My mind goes back to how the debt based system got started, by the issuance of recets of stored gold. No more recets could be issued then there was gold to back up, untill the the concept of fractional reserve lending started.
This could be the initiall of a similar scenario. + i dont se how that could in effect work without the potentiall of sudely existing fake bitoins in terms of bank notes that is not accounted for in the chain. And can it then be sayed to be bitcoin? Unless it somehow is handled the sme way as lightning network transactions is handled.