Valve Has a Secret
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- เผยแพร่เมื่อ 29 ก.ย. 2024
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ABOUT JOHN COOGAN:
I am the co-founder of soylent.com and lucy.co, both of which were funded by Y Combinator (Summer 2012 and Winter 2018).
I've been an entrepreneur for the last decade across multiple companies. I've done a lot of work in Silicon Valley, so that's mostly what I talk about. I've raised over 10 rounds of venture capital totaling over $100m in funding.
I work mostly in tech-enabled consumer packaged goods, meaning I use software to make the best products possible and then deliver them to the widest possible audience. I'm a big fan of machine learning, python programming, and motion graphics.
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Steam Community Market beta launched Dec 12, 2012
John it is called ARC3 and we did according to USPT invent the Metaverse.
14:29 you didn't define this initialism in the video or its description.
hey John, do you maybe know what is the game's name in 1:14?
@@motymen _Darwinia_ by Introversion Software.
Microsoft and Valve will forever be a part of my childhood. It’s insane to imagine how far Steam has gone since playing Half-Life back in 1998.
exactly this! i started playing cs with my friends in PC rooms paying by the hour and seeing steam transform leading the gaming industry literally making next gen VR and the steam deck!
Thank you for appreciating Microsoft.
Steam debuted in 2k4, hl 99. Only ogs remember cs before 1.6 update
Except we've learned a while ago from Valve News Network that flat structure at Valve isn't really flat at all. Gabe is approving projects and there are several individuals close to Gabe, who are basically employing managing roles and filtering initialives from the others.
A good buddy of mine used to work there and said it was actually a pretty bad mess in some ways. Tons of the unfinished projects occurred because there wasn't organization enough to push products through till the end. They didn't define a culture, so the culture defined itself, which led to a lot of favoritism and backstabbing. He said it was still a great experience, but it has plenty of issues, and is essentially being floated by Steam exclusively, not by more innovative products... for now.
@@shaqm0bile That's pretty much what running flat is. The theory is your "superstars" emerge and rise to the top, but in reality it encourages your douchebags and power-hungry assholes to stomp down the "weak". Survival of the fittest. It's a terrible way to run a company, but somehow works for Valve. (Or not? It explains the lack of completed games from them.)
@@thingies4U Yeah i talked to him again recently and it was basically as you describe it, but a lot more subtle and maybe even out of fear for job security and other concerns. so while it may not always be overt, its still toxic. having good management is incredibly valuable and rare. makes me sad that it isnt taken more seriously. take care out there!
This video was one of the most informative I've ever watched about a company, and is one I'll think back to as I grow older.
Valve used to be like 80% of all online transactions to gaming... They now see more competitions. However, we can all agree... Valve and Steam changed the world (online banking, amazon of gaming) and they also succeeded at changing their business model from ''game producers'' to ''game sellers'
The only "competition" Valve really have is EGS, and even there the only reason people use EGS is for the exclusive and free games deals. But that's not sustainable at all.
@@DeZilla01 agreed. My comment should be seen has : once there was only Steam, now every company has their own "store". The competition is starting. Valve mentioned going into VR, we will see. Ps: I love free game ahah and they give easy access to the unreal 5 engine
Excellent. Lots of value to be extracted from this thesis, thanks. Subscribed.
tl;dw "Valve hired an economist". Whoopty doo.
items used as currency in tf2 were not hats. hats were the product being traded. the currency was keys and refined metal.
Well, Steam definitely wasn't the first to do it.
Before Steam we had Xfire.
However Xfire wasn't required to play any of the games, so it kind of got ignored.
saying that WOW was the first generation of MMO is kind of a slap in the face... its like the 3th or 4th gen
Valve is a company that doesn’t need to make games anymore. Thats why they don’t make them anymore.
Nice video but you probably misrepresent valve enough to fit into your dao conclusion
Your content is fantastic... rising YT star.
So we’re a copy?
Thank you soylent knowledge man very cool
Awesome show great job!
Why is half of the video clips from random movies?
Thank you for your video - I would say: Half Life 3 confirmed!
