The real problem is that if you don't trust the existing system, the normal solution is to patronize a different one. Go trust a bank in Japan or Switzerland or India or Brazil, which has a decent enough reputation but does things differently.

But the existing system latches onto any point of centralization in any kind of alternative and uses it to impose the same problematic constraints of the existing system that the alternative was intended to redress. Hence the desire for decentralization. The lack of those pressure points.

It would work well enough if we would just have multiple banking systems and let them compete with each other without international pressure to conform to a uniform set of defects, but that isn't what we have. So how do we fix that, if not with this?