This sounds very good until you realize that “DeFi” also can’t receive or send you actual dollars or euros — the thing that people actually hope to get out of these trades. It can’t steal your money because the money to steal isn’t there.

So the toy financial system remains just a toy, and you’re at the mercy of such high-quality operators as FTX, Binance and Tether to get any of your profits out one day. Good luck.

IMO Levine’s article is too forgiving on this point when he writes that DeFi looks pretty good after the crash. Well, duh, it’s just a sideshow in the great crypto retail circus; a hall of mirrors to keep you busy while the exchanges pick your pockets.