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Bitcoin - Part 2

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trustbutverify said:
Why is wheat "perhaps" a commodity?
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I have the impression that trust but verify thinks that only natural raw materials like gold and oil are by definition commodities, while wheat is a product of human activity. Otherwise I have no idea. By that understanding Bitcoin would indeed not be a commodity.
Interestingly, if you google "define commodity" the first thing that comes up is
a raw material or primary agricultural product that can be bought and sold, such as copper or coffee.
"commodities such as copper and coffee"​
so I suspect that is TBV's source.
 
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Crypto money depresses me beyond belief.
This rally seemed technically inevitable, I have no skin in the game, but it feels like melting glaciers and drowning polar bears through the looking glass.
 
Samson said:
Crypto money depresses me beyond belief.
This rally seemed technically inevitable, I have no skin in the game, but it feels like melting glaciers and drowning polar bears through the looking glass.
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If your TA failed to pick the price surge then you only have yourself to blame.
 
psionl0 said:
If your TA failed to pick the price surge then you only have yourself to blame.
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Picked on all scales multiple times.
You never followed did you, the algorithm that I portrayed on the TA threads is lethal on Bitcoin and the demise of ethics and proper labour.
I was so disgusted at what the algo suggested I bit my tongue.
 
Craig B said:
I have the impression that trust but verify thinks that only natural raw materials like gold and oil are by definition commodities, while wheat is a product of human activity. Otherwise I have no idea. By that understanding Bitcoin would indeed not be a commodity.
Interestingly, if you google "define commodity" the first thing that comes up is
a raw material or primary agricultural product that can be bought and sold, such as copper or coffee.
"commodities such as copper and coffee"​
so I suspect that is TBV's source.
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You have user names mixed up, I believe.
 
Samson said:
Crypto money depresses me beyond belief.
This rally seemed technically inevitable, I have no skin in the game, but it feels like melting glaciers and drowning polar bears through the looking glass.
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It didn't seem technically inevitable to you. I thought you were posing yourself as some sort of expert?

As far as having no skin in the game; nonsense.
 
psionl0 said:
Yes, it is a commodity* that is used primarily for speculation.

* I guess it depends on which dictionary you use.
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Well, which one are you using? Per the Wikipedia definition: "In economics, a commodity is an economic good or service that has full or substantial fungibility"

Are you considering Bitcoin “goods” or are you considering it “services”? Based on it’s lack of utility I don’t think it’s either so IMO it's not a commodity.
 
psionl0 said:
Well that makes it official. :rolleyes:
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If you don’t like Wikipedia I’ve already invited you to provide a link to the definition someplace else. Thus far you have not provided one.
psionl0 said:
This concept is probably too complicated for you but a commodity doesn't need to be a physical substance in order to be traded.
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Services can indeed be commodities. Are you saying you consider bitcoin a service?

Question for the peanut gallery. In your opinion is Bitcoin more useful or less useful than MMO currencies like Gold, Plat, Gil or ISK?
 
I don't see any point to arguing over how this hair should be split. If money of any kind can be considered a commodity, then I see no reason why that label shouldn't also be applied to Bitcoin. At the same time, if the label is applied or not doesn't change anything about the fundamental nature of Bitcoin.
 
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