In the GFC, most people expected the system of rules, trade settlements, and, at last resort, lawsuits to probably make them whole when they trade in a volatile

In the GFC, most people expected the system of rules, trade settlements, and, at last resort, lawsuits to probably make them whole when they trade in a volatile environment against counterparties that they believe are likely to go bust. (There are still ways to guess right, but lose big on a trade, like shorting a company, whose stock collapses, and then gets delisted!) In the crypto world, your counterparties might, quite literally, run off to Singapore, leaving you holding a worthless bag of toxic garbage.