So can anyone explain how it is economically feasible for anyone to "back" coins with these products? I don't get it. You create an altcoin out of thin air, then you agree to hand over your pot, your gold, or whatever, to anyone who mines one? What is in it for the person holding the gold or pot? It looks like they just agreed to hand over their valuable real-world assets for free. It just looks like hot-potato to me.

I mine 1 Pot coin. Jim has 1g of pot. He gives me the gram of pot. He takes the Pot coin, hands it to Bill for 1g of pot. Now Jim got his gram of pot back, and Bill is down 1 gram of pot. etc. etc. etc.

In the end of the story, isn't the only person who benefits the guy who did nothing, got a pot coin, and convinced some sucker to give him a free gram of pot for it? Everyone else gains nothing, and the guy at the end of the line last one holding the coin is the loser. wtf?


PS. what happened to the "Hayek" coin backed by gold anyway?