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SuperTramp

MinCoin, Crypto-Commodity or Crypto-Currency?

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I'm sure you've seen me debate RS about BTC being a currency not a commodity before...but...

 

I'm slowly starting to change my views there!  I guess I have spent so many BTC before I see it as a currency...but I can see the reasons for it being a commodity.

 

MNC can be the first to really brand itself as a digital commodity!

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We could go with >> "The commodity that spends like a currency" :D

I like that a lot better.   Spendable doesn't sound like it should be kept at all.  =(

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In economics, a commodity is a marketable item produced to satisfy wants or needs. Economic commodities comprise goods and services.

 

taken from wiki.

 

I am really a newbie on this, but how does a cryto coin fits in as a goods and services to be define as a digital commodity? Isn't Min-coin still define as a currency as a means to represent a IOU or value backing(as in against exchange for BTC).

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I've seen those debates.  I think it should be in it's own catagory as a spendable commodity.

 

 

As in like Gold?  walk in to a store, I have a cup of latte, here is 1/10 gram of gold for payment.

 

 

Or is it like, I have a bag of sugar, for your cup of coffee..   if so, isn't spendable commodity = bartering?

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For me this is pretty clear, if it acts like a commodity, and works/looks like a commodity then it IS a commodity!

 

 

There you have it. MinCoin, A Crypto/Digital-Commodity......as far as I'm concerned.

 

:D

 

Crypto commodity it is as far I can see it :)

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@alttin, lulz.  I think right now it's hard to distinguish.  Really, every crypto-"currency" or "commodity" COULD be considered both.  True commodities, however, are purchased with currency, or traded for other commodities, while true currencies are used to purchase goods (including commodities) and services.  So, it's difficult to place a firm definition on mincoin, since you could "purchase" goods with it, making it a currency, but you could also exchange it for other coins, which, if they are considered to be commodities, would mean that mincoin is a commodity.  However, if we assume that all other crypto-coins are currencies, then exchanging mincoins for other coins would make it a true currency.

 

It's tricky stuff best left to the economists and people wiser than me.

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I'd say commodity, currency is just a random trust that the FED can randomly print out whenever they want

 

Yes, I agree. I think one of the key differences between a "Currency" and a "Commodity" is how they come into existence. Printing at will, and having no end to the "supply" is very anti-commodity to me. When something has a very real limit on how much of it can be produced then I start to think of it as being more commodity like. ;)

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