Love it
Some corrections to the Steam trading cards section:
"Most of the cards sell for a dollar or two" - incorrect, regular cards almost always sell for 3 to 15 cents. Foil cards vary between $0.15 and $3 depending on how badly people want the foil badge. 3 cents is the minimum because it leaves 1 cent to the seller after Valve's transaction fees.
"There are more valuable [cards], which usually require a significant achievement in the game" - Steam card drops are not based on ingame achievements. The more valuable cards (foils) drop randomly.
In addition, the value of individual cards depends on how much cards exist in the set. Every owner of the game (barring the trust metric you spoke of) will get 50% of the as they rack up hours in the game. A game with a set of 14 cards will give you 7 cards, and similarly a game with 6 cards will drop 3 cards. This influences the value of a single card.
Bro he said the steam market was created in 2007 😂
terabit even
I allways ignored those cards. And it seemed to me most people did. I still dont see any value in those cards lol.
@@GodofGamesss it allows more to your profile
@@TheSpendog and it increased the steam level
Also, about Valve tipping its toe in the proto-metaverse, they were pre-producing another game at the time they were producing the first Half Life game.
This game was Prospero. A mix of puzzle game, platformer and action in a bizarre online world were players could share their own levels and manage some sort of a private library.
The game was canceled and some of the platform/puzzle elements were repurposed for the Xen section of Half Life. Also, the concept art of the main character ressemble Chell.
The idea of a personnal library connected to other gamers gave birth to Steam.
yeah its a very interresting lost valve project, altho pretty much everything valve does is quite interresting but yeah
I never would have guessed Varoufakus and Valve would ever be a part of the same story
05:25 - "today, most of the steam-trading-cards sell for a dollar or two..."
>checks inventory
>sees 3 to 10 cent cards only
>what?
yep
So basically, we could go into the metaverse to test economical theories and systems, then select the one that work best and actually apply it in real life...? After everyone with access to the metaverse in on way or another could test it? I'm just saying, that sounds like the only actually hopeful future I heard in a very, very long time. Thanks for that...!
Literally blew my mind with this video! Wow, what an origin story of the model for web3 in general
Except it doesn't have anything to do with web3
These videos are truly top tier ✌👍
Nice try 👍👍
Malayali? 🤔
He said the steam community market was launched in 2007. This video is full of mistakes
This was insanely beautiful and inspiring. thank you for your wonderful insight on Gabe Newell and Steam.
These videos makes our days better
Omggg so nuc
Yanis Varoufakis...interesting person, first "criticizes" the EU, after that borrow a lot of cache from the Union, than lead his country to a financial tragedy...quite controversial person imho, especially in terms of "debt crisis"...in general, yet another political clown scammer
09:33 - actually, he refers to himself as an "ERRA*TIC* Marxist", not an "err*ant* marxist".
not bad of a hot take, but rather myopic and thin.
you came pretty close at a couple of points but then missed the mark.
for one - digital trading at the lucrative scale was always about money laundering.
no matter how hot a skin or an item are, there is not enough of a volume of interested parties with the disposable income to justify the transactions.
but once money laundering spikes some transactions. it gave a false notions to the gullible of actual worth of these "items" which then attracted interest of brick scammers.
then that grew exponentially into crypto grifting etc and so on.
even this comment is scraping the surface, but thats only to underline how deep the entire concept is, and simplistic hot takes like yours may unintentionally have people walk away with false expectations that will lead them to make future financial mistakes, and other unintended consequences.
as far as steam being a meta verse? thats a perfectly understandable misconception because clearly you haven't been around before steam where all the attributes that you list about steam somehow validating it as metaverse have applied in full to various community nexus models decades before steam came about.
And then Yannis made Valve release a dumsterfire TCG game called artifiact as their first game in a decade instead of HL. Priced at 20$ at entry and still came with microtransactions.
I'm a huge fan and admirer of Valve, but the story of their flat structure is a total myth.
WoW was not 1st generation of mmo. It is literally the 2nd generation milestone!
These videos are legit. You don’t need to be a gaming nerd to love them. This channel deserves a sub.
