Yes. It is still a scam.

Just because Wall Street and Silicon Valley are still embracing blockchains, 'stablecoins' and other scammy crypto products, doesn't mean it has any legitimate usecase today or in the future.

Crypto, blockchains, stablecoins and the rest of them still cannot do better that what current system already does and is used primarily for speculative and criminal purposes.

Nothing has changed.

their trading tokens!...nough said

HN has been consistent that their only use-cases are the trading of speculative assets (gambling) and circumvention of law (crime).

Wall St. and the other entities you mentioned engage in one or both of these activities. That doesn't mean we should be cheering them on.

I don’t think they’re useless, but most of the hype was. Stablecoins clearly solved a real cross-border settlement problem, and some public chains found niche but legitimate use cases. But the majority of crypto projects were still scams or unnecessary. My view is basically: useful at the infrastructure layer, mostly noise at the application layer.

IMO blockchains/crypto haven’t become more legitimate, it’s everything else that has lost legitimacy.