I beg to differ. I did have "no exchange value on account of other employments" at the time the very first BTC was mined, and I suspect quite a few months after that. The same cannot be said of paper money as from the moment of its inception and for many long years thereafter it was redeemable in gold, thus satisfying the regression theorem. Even today a tenuous link is still maintained as the gold reserves of every central bank factor, to a limited extend, in the assessment of a currency's health.