Bitcoin as a digital commodity
The paper demonstrates that Bitcoin is not money but rather a digital commodity that has value but no value-added. We show that both the production of and the speculation with Bitcoin draw from the existing global pool of value-added. By extending the Classical Political Economy approach and the New...
Gespeichert in:
| Veröffentlicht in: | New political economy 2022-11, Vol.27 (6), p.1046-1061 |
|---|---|
| Hauptverfasser: | , |
| Format: | Artikel |
| Sprache: | eng |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Tags: |
Tag hinzufügen
Keine Tags, Fügen Sie den ersten Tag hinzu!
|
| container_end_page | 1061 |
|---|---|
| container_issue | 6 |
| container_start_page | 1046 |
| container_title | New political economy |
| container_volume | 27 |
| creator | Rotta, Tomás N. Paraná, Edemilson |
| description | The paper demonstrates that Bitcoin is not money but rather a digital commodity that has value but no value-added. We show that both the production of and the speculation with Bitcoin draw from the existing global pool of value-added. By extending the Classical Political Economy approach and the New Interpretation of the labour theory of value to the domain of digital commodities, the paper argues that Bitcoin mining is an automated reproduction process that requires no direct (living) labour and thus creates no new value. Bitcoin, in this regard, is not 'digital gold'. Between sectors, Bitcoin mining redistributes wealth and value-added already in existence, while Bitcoin miners with more computational power compete to appropriate the mining profits within the blockchain. The Bitcoin blockchain then creates rivalry in both the ownership and the use of the digital commodity through non-legal means. Our approach can be further expanded to the larger domain of automated digital commodities that are reproducible without the expenditure of direct, living labour. |
| doi_str_mv | 10.1080/13563467.2022.2054966 |
| format | Article |
| fullrecord | <record><control><sourceid>proquest_cross</sourceid><recordid>TN_cdi_crossref_primary_10_1080_13563467_2022_2054966</recordid><sourceformat>XML</sourceformat><sourcesystem>PC</sourcesystem><sourcerecordid>2723653145</sourcerecordid><originalsourceid>FETCH-LOGICAL-c443t-560c77c3d4bd69d00119c9b0624fbe004bfe0d1a7deae6ac5584bb3b0d839e773</originalsourceid><addsrcrecordid>eNp9kMtKAzEUhoMoWKuPoAy4nnpyn-y84A0KbnQdMklGUqaTmkyRvr0pU3Hn5pyz-P7_wIfQJYYFhgZuMOWCMiEXBAgpgzMlxBGaYSZUrRShx-UuTL2HTtFZzisATBhpZujqPow2hqEyuTKVC59hNH1l43odXRh35-ikM332F4c9Rx9Pj-8PL_Xy7fn14W5ZW8boWHMBVkpLHWudUK60Y2VVC4KwrvUArO08OGyk88YLYzlvWNvSFlxDlZeSztH11LtJ8Wvr86hXcZuG8lITSajgFDNeKD5RNsWck-_0JoW1STuNQe9V6F8Veq9CH1SUXDXlvI1DyH-phgBIzDktyO2EhKGLaW2-Y-qdHs2uj6lLZrAlRv__8gNfFm2V</addsrcrecordid><sourcetype>Aggregation Database</sourcetype><iscdi>true</iscdi><recordtype>article</recordtype><pqid>2723653145</pqid></control><display><type>article</type><title>Bitcoin as a digital commodity</title><source>Taylor & Francis:Master (3349 titles)</source><source>Worldwide Political Science Abstracts</source><creator>Rotta, Tomás N. ; Paraná, Edemilson</creator><creatorcontrib>Rotta, Tomás N. ; Paraná, Edemilson</creatorcontrib><description>The paper demonstrates that Bitcoin is not money but rather a digital commodity that has value but no value-added. We show that both the production of and the speculation with Bitcoin draw from the existing global pool of value-added. By extending the Classical Political Economy approach and the New Interpretation of the labour theory of value to the domain of digital commodities, the paper argues that Bitcoin mining is an automated reproduction process that requires no direct (living) labour and thus creates no new value. Bitcoin, in this regard, is not 'digital gold'. Between sectors, Bitcoin mining redistributes wealth and value-added already in existence, while Bitcoin miners with more computational power compete to appropriate the mining profits within the blockchain. The Bitcoin blockchain then creates rivalry in both the ownership and the use of the digital commodity through non-legal means. Our approach can be further expanded to the larger domain of automated digital commodities that are reproducible without the expenditure of direct, living labour.