Gaming nerds wouldn't sub to this because almost half of it is wrong
That was legitness
Feels like a bot made it, clickbait title, 99% b-roll, pointless disconnected facrs abour a compant
@@brodude9208 really?
i dont think you understand fully what a nft is. please research. there is a big difference between owning the "rights" to and item and owning a copy of an in game asset
I'm not a gamer but have often thought what it would feel like if the money inside a game was just real as the money in the outside world.
Then if a gamer finds treasures worth millions of dollars inside a game, then they would be a millionaire in real life
If Valve had a completely flat organizational structure Gabe Newell wouldn't be a billionaire.
Did you just change the name of this I'm confused
How are you allowed to put scene of movies on all your videos?
Look up the rules of "fair use" on TH-cam (you can watch TH-cam videos on this topic)
@@harvirdhindsa3244 this technically would not meet the legal definition of fair use. It’s just subtle enough to fool the algorithm
This guy give huge value in each one of his videos ... Fantastic Job !
Your videos are excellent. Just one bit of constructive criticism would be to start relying less on random clips from movies. Sometimes they make sense, but a lot of them seemed out of place in this video, imho.
Fascinating insight into a ground breaking company. Thanks for this content.
Many things are wrong in this video. For example, the steam community market wasn't launched in 2007, that's nonsense. In 2007, Steam had like 5 games, it didn't even have trading cards or inventories even. Steam Cloud was released in 2008. You're a fake gamer.
Gross. Steam is nothing more than remarketed DRM. The idea that anything Steam did regarding markets is idiotic. Your foray into "Double Coincidence of Wants" in an attempt to feign academic is probably the corn on the pile. Steam pressured the market into going online away from brick and mortar by offering CEOs an escape from the nightmare of trying to individually develop DRM systems. Anything beyond that is simply bells and whistles on their DRM to hide what it is.
Smh. Crypto bros will do anything so their investments don't collapse. This video is full of misconceptions and factually incorrect information from some half baked research.
omg, I just checked. My steamaccount is from march 2004. How time flies..
I like how you added smite players in your clips never seen smite in such a glorious video before I feel like smite never gets any attention except from streamers. I know this is irrelevant to this video but thank you.
What's your smite get I'm on Xbox GT: sensei weirdo
i was around 15 years old when i started trading on tf2 and it took me around 1500 hours to trade my way to a $45 inventory without putting any money into it. My computer was too slow to run the game so i just went on trade serrvers and tried to make as much profits as possible, all whilst being a free to play (so the only thing i could trade were items that people have given me through trade). I started with strange weapon to an unusual , i had 1,500 hours but i was absolutely horrible at the actual game as i never actually played it. moral of the story is?... ive wasted my time and you have wasted yours by reading this.
I made 2 buck at blowing someone on TF2.
I rake up like $2k value in my Steam account until some Russia guy hack me using the weak forget password system on Valve. Report it but Valve don't compensate for my lost even though it is their mistake to give reset my password for the hacker.
This conclusion makes near zero sense... Mainly because none of what they've done is actually using block chains and that's for a good reason.
What you said about economics not being able to have experiments, i believe crypto is solving that as we speak so many failed coins/projects are basically failed economies that inches us closer to a pure true and better economy once they find the right set of variables for the tokenomics of that coin. It will be the beginning of a new age.
you don't know anything and most of this is wrong and I stopped watching at 2:37 valve did not make the steam community market until 2012
one big thing you forgot to mention is how big they're investing and focusing in VR, brain computer interfaces and technologies for virtual worlds immersion. I think sooner or later they come up with some revolutionary VR tech.
I mean they didn't make any game for years and they came up with "Half Life Alyx". if that doesn't show VR is their main focus now, I don't know what is.
2010s were interesting. my buddy got about 20k from claiming youtube accounts back in the day. we all made some money. we were only about 16 years old.
ofc several of the budds made money from steam. gabe shaped our childhoods for the better.
Your lack of a coherent time line is driving me bonkers. And, some of these release dates you claim are so wildly incorrect.
13:09 Valve actually laid of roughly 700 employees in ~2015. They have/had their monopoly, so no additional workforce was needed...
Found your channel a couple weeks ago, gotta say, you’re gonna be big soon. You’re content is so good! I’ve now watched every one of your videos and non of them disappointed.
