The worst part isn't that the currency has no state backing, it's that the currency incorporates the default risk of such a large basket of sovereign currencies

The worst part isn't that the currency has no state backing, it's that the currency incorporates the default risk of such a large basket of sovereign currencies and bonds. Illiquidity in any one component of the basket could endanger the liquidity of the entire basket.[1] Although it's hard to say that's definitely worse than the possibility of braniacs in Washington voting during the next downturn to bail out Mark Zuckerberg. [1] https://www.investopedia.com/articles/economics/09/money-market-reserve-fund-meltdown.asp https://www.investopedia.com/articles/economics/09/money-mar...