And yet, regulated banking also turns into a mess time and time again.
Regulation is proven to work in the financial system. You just need to make sure you have enough of it which often the US hasn't. But in recent years that has been fixed up.
Also it's a false comparison. There is one Tether and tens of thousands of banks.
Could you summarize how much money depositors across the entire United States lost to bank busts over the past, say 40 years?
And how does it stand up, compared to the crypto-of-the-month scams, losses, and exchange busts?
Nominal or actual? Just the Federal Savings and Loan crisis + the TARP bailouts were billions from the dilution of dollars.
And that's just the US.
The crypto space is repeating all the same bullet points, except with more outright fraud, with less accounting, and without any convictions.
I'm guessing you did not live through it: Like 2008, there were many causes. See eg the wiki: https://en.wikipedia.org/wiki/Savings_and_loan_crisis#Causes
But you also missed the heart of the matter: Money that was lost in the US, despite it having a regulated banking system.
This is a straw man. Nobody claimed nobody in a regulated system ever loses money.
Only if you read the above questions literally and miss his meaning:
> Into a mess for who? Depositors?
> Could you summarize how much money depositors across the entire United States lost to bank busts over the past, say 40 years?
Yes, in exchange for the privilege of money creation you need tight regulations and public disclosures.
Banking left unregulated turns into this mess time and time again. You'd think people would be more disciplined about betting private money creators. But they aren't. They never are. Particularly not when their neighbor is showing orders of magnitudes of paper gains. This was true in antiquity. It was true in our era of free banking. It's proven true, again, in crypto.