I'm tinkering with Ethereum tokens to & their associated contracts. I'm getting my head around all but want to clarify my understanding with you (posting here in the view that it will also be of use to someone else):
1- you create a token (i.E: mrt token) which can be either fixed supply or minted (along with other controls such as freezing & seizing, etc).
You can at this stage trade mrt tokens between accounts but cannot exchange them for say Ether.
2- set up a democratic association (or undemocratic depending on your requirement). This defines the rules to which the token operates.
3- create a crowdsale - this sets the framework for your token to be converted into other currency such as ether
I've got a feeling I'm 95% right but I'm missing something somewhere?