> what is backing crypto? > what gives it value? > what secures it? human belief does. like gold, like any other speculative asset. its price chart is a chart of human belief in crypto, and nothing else. the moment a pizza restaurant owner stops believing 1btc can buy you a piece of pizza, it won't buy you a piece of pizza - and that's it. simple. however, belief can be a very lasting thing. the most long lasting organizations in the world - global religions - are based on pure belief, in concepts both preposterous and stupid, i might add. rulers and governments as a concept are a product of pure belief. of course, for each successful world religion, there are tens of millions of temporary fads that used to be popular for a few years or decades, and then went away. assets based on producing income (besides speculative one - i'm talking rent, profits, dividends, %%%, etc.) don't have that disadvantage, they can be much more predictable: if their prices go too low, the yield produced by that income will become too attractive, and either the prices will go up, or they'll remain great yielding assets.
Anarchist