If it's completely decentralized, that might be the case. However, as far as I understand it, one usually trades crypto on exchanges, so you're back to trusting one counterparty.
With regards to getting screwed, the history of exchanges getting "hacked" and all the crypto disappearing should speak for itself, and with regards to transparency, just look at Tether as an example of how you can avoid it.
Sure, it happens with banks, too. I still have no clue how Wirecard managed to do what they did, without getting caught, in face of credidble reports of malfeasance. But in general, it has become much, much harder to wrong others, or to be reckless. And that is because of the regulation everyone keeps decrying, as if somehow they were the subject of it.
That's a completely different matter. The operation of exchanges doesn't have anything to do with the operation of a cryptocurrency. You need exchanges only for trading, not for using a cryptocurrency.
My strong stance stems from two decades of being on the pointy end of that regulation. The government audits I was involved with were all by extremely capable people; top-notch investigators.
With regards to getting screwed, the history of exchanges getting "hacked" and all the crypto disappearing should speak for itself, and with regards to transparency, just look at Tether as an example of how you can avoid it.
Sure, it happens with banks, too. I still have no clue how Wirecard managed to do what they did, without getting caught, in face of credidble reports of malfeasance. But in general, it has become much, much harder to wrong others, or to be reckless. And that is because of the regulation everyone keeps decrying, as if somehow they were the subject of it.