Hasty conclusion, but I am glad you put a traditional banking system to the same standard.
Beneath all incumbent banking processes and redundancies, money and value is a bearer instrument. If someone takes it, it is their's (with some extra steps for reintegration back into the economy necessary, sometimes). Redundancies have been built on top of it to improve that user experience.
Crypto assets have accomplished the bearer level. The commodity raw resource that people then built value transfer on top of, and then credit-velocity based money, and then banking systems compatible with that. In the crypto-asset sector, additional private businesses and sector wide redundancies will be built to improve that user experience. They have been built and many compete directly with each other, if you find them laughably inadequate then congratulations, you've identified a market need. Obviously the conclusion that it is fundamentally and irreconcilably flawed and 'built on sand' won't necessarily motivate you to fulfill the market need, but others are motivated by it.
Beneath all incumbent banking processes and redundancies, money and value is a bearer instrument. If someone takes it, it is their's (with some extra steps for reintegration back into the economy necessary, sometimes). Redundancies have been built on top of it to improve that user experience.
Crypto assets have accomplished the bearer level. The commodity raw resource that people then built value transfer on top of, and then credit-velocity based money, and then banking systems compatible with that. In the crypto-asset sector, additional private businesses and sector wide redundancies will be built to improve that user experience. They have been built and many compete directly with each other, if you find them laughably inadequate then congratulations, you've identified a market need. Obviously the conclusion that it is fundamentally and irreconcilably flawed and 'built on sand' won't necessarily motivate you to fulfill the market need, but others are motivated by it.