What would keep cvtokens from being treated as just another currency, show up in different exchanges or otc markets outside your system, and day traded into equilibrium along with all the rest?
You know, like for example how the army of day traders watches for btc to appreciate vs yen before dollars, sell a bunch of btc for yen, buy a bunch of dollars with the yen, then buy a bunch of btc with the dollars and end up with more btc than when they started.
It seems like this kind of thing could happen with cvtokens and take all the potential speculation profits away from the backers.
The only thing cvTokens need to control are the cvToken issuance. We are counting on day traders to trade BTC, cvTokens, etc. into market equilibrium at fair and open markets--we're just relying on the cvToken protocol to keep that equilibrium the same for cvTokens as it is for their publicly claimed basis (whether it's a basket of goods, a basket of currencies, whatever).
This doesn't cut into the profits of cvToken backers because they are not daytraders--they are medium-term speculators or long-term investors expecting BTC to go up over a period of months and years rather than minutes and days. Remember that typical usage patterns for a currency restrict day-trading and other forms of short-term speculation to a fairly small percentage of the total currency volume.