One of the core pillars of cryptocurrency, and DeFi, is that traditional finance is anachronistic, and full of stupid stuff not fit for the modern age. Take th

One of the core pillars of cryptocurrency, and DeFi, is that traditional finance is anachronistic, and full of stupid stuff not fit for the modern age. Take the first sentence on ethereum's intro to DeFi: "DeFi is an open and global financial system built for the internet age – an alternative to a system that's opaque, tightly controlled, and held together by decades-old infrastructure and processes. " Lots of the slowness and beurocracy of old finance is scoffed at as being, in more words, "stupid bullshit". Rule after rule, and obstacle after obstacle, is loudly ranted about how terrible it is. So the solution, in these people's explicit methods, is to throw away everything and start green field. Now, I'm a software engineer. I understand the allure of green field. Surely, "how hard could it be"? So because the description of how stupid cryptocurrency is can fill books (and there are several), let's stick to a short summary of the outcome of DeFi so far: It's barely newsworthy every time one of these LARP banks topple over, losing all the money. It's almost a weekly occurance. And not only is all the money stolen, it's also not reversible! When one of the founders of the pirate bay hacked a (real) bank's mainframe, he didn't actually get away with much (a couple of hundred dollars, I think was all that his accomplices managed to withdraw from ATMs). The rest was transferred back. (also suddenly "lack of extradition treaty" became a non-problem) Basically cryptocurrencies and DeFi is software engineers with no understanding of economics, law, or society, discovering why all of the rules, laws, and procedures currently in place exist. Another example is that AML/KYC laws didn't fall from the sky. "Well what if we didn't have laws at all?" is not really a rational place to start. That's not to say that traditional finance is perfect. Absolutely not. But the cure for bad laws is not "The Purge". So yeah, it's not this event, so much as this happens all the fucking time. Imagine if these people were selling cars, and complaining about how much pushback they're getting for putting them on public roads, while every day there's deaths all over from unregulated cars that have swords on them, chopping heads off of the drivers themselves, and innocent pedestrians. Like, how do you not see why this is causing pushback and that your way of replacing the seatbelt with a potato is stupid, and that actually the law that says a seatbelt is not allowed to be a potato maybe has a valid point? Especially since things are more subtle than that. A non-techie cannot tell the difference between a seatbelt and a potato, and that's why the law says your car needs to have actual seatbelts.