Crypto blockchains are a technical boondoggle in a financial system that already has trusted institutions. The whole costly & complex system of blockchain trans

Crypto blockchains are a technical boondoggle in a financial system that already has trusted institutions. The whole costly & complex system of blockchain transactions is designed to simulate trust without authorities, I don't see any technical reason why it would be more efficient than a simple encrypted packet + an optimized database that a regulated institution can implement when it doesn't need to simulate trust. Even Proof of Stake is totally unnecessary in a regulated financial system.