In addition to The Good items you listed, many believe the benefit of idiosyncratic (i.e., low or negative statistical correlation) return of crypto, and the providers are using it as a critical benefit.

Although crypto assets are under significant pressure from the regulators than before and many moved to jurisdictions outside of developed countries, it has thrown a question to investors.

That said, the root of this issue is the bias toward the overuse of market price volatility as a measure of risk. Controlling risk through diversification makes sense, but each risk should be analyzed individually. If the past market price deviates entirely from the real underlying value, which is the accurate measure of risk, statistical modeling is just dealing with illusion on a paper.
If you are familiar with coding and aware of how to set up a blockchain currency using open source, it is quite easy to find that just a variable in a program you set up gets a price immediately everyone starts to trade. Where is the value?

What needs to be done first is to ask the value of blockchain assets with solid logic. I do not think there is, and the value assumption seems dependent mainly on the past market price dynamics. However, the essential nature of the market price is not to value the asset, and instead, it serves the medium of transactions as a pair of scales between purchase and sales.

In other words, the records of the dynamics of a pair of scales is past price history. It has nothing to do with the variability of actual underlying value itself.

It looks as if the paradigm of market price-oriented risk management is over-extended, and anything that moves differently is thought to be incrementally valuable to the portfolio construction. The industry has leveraged computing capability in the last 40 years and leaned too much, and the price-based paradigm was established. Blockchain assets are its milestone.