But then you're basically describing normal currency backed by the nation state. The state can basically print its own money because it backs up its currency wi

But then you're basically describing normal currency backed by the nation state. The state can basically print its own money because it backs up its currency with state power - whether it be enforcing laws and governmental institutions, enforcing taxation to force citizens to use its currency, funding military defensive/offensive operations, provide various welfare services to citizens to create a safety net for the economy, and using monetary policies to modulate its growth. And every one of the activities I've listed above is achieved through human labor. Obviously there is no nation that backs its currency value for an objectively "good" common cause - every nation probably only thinks within her interest for most of the time. If you want to create such an institution which can print money backed by the values you like - then the answer is much more political than technical, and the crypto algorithms alone wouldn't help you in achieving that.