I get why they wanted to do this, but I don't get why they made it this way, I mean yeah it makes a bit money in short term, but creates terrible problems long term.
First of all having 3 billions less in economy means we are 3 billions closer to recession. Worth keeping in mind that games are not essential.
Second thing is trust, without it whole steam can implode. Whole business is based on infinite purchases.
Third thing is people may do harm to themselves and this usually brings eye of Sauron.
People holding virtual cosmetic items that nominally had some value as collectables doesn't mean the whole thing was actually worth that much to society. If everybody tried to cash out their collection they would have soon found there was nothing close to 3 billion in value. The prices of these things were inflated by gamblers using them for speculation. And generally speaking, anything that teaches gamblers a lesson is good for society in the long run.
As for it collapsing Steam; not a chance. They didn't take away anybody's games, and that's what Steam is for to the overwhelmingly majority of users. The gambling addicts are a small minority and generally an annoyance to everybody else.
First of all having 3 billions less in economy means we are 3 billions closer to recession. Worth keeping in mind that games are not essential.
Second thing is trust, without it whole steam can implode. Whole business is based on infinite purchases.
Third thing is people may do harm to themselves and this usually brings eye of Sauron.