Bitcoin Used for Commodity Trading? Oil, Pork Bellies, etc...

[Beef Supreme]

Bitcoin's usage as a payment system for commodity value transfer is a more appropriate use of its abilities.

Paying for coffee is nice, but I think it is overqualified for that role.  Think Miggy Cabrera being a little league coach instead of playing for the Detroit Tigers.

If oil, pork bellies, oranges, precious metals, and other popular commodities use Bitcoin then I think the true value of the Blockchain will come to fruition.  Big value transfers between company A and B should use Bitcoin.  No charge back, proof of payment, instant payment, low friction, these things are common sense.  A Six Sigma project showing the clear advantages of Bitcoin over fiat transfer mechanisms would be a trivial task.

Bitcoin would also provide many benefits for inevitable corporate bribery transactions.

 

[franky1]

Bitcoin's usage as a payment system for commodity value transfer is a more appropriate use of its abilities.

Paying for coffee is nice, but I think it is overqualified for that role.  Think Miggy Cabrera being a little league coach instead of playing for the Detroit Tigers.

If oil, pork bellies, oranges, precious metals, and other popular commodities use Bitcoin then I think the true value of the Blockchain will come to fruition.  Big value transfers between company A and B should use Bitcoin.  No charge back, proof of payment, instant payment, low friction, these things are common sense.  A Six Sigma project showing the clear advantages of Bitcoin over fiat transfer mechanisms would be a trivial task.

Bitcoin would also provide many benefits for inevitable corporate bribery transactions.

paying for coffoe and products should be a big use. but your idea of using it to trade commodities such as beef, wheat and oil. would be a great way to make bitcoin pegged to a kind of "cost of living" instead of pegged to the dollar.

[Beef Supreme]

Yes.  Exactly.

Bitcoin would also be a commodity in the market engine.  It would be the fluid that makes it all work in harmony.

[franky1]

Yes.  Exactly.

Bitcoin would also be a commodity in the market engine.  It would be the fluid that makes it all work in harmony.

NO
bitcoin wont be a commodity. learn what a commodity is.

what bitcoin would be, is the dominant currency/value measure that countries all use.
research reserve currency

[forboon]

Yes.  Exactly.

Bitcoin would also be a commodity in the market engine.  It would be the fluid that makes it all work in harmony.

NO
bitcoin wont be a commodity. learn what a commodity is.

what bitcoin would be, is the dominant currency/value measure that countries all use.
research reserve currency

http://sites.stat.psu.edu/~babu/nash/money.pdf

Yes it WILL be commodity, as described like water by nash who is satoshi themselves, in the paper ideal money, that explains the part of bitcoin we haven't yet realized. Bitcoin is to be a public commodity, and to change its use in order for what satoshi/nash describes as "ideal money"

This is how nash is able to accurately predict the flow of such a new currency into the hands of the public and how long it should take to hit its tipping point.  He can do this because he also re wrote the governing dynamics of a general fluid.

[franky1]

money is not a commodity on the commodities market.

a commodity on the commodities market is 'a raw material, with a known standard of quality used as a item to produce other items' IS a commodity

oil yes
beef yes
gold yes

digital/binary data no
fiat no
toenail clippings no
stamps no
earwax no

fiat can be used AGAINST commodities as a value indicator or method of purchase. but fiat or any other money cannot be a commodity!!!!!

using the term mining does not make bitcoin into gold. mining is just a word, it is not the legal definition of what actually happens in reality.
so dont think bitcoin is gold because someone named a program a miner..

as for nash's paper. i presume you wanted to get people just to read the first line where he says "The special commodity or medium that we call money"

he is not talking about commodities on the commodities market. he is talking about the other meaning "something special that has demand"
(research household commodities. EG air conditioners, microwaves, money)

he also corrects himself to emphasize which meaning he is talking about "or medium that we call money"

[Beef Supreme]

Bitcoin can serve both roles.

However, lets not get hung up on terminology.

[Robert Paulson]

How about selling stocks for bitcoin.
with the traditional stock exchanges you need to go through a broker which takes a cut.
a stock exchanges that operates using bitcoin cuts the middle man and allows anyone to trade almost directly with the other side of the trade (with only the exchange in the middle).