I just found it today, watched 10 videos in a row, new favourite channel for sure!
A de-centralized meritocratic system where everyone has a say and the only boss is yourself and your customer(s).
Wish those still existed.
Not really. The vets at VALVe decide which projects are "worth their time" or not, and if it's not you can get fired for working on a percieved "unproductive" project.
The vets' egos are more powerful than their minds, which has gotten us on the silence we have been for so long.
Web 3.0 has nothing to do with NFTs or blockchains, sorry.
" he bought a ford, a house in florida and even paid his student debt"
wtf how expensive is student loans, more than a house?!
It’s actually a house in North Carolina, the houses there could be as low as 100k back then. Student loans could be up to 200k
I watched a video about American student loans by Jake Tran once. Their student loans system is ATROCIOUS 😬.
Actually, in the US, to have an education at this level from the best universities, we're talking 150K a year.
I'm not kidding. This is also why a lot of those people straight out dropped out of college. It is nothing but a system for the traditional elite to meet the people who're going to replace their parents alongside them.
Glad this video got slaugthered by the algo. Nice fucking try
Sooo.. what is that secret, again?
While this was a compelling essay, it seems to forcefully connect some dots that aren't necessarily there. In actuality, Valve's flat structure is probably not what we think it is, and Valve's products are a far cry from being decentralized - one can argue they are on the opposite end of the spectrum.
Valve's org structure has been actually criticized by ex-employees, who complained about cliques and politics acting as a de-facto org structure driving decisions, which might not necessarily be easier than just having a manager. Reading some accounts from people who worked there, it seems like the sense of democracy is just on surface level, and it was even rumored the employee handbook was being used as a recruitment tool. It still sounds like a great place to work, but like all things, the shortcomings are not being advertised.
So working at Valve is probably not even close to a DAO. As for decentralized economy, Valve has created an extremely centralized platform in which it controls every knob and wire. Valve will never want their users moving items to a decentralized marketplace as that will cut some of their most profitable revenue streams. Decentralized platforms are some of Valve's worst nightmares and I bet they are really glad NFTs didn't take off more than they did.
All that aside, Valve has been, and still is, a huge catalyst in the "Metaverse" space. Their work on hardware as well as incredible software has helped push limits and make VR what it is today. However, every company's vision for the "metaverse" is still a centralized ecosystem. No company, not Facebook, not Valve, not Microsoft, nobody wants to lose users to a decentralized technology. These companies will never push for decentralization.
the video is just too vague. too many heavy words are thrown without any substance behind them
Wow, there are a lot of inaccurate statements in this video. Not sure if I trust what this guy has to say.
Well, this video is a bit of a mess. Quite a lot of things wrong here.
What steam did was awesome, as long as they were not evil. The market arises from the game. NFT's tries todo this in reverse, which is ludicrous ^__^
Well the only flaw i see with comparison of nfts of games and nfts of ape pictures is that at least you can use those items in games, while nfts are just jpegs anyone can copy and use, without paying a cent.
While you cant use a knife or a cool hat you want, without buying it in those games. In my opinion gaming nfts are superior, at least for now.
Valve is the trillion dollar company, dwarfing cryptttttttttto
why does this only have 20k views. This was one of the most interesting videos i have seen in a long time!
i haven’t been able to figure out the title and thumbnail on this so no one is clicking. glad you like the video though!
yes, let us just ignore the wholeDRM facts.
the flat heirarchy can only really work in a company where there are little actual requirements and no hardware ( such as video games). Any other company has to deal with safety, quality control, purchasing sadly cannot function like this.
Valve was in a unique position of being both a private company and not having to answer to shareholders asking for infinite growth while also having an infinite money printing machine requiring little maintenance, and we've learned from previous employees that what actually happened is employees fought over power, leading to a toxic workplace. Additionally, it's pretty insincere to talk about Valve and "Web 3.0" and not mention the fact that they experimented with crypto currency, which they found unreliable due to the high amount of fraud/money laundering they caused and have banned games implementing them of nfts since.
