what secures a derived currency like goldcoin's worth with the example of an ounce of gold? my main question is, where does that ounce of gold sit to secure such a gold coin?
Think of it as the protocol engaging in market manipulation - the interventions being known ahead of time to all.
If you are convinced that GoldCoins can't maintain their values without someone holding gold in a warehouse to back them up, then you are saying that you believe my hypothesis is false.
We shall see!