crypto is starting to look a lot like tradfi... the rise of etfs, tokenized treasuries and regulated stablecoins makes the space feel less like an alternative system and more like a mirror of wall street... defi protocols talk decentralization but operate with centralized choke points... speculation still dominates utility, and leverage has brought back the same fragility we see in traditional markets... the irony is that crypto was supposed to move us away from these structures, not rebuild them on-chain(Haider)