It's a Rube Goldberg machine that attempts to mimic gold and silver and does it in a million times more unnecessarily complicated manner.  Even after all that unnecessary overcomplication, it fails miserably in all comparative aspects such as decentralization, fungibility, removal of counterparty risk, removal of middlemen (bitcoin has built-in middlemen), store of value, etc.  When you crank complexity to the moon for no reason in a completely inelegant manner and your payoff for doing so is being worse off than what you were attempting to artificially mimic (metals), all you have is the epitome of Rube Goldbergs that has ever existed.