Quote from: marcus_of_augustus on April 01, 2014, 08:23:50 AM

On the Origins of Money

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To be useful as a general-purpose store of wealth and means of wealth transfer, a collectible had to be embedded in at least one institution with a closed-loop cycle, so that the cost of discovering and/or manufacturing the object was amortized over multiple transactions. Furthermore, a collectible was not just any kind of beautiful decorative object. It had to have certain functional properties, such as the security of being wearable on the person, compactness for hiding or burial, and unforgeable costliness. That costliness must have been verifiable by the recipient of the transfer -- using many of the same skills that collectors use to appraise collectibles today.

Second key insight into why a verifiable proof of work will give rise to store of value.

Satoshi also used the term "collectible" to describe bitcoin in 2010 - a term Szabo used in your quote.

"Bitcoins have no dividend or potential future dividend, therefore not like a stock. (Theyre) more like a collectible or commodity." - Satoshi