</description><identifier>ISSN: 1356-3467</identifier><identifier>EISSN: 1469-9923</identifier><identifier>DOI: 10.1080/13563467.2022.2054966</identifier><language>eng</language><publisher>Abingdon: Routledge</publisher><subject>Automation ; bitcoin ; Blockchain ; Commodities ; cryptocurrency ; Digital commodity ; Digital currencies ; Gold ; Labor theory of value ; Mining ; Mining industry ; Money ; Ownership ; Political economy ; Profits ; Speculation ; Value ; Wealth</subject><ispartof>New political economy, 2022-11, Vol.27 (6), p.1046-1061</ispartof><rights>2022 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group 2022</rights><rights>2022 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group. This work is licensed under the Creative Commons Attribution License http://creativecommons.org/licenses/by/4.0/ (the “License”). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License.</rights><lds50>peer_reviewed</lds50><oa>free_for_read</oa><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c443t-560c77c3d4bd69d00119c9b0624fbe004bfe0d1a7deae6ac5584bb3b0d839e773</citedby><cites>FETCH-LOGICAL-c443t-560c77c3d4bd69d00119c9b0624fbe004bfe0d1a7deae6ac5584bb3b0d839e773</cites><orcidid>0000-0003-3487-9677 ; 0000-0002-5304-9890</orcidid></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktopdf>$$Uhttps://www.tandfonline.com/doi/pdf/10.1080/13563467.2022.2054966$$EPDF$$P50$$Ginformaworld$$Hfree_for_read</linktopdf><linktohtml>$$Uhttps://www.tandfonline.com/doi/full/10.1080/13563467.2022.2054966$$EHTML$$P50$$Ginformaworld$$Hfree_for_read</linktohtml><link.rule.ids>314,776,780,27903,27904,59623,60412</link.rule.ids></links><search><creatorcontrib>Rotta, Tomás N.</creatorcontrib><creatorcontrib>Paraná, Edemilson</creatorcontrib><title>Bitcoin as a digital commodity</title><title>New political economy</title><description>The paper demonstrates that Bitcoin is not money but rather a digital commodity that has value but no value-added. We show that both the production of and the speculation with Bitcoin draw from the existing global pool of value-added. By extending the Classical Political Economy approach and the New Interpretation of the labour theory of value to the domain of digital commodities, the paper argues that Bitcoin mining is an automated reproduction process that requires no direct (living) labour and thus creates no new value. Bitcoin, in this regard, is not 'digital gold'. Between sectors, Bitcoin mining redistributes wealth and value-added already in existence, while Bitcoin miners with more computational power compete to appropriate the mining profits within the blockchain. The Bitcoin blockchain then creates rivalry in both the ownership and the use of the digital commodity through non-legal means. Our approach can be further expanded to the larger domain of automated digital commodities that are reproducible without the expenditure of direct, living labour.</description><subject>Automation</subject><subject>bitcoin</subject><subject>Blockchain</subject><subject>Commodities</subject><subject>cryptocurrency</subject><subject>Digital commodity</subject><subject>Digital currencies</subject><subject>Gold</subject><subject>Labor theory of value</subject><subject>Mining</subject><subject>Mining industry</subject><subject>Money</subject><subject>Ownership</subject><subject>Political economy</subject><subject>Profits</subject><subject>Speculation</subject><subject>Value</subject><subject>Wealth</subject><issn>1356-3467</issn><issn>1469-9923</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2022</creationdate><recordtype>article</recordtype><sourceid>0YH</sourceid><sourceid>7UB</sourceid><recordid>eNp9kMtKAzEUhoMoWKuPoAy4nnpyn-y84A0KbnQdMklGUqaTmkyRvr0pU3Hn5pyz-P7_wIfQJYYFhgZuMOWCMiEXBAgpgzMlxBGaYSZUrRShx-UuTL2HTtFZzisATBhpZujqPow2hqEyuTKVC59hNH1l43odXRh35-ikM332F4c9Rx9Pj-8PL_Xy7fn14W5ZW8boWHMBVkpLHWudUK60Y2VVC4KwrvUArO08OGyk88YLYzlvWNvSFlxDlZeSztH11LtJ8Wvr86hXcZuG8lITSajgFDNeKD5RNsWck-_0JoW1STuNQe9V6F8Veq9CH1SUXDXlvI1DyH-phgBIzDktyO2EhKGLaW2-Y-qdHs2uj6lLZrAlRv__8gNfFm2V</recordid><startdate>20221102</startdate><enddate>20221102</enddate><creator>Rotta, Tomás N.