You are absolutely right, but this highlights that what you are seeing these days with the failure of FTX and its associated fall-out is not a failure of crypto

You are absolutely right, but this highlights that what you are seeing these days with the failure of FTX and its associated fall-out is not a failure of cryptocurrencies or blockchain or any statement of its merits or demerits. It's a failure of traditional finance in an unregulated industry. This highlights how traditional finance is incredibly brittle and requires very strict regulation to have any semblance of resilience, when not failing anyway à la 2008.