Just a little shakeout in the cryptos. They're here for the long-term. The stock market will crash. Fed will continue to buy bonds, even more than before. The supposed deflation will prompt the Fed to also create more QE liquidity. The following inflation will be intense. Strap in and buy silver and cryptos!
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How do we even know that cryptos will survive this though? None of them are physically backed yet.
We don't know anything really. I'm just offering the most plausible scenario from what I can see. By the way, you've been using money backed by "nothing" since you were born. Unless you watched Nixon get elected, in which case you might vaguely remember a time when currency was still money. The US dollar has been propped up by a two-fold plan in which it is used as the world reserve currency as well as being necessary to facilitate oil transactions (oh and the full power and might of the largest and most heavily funded military/intelligence/industrial complex in the world forces everyone to stay on the same fiscal page). The money we use now is FAR riskier than any other option out there. Faith is waning in government issued fiat currency. Nothing is "backed" by anything in this land of illusions.
Venezuela's crypto currency is supposedly backed by their oil reserves and gold from what they are saying. I hear ya though, it is worrisome.
Yeah and I can imagine the process for acquiring those coins, KYC for sure.