key trading could occur there.

    What do you think? Is anybody willing to act on this? Questions?

  • Txyru
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    June 28, 2011, 03:28:59 AM
     #2
    Doesnt second life process payments and such in kind of a similar way and let you cash out?

  • Anonymous
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    June 28, 2011, 03:33:56 AM
     #3
    Quote from: Txyru on June 28, 2011, 03:28:59 AM
    Doesnt second life process payments and such in kind of a similar way and let you cash out?
    I don't know. Anyways, second life scares me. I wouldn't touch that thing again with a 7 foot pole.

  • Electrongolf
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    June 28, 2011, 03:36:24 AM
     #4
    I've never played TF2 but it looks cool. I'm curious how this works.

    So, we could have a BTC server. And this could act as a virtual person to person exchange?

    How do you sell and trade keys? Is this built into the system?
    www.BitGigs.com

  • IlbiStarz
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    June 28, 2011, 03:36:33 AM
     #5
    Quote from: Atlas on June 28, 2011, 03:33:56 AM
    Quote from: Txyru on June 28, 2011, 03:28:59 AM
    Doesnt second life process payments and such in kind of a similar way and let you cash out?
    I don't know. Anyways, second life scares me. I wouldn't touch that thing again with a 7 foot pole.

    8 foot pole then?

  • Anonymous
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    June 28, 2011, 03:38:16 AM
     #6
    Quote from: Electrongolf on June 28, 2011, 03:36:24 AM
    I've never played TF2 but it looks cool. I'm curious how this works.

    So, we could have a BTC server. And this could act as a virtual person to person exchange?

    How do you sell and trade keys? Is this built into the system?

    Yes and yes.

    The trading system is very clean and straightforward. If you get Bitcoins, you'll get the system.

  • peach
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    June 28, 2011, 03:43:43 AM
     #7
    Your method overlooks the fact that this will introduce an unhealthy number of new keys into the TF2 economy, thus causing them to lower in inherent value, thus creating a downward spiral wherein the disparity in values between BTCs and keys grows further and further apart. With that said, I've never played TF2, so I could be missing something.

  • Anonymous
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    June 28, 2011, 03:47:22 AM
     #8
    Quote from: peach on June 28, 2011, 03:43:43 AM
    Your method overlooks the fact that this will introduce an unhealthy number of new keys into the TF2 economy, thus causing them to lower in inherent value, thus creating a downward spiral wherein the disparity in values between BTCs and keys grows further and further apart. With that said, I've never played TF2, so I could be missing something.
    Well, the value of the keys isn't a huge deal. They are only temporary tokens. It's only an issue if you are saving your wealth in them, haha.

  • Meatpile
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    June 28, 2011, 03:53:27 AM
     #9
    haha why dont we just skip bitcoin altogether and just do all our finances in tf2 hats and keys!

  • peach
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    June 28, 2011, 03:55:25 AM
     #10
    Quote from: Atlas on June 28, 2011, 03:47:22 AM
    Quote from: peach on June 28, 2011, 03:43:43 AM
    Your method overlooks the fact that this will introduce an unhealthy number of new keys into the TF2 economy, thus causing them to lower in inherent value, thus creating a downward spiral wherein the disparity in values between BTCs and keys grows further and further apart. With that said, I've never played TF2, so I could be missing something.
    Well, the value of the keys isn't a huge deal. They are only temporary tokens. It's only an issue if you are saving your wealth in them, haha.

    The value of keys are a big deal. If there is an abundance of keys in the economy, people will start selling for less than 2.5 through  third-parties.

    If keys are now buyable for 2 dollars from a third-party, and people are still trading 2.5 USD worth of bitcoins for them, I know for sure I'd buy up all the 2 dollar keys I can. People would get screwed and caught with devaluating keys.

  • peach
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    June 28, 2011, 03:56:36 AM
     #11
    Quote from: Meatpile on June 28, 2011, 03:53:27 AM
    haha why dont we just skip bitcoin altogether and just do all our finances in tf2 hats and keys!

    You need to work on conveying your emotions more convincingly over the internet.

    edit: Woops, didn't mean to double-post.

  • Anonymous
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    June 28, 2011, 04:05:28 AM
     #12
    Quote from: peach on June 28, 2011, 03:55:25 AM
    Quote from: Atlas on June 28, 2011, 03:47:22 AM
    Quote from: peach on June 28, 2011, 03:43:43 AM
    Your method overlooks the fact that this will introduce an unhealthy number of new keys into the TF2 economy, thus causing them to lower in inherent value, thus creating a downward spiral wherein the disparity in values between BTCs and keys grows further and further apart. With that said, I've never played TF2, so I could be missing something.
    Well, the value of the keys isn't a huge deal. They are only temporary tokens. It's only an issue if you are saving your wealth in them, haha.

    The value of keys are a big deal. If there is an abundance of keys in the economy, people will start selling for less than 2.5 through  third-parties.

    If keys are now buyable for 2 dollars from a third-party, and people are still trading 2.5 USD worth of bitcoins for them, I know for sure I'd buy up all the 2 dollar keys I can. People would get screwed and caught with devaluating keys.

    I see no issue. It's just how the market works.

