I like the idea of making things more "seamless", but what troubles me is how cavalier people are willing to disregard existing knowledge about how to make work

I like the idea of making things more "seamless", but what troubles me is how cavalier people are willing to disregard existing knowledge about how to make working markets. For example, CLOBs are not a bad thing and re-inventing price discovery mechanisms is a dangerous thing (I am aware of all the issues in real world markets, but still). Some of these things have many 100s of years of evolutionary refinement in them. As another example, atomic settlement is also not a cure all, as it might up the liquidity requirements (i.e. have cash ready before entering into transactions, which is not how the current world works and it is not clear that this would be better world). The other overlooked item is role of real world law and legal actions, so there is an inherent mechanism to legislate when trust breaks down and that will supersede whatever a smart contract might say. Some points on transparency are also somewhat outdated, regulators now collect vast amounts of data to understand what happened on certain events, where exposures are, how market structure changes and so forth.