</creator><creator>Paraná, Edemilson</creator><general>Routledge</general><general>Taylor & Francis Ltd</general><scope>0YH</scope><scope>OQ6</scope><scope>AAYXX</scope><scope>CITATION</scope><scope>7UB</scope><scope>8BJ</scope><scope>FQK</scope><scope>JBE</scope><orcidid>https://orcid.org/0000-0003-3487-9677</orcidid><orcidid>https://orcid.org/0000-0002-5304-9890</orcidid></search><sort><creationdate>20221102</creationdate><title>Bitcoin as a digital commodity</title><author>Rotta, Tomás N. ; Paraná, Edemilson</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c443t-560c77c3d4bd69d00119c9b0624fbe004bfe0d1a7deae6ac5584bb3b0d839e773</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2022</creationdate><topic>Automation</topic><topic>bitcoin</topic><topic>Blockchain</topic><topic>Commodities</topic><topic>cryptocurrency</topic><topic>Digital commodity</topic><topic>Digital currencies</topic><topic>Gold</topic><topic>Labor theory of value</topic><topic>Mining</topic><topic>Mining industry</topic><topic>Money</topic><topic>Ownership</topic><topic>Political economy</topic><topic>Profits</topic><topic>Speculation</topic><topic>Value</topic><topic>Wealth</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Rotta, Tomás N.</creatorcontrib><creatorcontrib>Paraná, Edemilson</creatorcontrib><collection>Taylor & Francis Open Access</collection><collection>ECONIS</collection><collection>CrossRef</collection><collection>Worldwide Political Science Abstracts</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>International Bibliography of the Social Sciences</collection><collection>International Bibliography of the Social Sciences</collection><jtitle>New political economy</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Rotta, Tomás N.</au><au>Paraná, Edemilson</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Bitcoin as a digital commodity</atitle><jtitle>New political economy</jtitle><date>2022-11-02</date><risdate>2022</risdate><volume>27</volume><issue>6</issue><spage>1046</spage><epage>1061</epage><pages>1046-1061</pages><issn>1356-3467</issn><eissn>1469-9923</eissn><abstract>The paper demonstrates that Bitcoin is not money but rather a digital commodity that has value but no value-added. We show that both the production of and the speculation with Bitcoin draw from the existing global pool of value-added. By extending the Classical Political Economy approach and the New Interpretation of the labour theory of value to the domain of digital commodities, the paper argues that Bitcoin mining is an automated reproduction process that requires no direct (living) labour and thus creates no new value. Bitcoin, in this regard, is not 'digital gold'. Between sectors, Bitcoin mining redistributes wealth and value-added already in existence, while Bitcoin miners with more computational power compete to appropriate the mining profits within the blockchain. The Bitcoin blockchain then creates rivalry in both the ownership and the use of the digital commodity through non-legal means. Our approach can be further expanded to the larger domain of automated digital commodities that are reproducible without the expenditure of direct, living labour.</abstract><cop>Abingdon</cop><pub>Routledge</pub><doi>10.1080/13563467.2022.2054966</doi><tpages>16</tpages><orcidid>https://orcid.org/0000-0003-3487-9677</orcidid><orcidid>https://orcid.org/0000-0002-5304-9890</orcidid><oa>free_for_read</oa></addata></record> |
| fulltext | fulltext |
| identifier | ISSN: 1356-3467 |
| ispartof | New political economy, 2022-11, Vol.27 (6), p.1046-1061 |
| issn | 1356-3467 1469-9923 |
| language | eng |
| recordid | cdi_crossref_primary_10_1080_13563467_2022_2054966 |
| source | Taylor & Francis:Master (3349 titles); Worldwide Political Science Abstracts |
| subjects | Automation bitcoin Blockchain Commodities cryptocurrency Digital commodity Digital currencies Gold Labor theory of value Mining Mining industry Money Ownership Political economy Profits Speculation Value Wealth |
| title | Bitcoin as a digital commodity |
| url | https://sfx.bib-bvb.de/sfx_tum?ctx_ver=Z39.88-2004&ctx_enc=info:ofi/enc:UTF-8&ctx_tim=2025-01-27T17%3A59%3A07IST&url_ver=Z39.88-2004&url_ctx_fmt=infofi/fmt:kev:mtx:ctx&rfr_id=info:sid/primo.exlibrisgroup.com:primo3-Article-proquest_cross&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.genre=article&rft.atitle=Bitcoin%20as%20a%20digital%20commodity&rft.jtitle=New%20political%20economy&rft.au=Rotta,%20Tom%C3%A1s%20N.&rft.date=2022-11-02&rft.volume=27&rft.issue=6&rft.spage=1046&rft.epage=1061&rft.pages=1046-1061&rft.issn=1356-3467&rft.eissn=1469-9923&rft_id=info:doi/10.1080/13563467.2022.2054966&rft_dat=%3Cproquest_cross%3E2723653145%3C/proquest_cross%3E%3Curl%3E%3C/url%3E&disable_directlink=true&sfx.directlink=off&sfx.report_link=0&rft_id=info:oai/&rft_pqid=2723653145&rft_id=info:pmid/&rfr_iscdi=true |