I agree that the current cryptosphere is less than optimal. One of my earliest critiques of Bitcoin was that if the banksters perceived it as a genuine threat, there was nothing to stop them from just creating the necessary fiat currency from nothing to buy it all. That process does appear to be in process.

I don't think the cryptos success as a currency should be held against it, even if it does bear functional similarities to fiat, it is after all intended to provide a common means of exchange. That said, cryptos do provide faster and cheaper transfers than digital fiat and the funds in your wallet actually belong to you, something that cannot be said of the fiat dollars in your bank account.

This last consideration is an important one. Unfortunately many people labor under the misapprehension that the fiat currency in their bank account actually belongs to them. It does not. When fiat is deposited in a bank, it is legally considered an investment in the bank and becomes part of the bank's capital. The bank is under no legal obligation to return that fiat to the depositor, it does so however to maintain investor (i.e. customer) confidence and to facilitate its predatory business model.