  • peach
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    June 28, 2011, 04:07:17 AM
     #13
    Quote from: Atlas on June 28, 2011, 04:05:28 AM
    Quote from: peach on June 28, 2011, 03:55:25 AM
    Quote from: Atlas on June 28, 2011, 03:47:22 AM
    Quote from: peach on June 28, 2011, 03:43:43 AM
    Your method overlooks the fact that this will introduce an unhealthy number of new keys into the TF2 economy, thus causing them to lower in inherent value, thus creating a downward spiral wherein the disparity in values between BTCs and keys grows further and further apart. With that said, I've never played TF2, so I could be missing something.
    Well, the value of the keys isn't a huge deal. They are only temporary tokens. It's only an issue if you are saving your wealth in them, haha.

    The value of keys are a big deal. If there is an abundance of keys in the economy, people will start selling for less than 2.5 through  third-parties.

    If keys are now buyable for 2 dollars from a third-party, and people are still trading 2.5 USD worth of bitcoins for them, I know for sure I'd buy up all the 2 dollar keys I can. People would get screwed and caught with devaluating keys.

    I see no issue. It's just how the market works.

    So it's like TF2 key 'hot potato' then.

    I'll stick with direct USD --> BTC --> USD exchanges.

  • Anonymous
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    June 28, 2011, 04:09:25 AM
     #14
    Quote from: peach on June 28, 2011, 04:07:17 AM
    Quote from: Atlas on June 28, 2011, 04:05:28 AM
    Quote from: peach on June 28, 2011, 03:55:25 AM
    Quote from: Atlas on June 28, 2011, 03:47:22 AM
    Quote from: peach on June 28, 2011, 03:43:43 AM
    Your method overlooks the fact that this will introduce an unhealthy number of new keys into the TF2 economy, thus causing them to lower in inherent value, thus creating a downward spiral wherein the disparity in values between BTCs and keys grows further and further apart. With that said, I've never played TF2, so I could be missing something.
    Well, the value of the keys isn't a huge deal. They are only temporary tokens. It's only an issue if you are saving your wealth in them, haha.

    The value of keys are a big deal. If there is an abundance of keys in the economy, people will start selling for less than 2.5 through  third-parties.

    If keys are now buyable for 2 dollars from a third-party, and people are still trading 2.5 USD worth of bitcoins for them, I know for sure I'd buy up all the 2 dollar keys I can. People would get screwed and caught with devaluating keys.

    I see no issue. It's just how the market works.

    So it's like TF2 key 'hot potato' then.

    I'll stick with direct USD --> BTC --> USD exchanges.
    Well, people are playing the same game of hot potato with the dollar. ; )

  • peach
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    June 28, 2011, 04:12:12 AM
     #15
    Quote from: Atlas on June 28, 2011, 04:09:25 AM
    Quote from: peach on June 28, 2011, 04:07:17 AM
    Quote from: Atlas on June 28, 2011, 04:05:28 AM
    Quote from: peach on June 28, 2011, 03:55:25 AM
    Quote from: Atlas on June 28, 2011, 03:47:22 AM
    Quote from: peach on June 28, 2011, 03:43:43 AM
    Your method overlooks the fact that this will introduce an unhealthy number of new keys into the TF2 economy, thus causing them to lower in inherent value, thus creating a downward spiral wherein the disparity in values between BTCs and keys grows further and further apart. With that said, I've never played TF2, so I could be missing something.
    Well, the value of the keys isn't a huge deal. They are only temporary tokens. It's only an issue if you are saving your wealth in them, haha.

    The value of keys are a big deal. If there is an abundance of keys in the economy, people will start selling for less than 2.5 through  third-parties.

    If keys are now buyable for 2 dollars from a third-party, and people are still trading 2.5 USD worth of bitcoins for them, I know for sure I'd buy up all the 2 dollar keys I can. People would get screwed and caught with devaluating keys.

    I see no issue. It's just how the market works.

    So it's like TF2 key 'hot potato' then.

    I'll stick with direct USD --> BTC --> USD exchanges.
    Well, people are playing the same game of hot potato with the dollar. ; )

    It's not the same. When we transact with the dollar, we aren't actively creating them. The creation of them is out of our control completely.

    Hypothetical: Even if we did somehow 'create' USD whenever we used/had them, the market as a whole is so large that Bitcoiner's presence as of now wouldn't even be a drop in the bucket. The TF2 economy is magnitudes upon magnitudes smaller, and thus more easily disruptable.

  • Anonymous
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    June 28, 2011, 04:14:27 AM
     #16
    Well, please note there is a lot of incentive to destroy keys. So, no, there won't be huge inflation.

  • d.james
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    June 28, 2011, 04:52:05 AM
     #17
    so if valve goes down our key economy goes poof?  Shocked
    You can not roll a BitCoin, but you can rollback some. Cheesy
    Roll me back: 1NxMkvbYn8o7kKCWPsnWR4FDvH7L9TJqGG

  • Anonymous
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    June 28, 2011, 04:57:13 AM
     #18
    Quote from: d.james on June 28, 2011, 04:52:05 AM
    so if valve goes down our key economy goes poof?  Shocked
    http://www.youtube.com/watch?v=vX07j9SDFcc

    However, Valve, isn't going down anytime soon.

  • DrYe5
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    June 28, 2011, 05:32:06 AM
     #19
    I don't see what Steam has to gain from this arrangement.

  • Anonymous
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    June 28, 2011, 05:32:54 AM
     #20
    Quote from: DrYe5 on June 28, 2011, 05:32:06 AM
    I don't see what Steam has to gain from this arrangement.
    A fuck-load of people buying keys. Valve probably couldn't be happier.
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