4 ms·

Airbnb is a service, where bitcoin is a commodity. I don't mean to imply you are wrong. I simply mean that there may be an even more interesting parallel out th

Airbnb is a service, where bitcoin is a commodity. I don't mean to imply you are wrong. I simply mean that there may be an even more interesting parallel out there where a commodity is no longer being used in its originally intended way which may support bitcoin's evolution of purpose.

aje403 8y ago
Airbnb is a service. Bitcoin is a commodity in the same way online poker chips are a commodity
optimuspaul 8y ago
How is bitcoin a commodity? I think you give it too much credit to elevate it to that status.
- this_user 8y ago
  It's structure and behaviour much more resembles a commodity than it does any other asset class; it is basically digital gold. The CFTC agrees and considers itself the responsible regulator.
  - wpietri 8y ago
    With the important distinction that it's not an economically useful commodity. Sure, the CFTC regulated it, because their remit is one of the broadest. So you could call it a commodity by default. But it's not like you could make jewelry or breakfast cereal from Bitcoins in the same way you could use commodities like gold or wheat. So it's arguably more like a gambling instrument than any real commodity. Really, though, I think the closest financial match is a private currency: https://en.wikipedia.org/wiki/Private_currency https://en.wikipedia.org/wiki/Private_currency These are illegal in most places because they historically have caused a lot of problems without much in the way of redeeming value: https://en.wikipedia.org/wiki/Banking_in_the_United_States#1837%E2%80%931863:_%22Free_Banking%22_Era https://en.wikipedia.org/wiki/Banking_in_the_United_States#1...
  - Fnoord 8y ago
    Gold has a value beyond what it is worth (and which aids to its value): you can use it as a jewellery. Digital currencies can be used via computers and networks while physical currencies such as banknotes and gold requires sneakernet.

aje403 8y ago

Airbnb is a service. Bitcoin is a commodity in the same way online poker chips are a commodity

optimuspaul 8y ago

How is bitcoin a commodity? I think you give it too much credit to elevate it to that status.

this_user 8y ago
It's structure and behaviour much more resembles a commodity than it does any other asset class; it is basically digital gold. The CFTC agrees and considers itself the responsible regulator.
- wpietri 8y ago
  With the important distinction that it's not an economically useful commodity. Sure, the CFTC regulated it, because their remit is one of the broadest. So you could call it a commodity by default. But it's not like you could make jewelry or breakfast cereal from Bitcoins in the same way you could use commodities like gold or wheat. So it's arguably more like a gambling instrument than any real commodity. Really, though, I think the closest financial match is a private currency: https://en.wikipedia.org/wiki/Private_currency https://en.wikipedia.org/wiki/Private_currency These are illegal in most places because they historically have caused a lot of problems without much in the way of redeeming value: https://en.wikipedia.org/wiki/Banking_in_the_United_States#1837%E2%80%931863:_%22Free_Banking%22_Era https://en.wikipedia.org/wiki/Banking_in_the_United_States#1...
- Fnoord 8y ago
  Gold has a value beyond what it is worth (and which aids to its value): you can use it as a jewellery. Digital currencies can be used via computers and networks while physical currencies such as banknotes and gold requires sneakernet.