It would be great if it did that. But it doesnt, at least, not in its current form.

The weakness of the system is that the whole monetary base is predicated upon lending your coins to miners. Those miners may not give those coins back. In fact, in any game theory simulation, the miners should wipe out the lenders, because they are making bad choices.

This kind of weak security cannot compete with alts, let alone gold.

If we can find a way to remove the potential, or even inevitable, security holes, the concept could be a good one. But more thought is required.