There already was a gold backed crypto, the issue is it doesn't work well. It forces a coin to be centralized and ran by a company if not then what prevents a chain fork. Who audits the company, what if they go bankrupt, tons of issues.
or what if iGotSpots decides he doesn't want to do it anymore ?
I knew he was going to abandon "spots" the coin and i asked him and he swore he wouldn't..
..then he did.
![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif)
Crypto-Bullshitters galore
![Roll Eyes](https://bitcointalk.org/Smileys/default/rolleyes.gif)