> At that point, what's the purpose oF crypto then?

Rugpulls and ponzi schemes

I'm sure there are other types of scams too right?

Front running

Exactly. Crypto enthusiasts are slowly building up the traditional banking system, a couple million-dollar hacks at a time.

That you can choose.

To paraphrase the first episode of https://podcasts.apple.com/us/podcast/two-and-a-half-coins/i... the banking world was already decentralized, so much that it’s inefficient and insecure. Crypto, at least part of the technology, is about simulating some sort of centralization by using a distributed database (which is resilient to byzantine faults). So banks can switch backbone for a more efficient and secure one, users don’t have to know or care about it.