I once thought of trying something similar based on shares of real estate ownership. The basic idea was that property owners could create corporations that would own their respective properties. They would hold < 50% of the shares themselves and exchange > 50% to a central corporation for shares of that entity. The shares of that entity would be bearer instruments, effectively becoming a currency. The central currency's share value would be based on the valuation of all properties combined. New properties could be added to it, issuing enough bearer shares to balance the newly acquired value, keeping the currency's price relatively stable.
Maybe something like namecoin or some other property system could be used in a similar fashion.
Of course I never got around to making it happen.
I already have a bitcoin-denominated stock that exists as an REIT (RentalStarter) and we've been doing quite well. This would be a branch of the venture to exist as an additional funding platform to help grow everything. Additionally I'm limited on that end and unable to invest in more aggressive strategies which REIcoin would do.
You may have legal issues with REI the store!!
It's possible, but we do have a lawyer already on retainer and are running everything by him.
