The interesting question would be how to tie the currency to real productivity in a way that makes financial engineering, and fraud unattractive.

Not a crypto shill but proof of work isn't so terrible, particularly something ASIC resistant. Energy isn't such a bad thing to peg your currency to (lot more flexible than gold). But nonetheless you still end up with a lot of weird distortions.

The legacy of ZIRP, and the effects of decoupling the financial and real world, are going to be felt for years to come.