It is incredible that Schiff does not understand that "backing" is only needed to secure rarity/defy counterfeit money. Gold or whatever is just a lump of atoms, nothing more, it is NOT magical. Cryptos exactly do not need backing because they are limited in supply and cannot be counterfeit. NOBODY wants a fiat currency backed by some cumbersome commodity. It is asking for the same trouble we have had with governement controlled money for 3000 years. Wake up Schiff !!!
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