I think it was bound to happen because crypto was meant to replace the financial system. It started off with nothing and then it started repeating the mistakes of the financial system. There is a lot of fraud out there but I still think crypto will make different decisions at specific decisions so it may turn out to be a better financial system. It times to put in the change.
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After so many years dealing with crypto. I sincerely hope that crypto will be a parallel system that complements the traditional financial system. Both should coexist in my opinion. As you said, it will take time to reach such a state.