1) Who will mine it with enough resources to secure it?
2) Who will store and send/receive dollars and euros when people exchange them for this?
3) Who will control the issuance of this currency to make sure there's always exactly one CryptoX for each dollar/euro?
4) Who will prevent this single point of failure that's holding the cash from simply disappearing?
5) Who will prevent this single point of failure from issuing CryptoX that's not actually backed by any dollars/euros, just so they couldgive themselves more money, and debase the value of CryptoX through inflation in the process?
So what of a p2p generated composite Consumer Price Index to help determine the real value of a bitcoin or equivalent?
Maybe its best if some other crypto currency determine their value that way. Sad to say that having bitcoins today feels like I'm playing stock or casino. Doesn't help me build commerce or save assets.