Yeah but probably one of the reasons cryptos have enjoyed such a massive run is that they dont have to be backed by anything really :)
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Yeah but probably one of the reasons cryptos have enjoyed such a massive run is that they dont have to be backed by anything really :)
In my opinion there is no "not backed by anything". The current 'free-floating' cryptos are mostly backed by trust in the crypto-space in general, which is wildly volatile, as partially reflected by the market value of BTC (arguably). A crypto backed by a commodity like gold would provide an alternative to a "stable value" crypto that tether wanted to be.