There are scam artists and cons all through the liberty movement, just like with Bitcoin. Why would I contract myself to depend on the ethical behavior of a small group of people who are basically unaccountable if they scam everyone and bankrupt the thing? Can I form a mob and string them up? Nope, their scam would be protected commercial activity like bitcoin/Mt. Gox. If the US dollar collapses, me and the rest of people who use the dollar can get accountability. If that doesn't happen, then I can rely on a relatively stable currency, or just buy gold myself, no one is stopping me. I can trade in gold now just like cash. But if a gold backed currency is privately issued under the legal protection of a business, with bankruptcy protection, it's just a bank, subject to the same behavior that banks and bitcoin and other private currencies would do.
Now, if they created a mint and minted coins that were certified by a large, independent third party with a major reputation in metals, I might buy the coins, as long as they were cheaper than alternatives on the market.
Want DP delivered to your inbox daily? Subscribe here: