Decentralized crypto fails more quietly and spread out overt time as people are hacked or simply forget and lose their private keys. Being your own digital bank is high risk, and most people barely can keep their email secure. I can’t believe even among HN none of us had to use a password recovery option at one point?

Centralized exchanges do absolutely. No guarantees on deposits beyond a consumer Terms and Conditions check box.

Decentralized exchanges with proofs of reserves on chain less so, e.g. MakerDAO's over-collateralized stablecoin called DAI: https://www.statista.com/statistics/1316928/dai-reserves-bre...