I'm not saying there isn't value to the bitcoin system, but it appears to lack a system of checks and balances that, in the end, would be enforced by a legal system. In other words, it appears bitcoin owners don't have legal recourse in the event the system is hacked or intentionally broken.
And in my experience, I have yet to come across a system that is perfectly unbreakable, particularly when there's money to be made from breaking it.
Nobody controls it. Its on the Blockchain.
Transactions are processed by miners, are they not.
No. They are not.
Who controls the miners?
Nobody
I'm not saying there isn't value to the bitcoin system, but it appears to lack a system of checks and balances that, in the end, would be enforced by a legal system. In other words, it appears bitcoin owners don't have legal recourse in the event the system is hacked or intentionally broken.
The Blockchain IS checks and balances. It does not require somebody else to process transactions or to clear transactions or whatever. That's what it is to be peer to peer. Its not like Escrow at a Bank. There is no way to "hack" the ledger. It would immediately be obvious to everybody since the Ledger is open and on the internet. The only way to stop Bitcoin is to shut down the entire Internet world wide. And in my experience, I have yet to come across a system that is perfectly unbreakable, particularly when there's money to be made from breaking it.
Why does anyone need to “control” it. If you want to be a miner, you can.
People are so used to a regulated and “controlled” economy, they think it’s normal and right.
It IS the Wild West, but much less so today than when i first started following it. There is no FDIC looking out for the consumer. At the same time, I can keep bitcoin in my own wallet and do transactions without engaging with any bank who wants to take a piece of the action every step of the way.
Yes, there are inherent risks. Yes, there are scams. But, with freedom comes risks.