"Third parties can’t prevent or control your transactions." But they can devalue the currency by minting money and keeping it. Also the currently is worthless b

"Third parties can’t prevent or control your transactions." But they can devalue the currency by minting money and keeping it. Also the currently is worthless by definition as no one is willing to pay money for it. Both of these are common problems among all new currencies, and the most common way to defeat both is to have the currency issuer back their currency with something of known worth (gold, a fiat currency, etc). If conversion to/from the backing currency is common, then most transactions become bound by the problems of both currencies, for example paypal is effectively a currency that is more or less worth USD * ##%, because of the currency switching costs. I can't wait to see a crypto-based-currency jump these hurdles, but I can't yet imagine how they'll successfully do it (and perhaps some already have that I don't know about?).