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.
My point isn't that it "needs" to be controlled, but that a potential for "control" exist because miners are required in processing of transactions.
Isn't this the reason for concern about a small number of miners or mining pools controlling a majority of the network’s hash power, and thereby (theoretically) colluding to manipulate the blockchain (e.g., a 51% attack).
Nonsense. At least my comment was not derived from such thinking. And I don't think anyone likes to have their assets controlled.