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RE: Russia and China will start a gold backed crypto currency and at that point Bitcoin will look like the giant Fiat currency that it is more than ever. Your Bitcoin, that is unbacked by anything physical such as Gold, oil, wheat, farmground,
The majority of people are using the USD to buy Bitcoin. So to put in perspective, you are using one fiat currency to buy another fiat currency. Neither is back by anything that is tangible. Such as land and precious metals.
China and Russia's plan is to recreate checks and balances. By backing their countries currency with gold will undermine a great deal of the world currency. Due to that is tethered to the US Dollar, which is only staying afloat due to that oil has to be traded with USD. Take oil out of the equation or introduce "real" money into the market and see how fast everything starts to fall apart and reset itself.
Exactly. Fiat Paper money is at least ink and paper held in your hand. Crypto is totally fiat.