There's nothing wrong with doing an old thing in a new, more automated and efficient way. In this case, taking something that's normally done by national banks, and doing it instead on a peer-to-peer network, implemented by a handful of developers.
> taking something that's normally done by national banks, and doing it instead on a peer-to-peer network, implemented by a handful of developers
It's not.
A currency board tied to the U.S. dollar holds U.S. dollars. A board--or ETF--pegged to the dollar holding rubles (or pegged to gold holding dollars or vice versa) is stable under a specific set of conditions. Outside those conditions, in the real world, it's trivially defeated.
