Surely you're not implying that there should be some sort of ... regulation or authority governing financial transactions at that scale?
Especially not for crypto.
Given crypto's history, I have no idea why anyone would even consider such a thing.
A notable reason for this sort of thing happening is that the price increased. Solutions which are obviously just toys very quickly grow into problems without you having to do anything.
Cryptocurrency’s most realistic use case: rapidly educating libertarians on why financial regulation exists.
In theory yes, but in practice you just get a demonstration of Festinger’s observations of cogntiive dissonance. When the the flood doesn’t arrive at midnight, you’d expect people to walk out, but most just decide they for the timing wrong and wait for the next one.