Cryptos were *Catch-22* created without understanding the real problem, why centralized institutions are there, and naively thought fraud was all about trustwor

Cryptos were *Catch-22* created without understanding the real problem, why centralized institutions are there, and naively thought fraud was all about trustworthy of the records. So they made the ledgers open and let *ALL participants* run the same calculation at the same time with a fancy name Proof-of-Work. So with some easy cross ref you can easily find out exactly who did what and own how much etc.. Dumb huh? But it doesn't end there. Soon the participants realized they could not trust their counter parties. In a scenario that someone trade his/her crypto for fiat money(let's say money from now on) is not guaranteed to receive the money after the cryto transferred out or vice versa as transfer of crypto and transfer of money are two separate processes and none one can make sure both to happen as intended. So the exchanges came into play. But wait, weren't they the centralized institutions crytos aimed to remove? Decentralize by centralizing but with almost no regulations. I cannot find anything better for frauds.