Bank notes were not backed my commodities. It's called an unsecured note. They were backed by nothing more than the drawees standing.

Anyone could theoretically be a drawee.

And now you're bringing in all sorts of requirements that don't bear upon your theory of decentralization. Trust is not a factor.

Again explain how trust / reliability is a necessary element of dectralization. I'm not seeing it. It just seems like a another element you're adding and to the wrong box.

Besides, you trust the software to perform the "trustless" transaction.