No, it's value prop is removing intermediaries.

Users are either using it permissionlessly or not. And if you're not it's just a shittier version of fiat. What is irrelevant is most of that volume.

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The exchanges are using it permissionlessy...

No they're not either they're on white markets...

Also, just because people on exchanges are losing our on that value prop doesn't mean it loses that proposition for those who do want to use it individually p2p.

I never said it does, but that has nothing to do with the volume you showed