Theoretically, what’s going on behind the scenes shouldn’t matter. However, you could only trust the system to properly implement this extremely intangible tech

Theoretically, what’s going on behind the scenes shouldn’t matter. However, you could only trust the system to properly implement this extremely intangible technology if you fundamentally trust the organizations involved. Again, how do you know that their representations regarding the currency are true? How do you know that the amount of crypto withheld for the founding organization is fair or won’t overly dilute the network? How do you know there are no backdoors? If the crypto is pegged to another currency/commodity/crypto, how do you know that the peg will work in practice (this is very hard)? How do you know that the organization is actually holding the pegged currency in reserve, like they said they would? Even if the currency is perfect, how do you know that your wallet provider is safe/not inadvertently malicious? What recourse will you have if you get hacked? (none, and if someone says “that’s not fair, Chase can be hacked too” - sure, but that’s less likely, and the U.S. will step in to help, which gets back to my point about institutional backing) Some of these concerns exist with large established banks, but we don’t really care because 1. They have a great history of keeping your assets safe 2. They have the backing of the government. 3. The Federal Reserve is in charge of our monetary system, and whatever beef one may have with them, they are far, far better than a small group of friends who wrote a white paper somewhere. Don’t forget the massive cost to compensate miners for all the time, electricity, and computing power that they use. If you amortize those costs, they far surpass even Amex’s credit card fees. Also, what’s with the whole >50% control condition? So now I have to worry about a top secret Russian organization with dozens of 160 IQ scientists racing to create a quantum computer that can overwhelm some/all cryptos and bring wealth to the motherland? I’m half-joking, but that’s the kind of technological weirdness that I’m not comfortable with, much less the average person.