This expands the definition of "backed by" into meaninglessness. I used to be able to trade dollars for gold and vice versa, at a fixed price, guaranteed. I c

This expands the definition of "backed by" into meaninglessness. I used to be able to trade dollars for gold and vice versa, at a fixed price, guaranteed. I can't trade bitcoin for 'math'. No-one is storing energy reserves in case there's a run on people converting bitcoin to energy. Bitcoin is not backed by anything.