Can someone explain how this isn't silly? He wants it backed by intrinsic value, which I think may be missing the point of Bitcoin, and his example of the perfect thing with intrinsic value is "stocks"?
Stocks do have intrinsic value because owning a stock is equivalent to owning a company, and all the company owns (factories, farmland, guns, whatever). Bitcoin, on the other hand, has no intrinsic value.
Partly because of this, stocks are also much less volatile than bitcoin and are better at being a store of value. For instance, compare this recent bitcoin chart with this S&P500 chart over the same period. As you can see, the difference between the min and max stock is about 4%, while bitcoin is about 40%. That's 10x worse.
Is there a way of transferring stock (for instance an S&P500 ETF) as easily as bitcoins can be transferred? I don't know, but it would be very cool, and definitely much better than Bitcoin. So anyway, his idea is probably unworkable, but it's not silly or ridiculous IMHO.