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Yes, from 1871 to 1914 to be exact. A short period of time, but an incredible period, too!
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.
Easy to knock it now that we have bitcoin, but before 2009 nothing could even come close to it!
*Knocking a trustbased IOU system not the Gold based economy.
Morgan's statement can be translated as "I hold the actual money, the slobs who use my banks only have paper."
This problem will repeat, if bitcoin becomes a "reserve" currency held by central banks and IOUs issued by them circulate as money. The fate of bitcoin will be what happened to gold, which failed to keep the state from coopting and controlling it.
Except you will always be able to use the Bitcoin blockchain and money while governments can not shadow control changes to the network.
Nope. Not if governments become the dominant economic nodes on the networkhttps://github.com/libbitcoin/libbitcoin-system/wiki/Reserve-Currency-Fallacy …
I fully understand and thank you for providing material... I have been marinating with concern in your exact point for the last week and need to learn more about this ASAP. Great meeting you 
You’re welcome. Credit goes to @evoskuil for articulating this
Interesting. I agree, Bitcoin can't be used in any arbitrarily large amount as a backing asset. "Layering preserves the cryptodynamic principles of decentralization, while "backing" is full abandonment of them." Have you considered the PoV that Lightning is a derivative?
It’s a money-certificate. Bitcoin or its money-certificates will back credit, but with no cryptographic assurances. Those must be abandoned in productive lending.
My point is that Lightning has programatic assurances.
With $GLD, you can try to stand for delivery of the underlying asset. Good luck.
With Lightning, the holder can unilaterally force settlement to the underlying asset (Bitcoin) whenever they wish. The network enforces this.
I can see this being EXACTLY what's going to happen with bitcoin. (because of convoluted storage and safe keeping?) Cycles repeat.
Thus the importance of full nodes (validate money for yourself, don't outsource it) and "not your keys, not your Bitcoin".
I think people will be as motivated to learn self sovereignty, as future circumstances force them to be. When things get bad enough, people can be very motivated.
Wish we could bring money back to its roots in helping a community grow.
Starting with a decentralized hard money base protocol to remove 3rd parties is an incredible start...
That's IOU nothing sir. Thank you
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