A crypto backed by and convertible into dollars or gold though would be both a virtual legal tender and a potential inflation hedge due to its convertibility into gold. Indeed, if dollars on deposit behind a crypto were set to earning interest, it would be especially attractive.
Really, you think counterfeits can be the basis for a sound system of money and as good as officially issued money? And you see crypto as the equivalent of counterfeits? My compliments. Rarely have I encountered such honesty in advocacy.
Nope. Nobody cares about that. Money works because people believe in it. Government “backing” is as completely meaningless as gold backing. Crypto IS being used to debts public and private RIGHT NOW.
I don’t have to think it, it HAS HAPPENED. Read the link I gave you. Money gains ALL its power from the belief of the people trading it. Things made up by people not the government get used to purchase things all the time. Ever heard of stock based purchases.
I’m not advocating anything. I’m explaining to you how money works. How money has always worked. How money will always work. Once you understand that. The rest is painfully obvious.