In a large picture, I am not surprised.
All those "financial" people know is fractional reserve system, which is a norm for banks, so they try to apply the same for bitcoin and etc., thinking that they are protected by the same "confidence" as tradfi.
At some point, when this got exposed, I assume that they tried to 'fix' the situation via direct inappropriate funds transfer, but the goose was already cooked.
Now, some are probably trying the outright stealing (hacks, inappropriate transfers, etc, etc.).
I am not sure where it will all end.
However, we need liquidity for bitcoin to cash conversion, but if there is no liquidity on any exchange, this could become problematic.
But exchanges aren't banks. In crypto we don't need banks, we are the banks. We do need exchanges, that do just that, exchange. If someone wants to do lending, do that on another platform, don't mix things up. A bank needs to lend because that's how it makes money. An exchange makes money by taking a fee on transactions, that should be enough.
As an SF fan I have long thought some kind of metaverse will exist, when VR tech is sufficiently advanced (full bodysuit or some kind of direct brain connexion), however I didn't envision that it would be so centered on making money. It has to be sustainable of course and thus cost something, but "buying" plots of virtual land for crazy amounts, "buying" virtual Vuitton bags, what the hell ?
Things go in cycles and the online world needs some decentralization brought back to it. Why would we want one "Metaverse" where you have to bow down before Zuck or risk losing everything you have?
I imagine it like internet, so an infinity of interconnected "miniverses" I guess. On an open source protocol.
