>meaning the tool (the currency) works so efficiently that it needs no central bank or federal reserve.

It also means there is literally no one who can help you when you are a victim of fraud. The crypto that Sam Bankman-Fried managed is gone. No regulatory agency like FDIC will cover your losses. Crypto transactions are irreversible. Someone takes your cash, you're fucked. And a shitload of people lost all of their holdings in the FTX scandal.

We can see the results of that playing out before our eyes. Crypto is good for gambling(that's all you're doing as you wait for the price to rise or fall), racking up a win by selling when the price is higher than you bought it for, and then pulling out your money into real cash as fast as possible before the value inevitably crashes(and then recovers again at some indeterminate point in the future), if you're lucky enough to time it right. It's not very easy to catch that falling knife.