Comment by imhoguy
Kidnapping for ransom was a thing in human history even before money was invented. And money could be lost in many other irreversible scenarios, like fire, government confiscation or devaluation.
So was speculation.
Crypto is just another value carrier. Password is just a risk factor, like trust in govt is.
Banks can potentially act as gateways that prevent large transactions that are otherwise possible with crypto. They can do this simply by saying that for any amount above a certain level, you need to attend in person.
The whole "time immemorial" argument is a little silly when we put it in the context of modernity: we have safeguards people didn't have "before money was invented" because we're the beneficiaries of a sophisticated set of social rules intended to protect people. Getting rid of those safeguards because they're recent is fairly likely to make our lives worse.