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Dogecoin is a good, not a medium of exchange. Why do people buy iPhone apps? iPhone apps don't even have resale value.

by rabidsnail 13y ago

kamakazizuru 13y ago
except they do have a resale value.
- rabidsnail 13y ago
  Try reselling Angry Birds.
  - kamakazizuru 13y ago
    sure - apps dont have a resale value. but that doesnt mean video games in general dont. You're just providing an exception to a rule that's all. Also - you're defying your original point of something being a good. Angry birds is not a good - its a service.
oakwhiz 13y ago
How is Dogecoin a good if its only feature is the mode by which it is exchanged? Disclaimer: I possess Dogecoins
- rabidsnail 13y ago
  It makes the people that hold it laugh, which is valuable to them.
phillmv 13y ago
The word you're looking for is "asset", and mediums of exchange are by definition always assets. When people talk about their aspirations for Bitcoin, the most techno-utopians want it to become a commonly accepted store of value or unit of account. Keep in mind that mediums of exchange can be seen as purely "any mechanism that can signal the irrevocable transfer of the value". The innovation btc brings to this is instead of transferring physical items you create cryptographic hashes that you then publicize. It's worth noting that when we talk about money we're trying to describe emergent phenomena. This is what we've got, and the following items are just useful ways of thinking about the issue - except unlike in physics we don't have the leeway to conduct careful, repeatable experiments. http://en.wikipedia.org/wiki/Asset http://en.wikipedia.org/wiki/Asset http://en.wikipedia.org/wiki/Medium_of_exchange http://en.wikipedia.org/wiki/Medium_of_exchange http://en.wikipedia.org/wiki/Store_of_value http://en.wikipedia.org/wiki/Store_of_value http://en.wikipedia.org/wiki/Unit_of_account http://en.wikipedia.org/wiki/Unit_of_account I forget the (accounting/financial) term for talking expenditures like videogames or movies or haircuts. I'm pretty sure we can describe those all as "services" but I've yet to find the appropriate wikipedia article. If someone can jog my memory that'd be great.

Dogecoin is a good, not a medium of exchange. Why do people buy iPhone apps? iPhone apps don't even have resale value.

kamakazizuru 13y ago

except they do have a resale value.

rabidsnail 13y ago
Try reselling Angry Birds.
- kamakazizuru 13y ago
  sure - apps dont have a resale value. but that doesnt mean video games in general dont. You're just providing an exception to a rule that's all. Also - you're defying your original point of something being a good. Angry birds is not a good - its a service.

oakwhiz 13y ago

How is Dogecoin a good if its only feature is the mode by which it is exchanged? Disclaimer: I possess Dogecoins

rabidsnail 13y ago
It makes the people that hold it laugh, which is valuable to them.

phillmv 13y ago

The word you're looking for is "asset", and mediums of exchange are by definition always assets. When people talk about their aspirations for Bitcoin, the most techno-utopians want it to become a commonly accepted store of value or unit of account. Keep in mind that mediums of exchange can be seen as purely "any mechanism that can signal the irrevocable transfer of the value". The innovation btc brings to this is instead of transferring physical items you create cryptographic hashes that you then publicize. It's worth noting that when we talk about money we're trying to describe emergent phenomena. This is what we've got, and the following items are just useful ways of thinking about the issue - except unlike in physics we don't have the leeway to conduct careful, repeatable experiments. http://en.wikipedia.org/wiki/Asset http://en.wikipedia.org/wiki/Asset http://en.wikipedia.org/wiki/Medium_of_exchange http://en.wikipedia.org/wiki/Medium_of_exchange http://en.wikipedia.org/wiki/Store_of_value http://en.wikipedia.org/wiki/Store_of_value http://en.wikipedia.org/wiki/Unit_of_account http://en.wikipedia.org/wiki/Unit_of_account I forget the (accounting/financial) term for talking expenditures like videogames or movies or haircuts. I'm pretty sure we can describe those all as "services" but I've yet to find the appropriate wikipedia article. If someone can jog my memory that'd be great.