How would this even work? you cant peg Bitcoin two Gold, they work differently ..
Probably the same way gold ETFs do.
Who would pay for the block rewards of the miners? As it stands now, the network derives it's value from the security of the network, so when a miner finds a block, keeping the network secure, "the network" rewards the miners in the amount of 25 BTC. However if bitcoin got it's value from gold then the fact that the network is secure would add little additional value to the network and the miners would have no way of getting rewarded
Using Colored Coin, a licensed gold broker could issue their own gold bitcoins and back them with their own vault.
i do not think bitcoin should be pegged to gold. as that means someone somewhere has to store 595 tonnes of gold, and we have to trust the entity will secure it..(if 1btc=1ounce of gold)
bitcoin should preferably be pegged to a value such as "cost of living" where for instance lets say 1btc= 2 weeks cost of living right now. and with demand rises, the value vs cost of living would change to maybe 1month per btc.
then every nation in the world can value bitcoin in their own way, either directly comparable to food/utility costs or comparable to their native currency without reliance on a dollar value first and then their native value.
this would help to stablise the markets. even if the dollar or the euro collapsed, people can still know that btcoin will buy them 200 loaves of bread today even if a dollar/euro value inflated due to collapse that made a loaf of bread cost $10,000 people can still be at piece knowing that they will always get atleast 200 loaves of bread for 1btc.
it is a very brilliant idea. but I think it would be quite difficult and takes a long time to implement. they chose gold because gold is accepted in all countries, and the price is the same. so they are easier to fix. if I think of other options such as oil may be quite effective
