Quote from: benjamindees on February 04, 2014, 12:25:09 PM

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Contract, Each coin is a unique contract where the issuer promises to hold a certain amount of an asset for each coin issued, for example 1 oz gold

Lol, no. Use Ripple if you want counter-party risk.

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Unlimited

Also lol.

Life is full of counter-party risks, but we learn which counter parties to trust and trade with.
Assume a respectable mint like Perth Mint issues contracts of 1 oz gold, there is no risk they scam you or go bankrupt.
They are already selling gold certificates, and could issue their certificate on a crypto currency instead of paper.

Unlimited supply -> Coin price will be at zero -> Coin will be used as a certificate instead of a ponzi scheme

What Im suggesting is a decentralized crypto that will store certificates from any issuer.
The market price of each certificate will be the function of the underlying asset and the trustworthyness of the issuer.