Ethereum is used a lot for ERC20 token. ICO and so forth create organic demand for Ether. In that regard, Ether could be seen as a commodity. I do not really care if Ethereum is seen as a commodity legally, only that it is commodity-like. What SEC/ FinCEN say and does could be influenced by the need to tax and regulated cryptos. Btw commodities can also be money, just look at gold and silver, which are the oldest kind of money known to man.
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Digital scarcities are stronger than the natural ones. On that - agreed. Gold is naturally produced under very strong cryptography with ultra-expensive randomness - as far as I remember - neutron stars collisions - but no matter how rare events, they create massive abundances. Therefor, not limited enough supply. The niceties of deflationary transactor or currency are known. Yes commodity money are here, they are good method to move 'debt memory notes' - the backbone of the single-entry book-keeping. The second of totally 4 gens of money we had/have... Back to Eth ... Yes, the ONLY use is ICOs, so far so good, for lets say Eth have found a clever self-enforcing mechanism - ERC20 tokenomics ( like Omni / Mastercoin on BTC ) = Eth blockchain conducts tokens. But, BUT ... Omni does not control Bitcoin, and Eth has strong control over its blockchain, to a degree to reform it at will, this decided by a van-full of people or less. Also ERC20-ing of ICOs is not automated but rests upon a legal-political-social infra! no.1 - the Zug, CH polity, no.2 - one law firm, no.3 - one OTC converter between fiat and crypto ... very critical infra i'd say which functions as conveyor belt for serial assembly of ICOs together with the legal orgs, lawyer and accountancy services of the firms ( why a blockchain needs a firm in first place?!, be it foundation ... ), what else under template? - manning of team pages, websites... all components. What utility those ICOs have brought to the market? What sales they make? Eth gets sales to fuel ICOs, ICOs do sales of tokens. And all this is done by non-blockchain organized people, it can not exist and operate without the dev firms? Where is the cryptic thing in these 'cryptos' at all?