"They are doing it too" is a favorite argument of crypto-enthousiasts. I'd argue the answer here is not more madness (crypto), but a serious attempt to fix the traditional financial system.

Why bother -- it's so broken. We can just again, it makes way more sense.

But cryptocurrency's answer is usually not "how can we do better" but "how can we repeat the same mistakes in a shorter time span?"

We basically have low inflation and a savings craze as a driver of a housing bubble in 2008 as people were looking for perfect, risk free bonds (no such thing can exist outside government bonds and even those are just best effort).

The people behind Bitcoin were basically thinking: Ok, our banking system failed because of low inflation and a savings craze. Let's make both of those worse so that it will never become possible to run an economy on top of Bitcoin.

Fiat banking failed because an aging population has a strong saving preference to the point that it chokes out businesses. The idea behind saving is that you release production capacity in the economy so it can be used on something else. The population isn't going to stop aging. The problem is going to get worse over time. There won't be a something else unless the government artificially uses the savings on that something else.

A computer lets you make more mistakes faster than any other invention with the possible exceptions of handguns and Tequila. - Mitch Ratcliffe, 1992

1992.

The internet was the domain of colleges and government institutions. The Eternal September would begin one year later.

1992.

The Super Nintendo Entertainment System just came out to most of the world, with North America getting it the year before and Japan two years prior.

1992.

One whole year before Doom would come out.

1992.

Windows 3.1 when it was still a DOS shell was released.

We were beating our heads against 386 processors praying for 486s, hopefully with the math coprocessor so we could actually get something done.

Even then, we knew. And now it's nearly 30 years later and it's just as true then as it is today.

Cryptocurrency is incrediably diverse at this point, so you would have to be more specific.

Is TFA specific enough for you? It appears to be about the inevitable outcome of imitating banks in an unregulated context. A top level comment here is about the outcry for regulation that this then produces.

I think the point is that starting over will just create a new equally broken system. So then we'll have two broken systems. Humanity could've instead used all that time/effort/capital to continue improving on traditional finance as we have been doing over the past century.

The current financial system becomes more robust every time a black swan event like 2008 occurs.