This is 1.6B$ in Gold

Recently, I've been invited to an event to get introduced to a "new" concept: cryptocurrency backed by gold. As you guys know, a couple gold-backed cryptocurrencies are already out there. Karatbars difference is a whole MLM ecosystem of people selling small quantities of actual gold to each other (they receive it home by snail mail). The crypto is just here to ease the process.

This seems interesting but in my book, Satoshi Nakamato invented Blockchain to provide us an alternative way of digging holes to get gold and avoiding the exaggerated fictional concepts of the current banking system.

What do you think of gold-backed cryptocurrencies?