So, I just read this article about Hayek, which is supposed to be a coin backed by gold and it will take on Bitcoin.
The coin will "be valued at 1 gram of gold at the day's market price, [and] will serve as a more secure store of value than Bitcoin," according to the press release. It will be called the Hayek, "after the Nobel-winning Austrian economist Friedrich Hayek."
Read more:
http://www.businessinsider.com/hayek-cryptocurrency-backed-by-gold-2015-5You really believe in that? Who is going to ensure it sticks to the value against gold? For it to happen there must be a central authority to control the issuance or else operating on pow system won't work because it needs to follow market price. So you can try to imagine or ask yourself, can you trust somebody that tells you it will?