The problem with backing a currency is there is no utility built on it. That is the mistake all make. The petro is garbage because the Vz Gov't is still behind it. When the same assholes are running the show, no different.
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They try to infiltrate everything, they found a way to take advantage but people who actually uses crypto don't buy that BS. It is just their own currency to their own business. There is no project around it, just oil sitting in a deposit
#crypto people wont buy it for a second. All this comes down to who is controlling the ledger. When the banks do, it is one thing. Other times it is the gov't.
With crypto, it is nobody. That is the way it is suppose to be anyway.