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> Which means those exchanges are ... completely pointless.

I wonder what entices people to execute hundreds of thousands of trades totaling USD equivalent billions in daily trading volume on these platforms then. Would you say that everyone using these platforms is basically out to scam others or get rich quick?

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They're commodities. People trade in commodities millions of times a day, thats what you're describing. But unless it's possible to cash out into fiat they are completely worthless.

It's sad to see what has happened to crypto. So many scams and people using it as an investment opportunity. It will obviously never be able to replace fiat in it's current conception.

Yes, though there's also a smaller cadre of naive true believers in there.

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