That's when most crypto companies right now are very small. Can you imagine the chaos if crypto were to actually become big and dev count were to grow to 1k+ people spread across multiple offices?
There's definite efficiency gains with crypto (a dex like Uniswap can do massive volume with very few developers for instance), but there needs to be a way to limit the cost of human errors.
That's reality.
Same thing would have happened if they had put all that cash on a boat, and accidentally sunk it.
The normal banking industry is operating chainsaws very cautiously, with a lot of safety equipment and training. The cryptocurrency industry may be operating the same chainsaws, but they're trying to juggle them naked, on a floor slick with the blood of their peers.
Are you saying that it is impossible to get valuables out of a boat that sunk?
"Treasure trove of gold and jewels recovered from a 366-year-old shipwreck in the Bahamas"
If you'd prefer you can throw your gold bullion into a volcano, or perhaps mix it in with radioactive fuel.
But there were a few instances in WW2 where large amounts of value had to be transferred by boat, and in at least one case sunk by enemy action. HMS Edinburgh: https://www.warhistoryonline.com/instant-articles/hms-edinbu...
This is hardly exclusive to crypto.
> Can you imagine the chaos if crypto were to actually become big and dev count were to grow to 1k+ people spread across multiple offices?
Yeah I can already imagine in other places, just ask Santander Bank. [0]
[0] https://www.theguardian.com/business/2021/dec/30/santander-b...
Per the article, they were very likely to recover most of that money (and were legally entitled to recover all of it, but were unwilling to do so for image reasons). So exactly the opposite of what happens with DeFi.
see: Knight Capital