Something similar was stated above, but as soon as bitcoin is backed by something physical such as gold, it implies that someone or some entity is holding the physical item that is being used to back the currency.  So then you have some type of centralized entity that has to be able to resist the pressures of some other people and groups of people.  Some of those people will be legally able to guns (governments) to force their will on this entity, some people may try to do so illegally (gangs, criminals etc).  As soon as some entity is doing the backing, then that entity can be robbed or pressured by their government to remove the backing.  Or to water down the backing etc.

Could a government be the backer?  Sure, the government of Russia could resist the pressures from the EU, China, and US for example.  But could the government of Russia resist the pressure of Putin to do so?  Probably not.   Could a US government agency resist pressure from China or Russia?  Sure.  But could the  agency resist the pressure of the President?  No.  So then, which government would it be?  There would be no consensus.  Would it be the UN?  They can't even resist the pressure from the smallest member, so that would be even worse.

So, in general backing bitcoin by something physical will result in centralization and all the problems inherent therein.  And you have the problem of picking who the centralized entity will be.

Bitcoin itself is backed by math, the trust in the network, the trust in the protocol, the blockchain, the infrastructure and the combination of all of those (and more) into a network.  It is likewise backed by the uses of all of those things. And together they are quite useful and consequently valuable.  Nothing physical, but nevertheless these non-physical things backing bitcoin are quite valuable. 

Kind of like the internet in 1993, few people were as aware as they could be of the uses to which it could be put.  People are only scratching the surface of the uses of the blockchain concept.

:-)

SYDNEY (Reuters) – A top Australian law enforcement agency is investigating bitcoin’s role in organised crime, a senior official said, just as politicians and financial regulators embrace the digital currency as a legitimate part of modern business.

The investigation into bitcoin’s crime links by one authority as others embrace it highlights the crossroads governments have reached as they struggle to regulate the five-year-old “cryptocurrency” a method of making anonymous payments which has surged in popularity around the world.

"Contrary to transactions made with a MasterCard product, the anonymity of digital currency transactions enables any party to facilitate the purchase of illegal goods or services, to launder money or finance terrorism and to pursue other activity that introduces consumer and social harm without detection by regulatory or police authority," the company said.

Did anyone click the ad at the bottom? There's an ad for a get rich quick book and program. It's about investing in corporate reward programs and claims they are as limited as Bitcoin and have just as much growth potential. It uses many Bitcoin analogies which I find hilarious.

Because over the past year, I've run every possible design through my mind, studied everything I could find from others, and have finally come to this conclusion.

Satoshi is Captain Kirk in "A Taste of Armageddon."

We need to sacrifice, conserve, ration, and hear about the wars on a daily basis. That is the price we must pay to wage war. It doesn't taste as good as a cafe mochachino at the mall food court bought with money borrowed from our great grandchildren.