I never said crypto to be backed by gold. It's a new class of money where humans have created a new program within the program and that this will predictably face opposition.

Now, regarding gold backing in fiat, as the topic says, people don't understand money. If they did, they wouldn't accept scam paper money or be ...critical of gold. If they understood the system they would also understand that the fiat system is unsustainable since it creates an ever expanding debt-bubble because fiat money equals debt and further debt creation, which is not sustainable in the long run.

An unsustainable monetary system obviously can't endure competition and that's why gold purchases were banned in the 70s and the gold markets have been suppressed since the 80s. Still people who had gold post-bretton woods went 30x in net worth compared to people with fiat. This wasn't by accident. One was bullshit money, the other was sound money. How could bullshit money ever compete with sound money?

"Because gold is honest money it is disliked by dishonest men." - Ron Paul.