“Money is a medium of exchange and all these talks of hiding your transactions comes into picture only because of the presence of the parasitic state.”

Well said.

My idea of gold backed currency is not what you wrote above. It brings with it whole lot of other systematic changes e.g., removal of centralised state. Money is a medium of exchange and all these talks of hiding your transactions comes into picture only because of the presence of the parasitic state.

Tether(a company which has been linked to shady business before) has already been found to be backed by 49% junk corpo bonds(ABCP) instead of USD as they claimed and these people already have a Gold backed crypto coin. The thing is, if you read their terms, they tell you that you can only take delivery in Switzerland and only of a certain quantity(10 kilos, if I remember correctly) and that they have no real obligation to deliver even, thus rendering it much like Gold-based ETFs in the stock exchange. Besides, if you lose your account details or anything like that, so long as you can identify yourself, you can get your Gold if its with a third party(like Swiss banks or offshore mint allocation). This is not possible with crypto and many have lost forever their Bitcoin like this. If you look into Monero, that is better than Bitcoin in privacy since it is a privately held ledger rather than public. But a Gold backed Monero will also have the same shadiness surrounding it due to liability being anonymous.