When there are daily ponzi schemes full of fraudsters who take people's money and run in an industry segment, it's worthy of distrust - (latest was today's story that the celsius leaders cached out $40 mil worth from celsius before they stopped other people's withdrawals, allegedly - https://news.ycombinator.com/item?id=33109070). At least once a week there is a "someone drained $100 million plus out of xyz crypto trading system". There's a significant issue where there is a combination of too much funding, too much fraud, too much hype.

Centralization can be a problem, but if someone steals my credit card number and buys things, the financial system can also help me address that.