It isn't trustless. If it's finance, it's trust based at the very core. Somebody is trusting somebody else to recognize the value up for offer, and being capable of converting it to a utilizable form.

This is what crypto-enthusiasts must be blind to. We could be using bottlecaps to do the same bloody thing. Nobody wants to though. Why? Because nobody else takes the value assertion of a bottle cap seriously. As long as people keep buying into the hype, and the enthusiasm is kept up through selective refusal to accept the realities and externalities of the process, then the gravy train continues.