PoW is backed by energy. There is no better backing than energy because everyone needs it, wants it and i will never have any problem selling it. To create a PoW coin you need x amount of energy and you can not cheat. The best you can hope for is to have a more efficient miner. Because the energy has been spent the coin has a base value (many other things on top) and is a kind of a storage medium.
Mark my words
The stupidest statement of the century. Do you even know what it means to be "backed" by something? If it's backed by something, you can convert it back and forth, and at the ORIGINAL and PRESET rate of conversion. Can you convert dogecoin back to the energy that you spent to mine it in the first place? Once doge is mined by whatever electricity you spent, or whatever your investment in the scrypt miner, that's it. You can't ever convert it back. You can only convert it to other coins/money based on the CURRENT market rate.
When the US dollar was still on the gold standard until the early 1970s, it was "BACKED" by gold, meaning a dollar is always worth a certain amount of gold, and that the US treasury held the same amount of gold as it had money in circulation. So how much is your doge worth in terms of electricity if it's backed by energy?
People try to say stuff they have no idea about. This is why doge is falling. Uneducated and plain moronic dogecoin supporters