And we see that reflected in investment. Cryptos remain a marginal segment, with those least trustworthy being least adopted. I'm not saying cryptos are less trustworthy than fiat, merely that substantial investors have more trust in traditional mechanisms than novel code based mechanisms. Every time a HF changes the rules, crypto becomes less trustworthy, and investors take note.

Traditional investment is regulated such that investors are protected by regulators, and insofar as they do so, investors can have confidence that they can invest per their interests and due diligence being rewarded only by their intelligence, or penalized by their misunderstanding. Sadly, it is glaringly evident that regulators are corrupt, and what we see in global markets is crony capitalism, which is why money is increasingly focused into the accounts of banksters, rather than competent investors.

Crypto was intended to defeat crony capitalism corruption (ostensibly) but cannot do so by recreating the untrustworthiness of fiat markets. Folks that disregard that trust is paramount and instead seek gratification and corrupt profiteering kill the goose that lays the golden egg: trust.