To explain more, for e.g., we hear that the USD was backed by the convertibility of this currency to precious metals until 1971. Now, what are altcoins backed by such as Ethereum or Litecoin? Are mathematical calculations performed by ASIC miners any useful in the real world?
I think ALtcoins are backed by technology behind them and in the future, just some coins such as Bitcoin or Ethereum are really considered as rare metals