I've said it before, and I'll say it again. Blockchain and decentralization does not produce trust and integrity. In this article the author gives a statistic: that fewer than 1/3 of Americans trust the financial system. And yet 95% of American households have bank accounts, thereby relying on it and giving it trust their trust through their actions. The key advantage of the current financial system is that there is…
Moreover, with crypto, we are trusting the developers of the underlying software rather than government institutions for fiat. I would argue there isn't a compelling reason developers should be seen as more trustworthy.
To be honest, I went into researching for this article with a bias against cryptocurrency, but ended with a belief that there is possibly an opportunity for fiat + crypto to form a more trustworthy system where transactions + the creation of new currency was logged where everyone can see. However, to actually realize this would require a lot of changes in current crypto architecture (particularly around the consensus algorithm and its current computation cost).