Deet your ponderance gets at the meat of the question when you ask for the definition of "unbacked". Since 1971 all world fiat currency is "unbacked" except for faith in those sovereign governments that distribute it the biggest of which the US now insolvent. Crypto "currencies" have become a fascinating space. It's asking questions never before asked. Is Bitcoin a medium of exchange? Will gold be demonitized by Bitcoin? Is crypto here to stay, what is it's immediate future, is there money to be made? Interesting listen here:
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