From a mailing list 2009-01-08: "There are two ways to send money. If the recipient is online, you can enter their IP address and it will connect, get a new public key and send the transaction with comments."
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interesting. so money is a store of value, medium of exchange & unit of account; where currency is forms of money in circulation: promissory notes which became fiat currency and no longer a store of value, since the removal of monetary backing. gold is money, fiat is currency.
Gold maximalism. Only dominant for a short period of time. For most of the history of the metallic metals (gold, silver, copper), from Mesopotamian tablets to still many parts of the world in the 19th century, they were all considered money.
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Yes, from 1871 to 1914 to be exact. A short period of time, but an incredible period, too!
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It was a period where the gold mostly sat in bank vaults and people used trust-based IOUs. Which trust was later abused to turn those IOUs into fiat. Meh.
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Easy to knock it now that we have bitcoin, but before 2009 nothing could even come close to it!
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*Knocking a trustbased IOU system not the Gold based economy.
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Morgan's statement can be translated as "I hold the actual money, the slobs who use my banks only have paper."
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