It's also inherently "centralised throughout liquidity". Because it's both deflationary and risky, the amount of liquidity available at any given moment is smal

It's also inherently "centralised throughout liquidity". Because it's both deflationary and risky, the amount of liquidity available at any given moment is small, so a willing actor with some money at hand can affect the market disproportionately. Look at the way Tether manipulated the price.