It's money that is monetizing. This stage is obvious and should be expected. And most people have always used KYC exchanges for most of their purchases. If you want to be a doomer about that go ahead, but there are a lot of great tools for getting non-KYC coins. And I don't have any idea what you mean by "fiat backing." Gives the feeling of something you suspect sounds edgy, when really it's meaningless. Just sayin.