This is what i try to explain to cryptobros... NFT items in games are nothing ground breaking.... valve did basically the same back then, unique item IDs and all that. They add very little value compared to what they hype... Most of the functionalities we need already exist. Don't get me started on cross platform shit, there's more than half a dozen DOZENS of videos on it
Still an upgrade over things like the steam market
Another Great video
Valve has always been a fascinating company to me. This video was brilliant John! You're covering things that no one else seems to do properly.
Would be really cool to see a video about your story as well someday :)
the title doesnt do justice to the content of this video
Now I need to watch a video about DAOs
John...with the 'secret' clickbait again--I just saw you use that on the Nvidia video. I assume this keyword really brings in the viewers.
I use Unreal Engine & I have to deal with Epic Games Launcher and store everyday, but Epic ecosystem comes nowhere close to what steam is offering.
This is a ridiculously well made and very informative video
web 3 is just web 2 but decentralized. The point of bitcoin for example was not to invent money, but a decentralized version. Valve's version is centralized in the end. Same with DAO, it is just a group, like every other group, but with technology making it decentralized.
This is a very informative and enjoyable video, I just feel that I must say this: most would consider WoW and its contemporaries (2004-2009ish) second generation MMOs, with WoW really starting it. Ultima Online is typically cited as the first MMO in 1997, followed by a few fairly large ones like EverQuest and Star Wars Galaxies.
Is the Technology that caused the Havana Syndrome in the U.S.Diplomats part of the foundational technological underpinnings of Brain/Computer interface development.?What was Charles lieber working on in Wuhan?
06:34 - which RDN movie is that?
Watching this on my 72'' TV. . .
Why did you put a filter adding millions of little squares over the video!? it's all I can see...
Good information! but this little bit of edditing isn't cutting it for me. I'm watching in 1440p and it feels like 240p.
Man the film scenes dramaturgy is good. Yet somehow distracting, when you see like face of Bradley Cooper expressing "hmmm, fake developers?" for example. And then the same expression on Rachel McAdams face. One starts thinking, did all the Hollywood actors starred in this?)
Valve has a very huge problem - the whole company sits on a shoulders and vision of a single man - Gabe Newell. You can take my word for it - as soon as the Gaben leaves this world (don't expect him to die, though, i'm quite sure he will fly back home to the center of the galaxy) the whole company and Steam will plunge back into "yet another silicon valley company" model. Basically - without Gaben steam will turn into a hot turd very-very fast. 100%.
John “fanboy of all tech wizs” Coogan does it again. Great video, altho you might need to eat a word or two about shilling DAOs, Defis and NFTs once all web3 collapses… 😅
Everybody please repent an believe in the name of the LORD of Lords and King of kings Jesus Christ Amen.
the best accident click i clicked on youtube. thank you for these amazing video. You will hit the 1 M subscriber soon
Still funny that people that buy and sell items on Steam hate NFTs. It's the next evolution of digital items. Valve does not want NFTs because you can trade NFTs anywhere not just on Steam and that means less control by Valve.
I get what valve is, does, and did. But, probably because at no point is it explained what a DAO is I do not see any relation to Web3, nor NFTs.
Now talk about the labor complaints in these startups. Valve has a few. Very NDA under the table, crunch or youre fired type stuff. Prove to me that companies can be different. I dont believe that is the case, but I can see you are passionate about this. Where is the middle?
Can a government work similarly to a Valve structure?
Why? Try it in the metaverse and see it if works... what have we got to loose...! ;)
Amazing video with excellent quality.
I traded TF2 items back in the day and traded up from a 5$ buyin from my dads credit card to enough to buy me an msi gaming laptop to replace my integrated graphics hp one. good times haha
Facebook's stock is cheap for a reason. I don't think they will ever conquer the platform layer, like what they are trying to do.
03:48 "kazakhstan is one of the world's leading bitcoin mining locations" it's because of cheap electricity, this has nothing to do with the video you're talking about, why did u even say that ? that was so random.
my first job was mining wow gold....and eaying ....they had worker sites were like speed running was equal to pay............i made atleast G just grind gold....
Damn... If only Lord Gaben did the same for VAC. Now cheating is rampant :D