If it is backed by oil, and they allow mining, then it will lose value over time (more coins, for the same oil). This "cryptocurrency" looks like the idea from any central bank in the future:

Lol, this is fantastic

Yes, now even worst, and this is 100% miners' fault.

I don't have an ASIC miner, I don't even have a GPU (I use Intel Graphics)! Curiosity, what meme?

As I said, the tech is fine, I even used the client to rent space. About companies, Sia-Tech entered the ASIC battlefield to sell their own product (Obelisk), crushing GPUs miners; and now they see they

In a lot of "first world" countries, goverments produces nothing, and get 50% (or even more) of private companies revenue. They are the parasites of this era.

I think it is also important to educate people about the anonimous idea behind some cryptocurrencies, USA exchanges ask for ID and passport and send this data to the goverment.