In which case you have a currency backed by the underlying assets of the trusted party. A "one free donut" voucher from Krispy Kreme is almost as good as owning

In which case you have a currency backed by the underlying assets of the trusted party. A "one free donut" voucher from Krispy Kreme is almost as good as owning a donut, since I'm fairly confident that they'll be able to produce the donut upon demand. Whether "donut vouchers" deserve to be called an asset separate from "donuts", however, is pretty debatable -- the value of one is clearly tied to the value of the other. This is, of course, nothing like Bitcoin, which isn't backed by any actual assets of any trusted party. In fact, it is entirely incompatible with the massive inflation which is Bitcoin's most appealing feature for its early adopters.