In my opinion, it's very risky to backed any coin by gold nowadays. gold price isn't a stable at this time.
sorry, but I don't agree with you buddy.
gold can be said to be the only one that has a stable price from time to time.
so I don't hesitate at all.
Stability is relative, but even for gold you can say that it goes through quite volatile times every now and then.
But still can't compare to btc for instance, i don't even see the point of argument in this idea, i personally think the ppt team have made a great choice to back XAUp with Gold rather than any other currency,
Maybe if other tokens/coin where pegged in other currency/commodity from the beginning other than btc, we won't be experiencing such high level of volatility and instability in price.
Of course you cannot compare it to btc. Btc is a global phenomenon with ultra fast options to trade it. When gold got started as a medium of exchange everything was different, and yet I am sure some people were really really skeptical of gold similar to how people today are skeptical of btc.
Skepticism is one thing, price fluctuation is another, it's okey for people to be skeptic about a thing because of ignorance about it but having to deal with a constant instability in price is not what most people are willing to handle, the fear of losing it all in one instance is not a welcoming idea.
And this is why i don't see btc as a store of value, just my opinion.
A store of value doesn't just fall out of the sky and is there. It took gold hundreds of years to become a stable store of value. Why should this now happen within just a few years for Btc?