Quote from: dinofelis on December 04, 2014, 07:04:16 AM

Quote from: Atdhe on December 04, 2014, 06:24:19 AM

While I can imagine the paper US dollar to serve as input for toilet paper, it is beyong my imagination what input can be digital money (botg cryptocurrencies and digital fiat).

I can't speak for painlord, but I think he means by commodity "asset", that is "object to which property can be assigned". It doesn't need to be a material object, it can be a conceptual object too.

A commodity usually implies some materialisation. But this is nitpicking.

Why does one desire to have property of an asset ? Why is one ready to provide effort, to provide other assets in order to acquire property of the desired asset ?

There are 3 motivations:

1) the asset is a consumption good (education, joy, entertainment, food, objects to show off with...)

2) the asset is a capital good (with which it is possible to produce other assets)

3) it is speculated that the asset will be tradable for other assets

Of course, 2) and 3) are "indirect" desires in order to provide more with 1) in the future. The desire for them is simply part of a plan.

Asset is the object of property, and one of the characteristics of property is the right or the power of denial of access to others.

Agree.

This is another definition of money

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The four primary characteristics of money are: (1) durability, (2) divisibility, (3) transportability, and (4) noncounterfeitability. Although a number of items or assets have served as money, those that best match these four characteristics are the ones that best function as money, the ones that best operate as a medium of exchange.

Could a debt have these characteristics?
I think not.

Durability (1) is the main characteristic of money that debts lack because if the debtor die the debt die with him.
But a gold coin retain its value even if the people that coined it disappear. A gold coin retain its value even after 2000 years or more.
The same can not be said of paper currencies.