When? How did that work?

What if the value of 1 coin were pegged to the real cost of computing a certain number of hashes?

I'm considering writing up my idea for it, but I wanted to see if anyone would be interested other than as a fun joke. (:

Well, the difference would be that the monetary policy rule would be automatic and implemented in a decentralized way. So there's no central authority setting the supply.

I expected to find that some of the alternative crypto-currencies would address the issues with price volatility that come from a fixed supply, but I haven't found any.