@ntnsndr So... there are a few things:

1. I'm not getting notifications of your replies for some reason (so if I reply late, that's why).

2. DeFi and Custodial exchanges are two completely opposite things, so you cannot list them to make your point. It just doesn't make sense if you say that.

3. Custodial exchanges might as well be classified as "banking system".

4. That leaves "DeFi". DeFi is not a reinvention of what I mean by "banking system", although you're right, it does reinvent some traditional finance concepts on the blockchain. Let's say that hopefully defi will be "banking system - the good parts", e.g. the ability to trade assets in a decentralized way - e.g. decentralized exchanges, a very good/necessary thing and very much needed and very much not what I mean by "banking system".