>>60888960
>that entity can refuse to process some (or all) transactions by churning out blocks that don't contain them.
Counterparty risk....Bitcoin isn't money, it's a highly volatile speculative vehicle that has no intrinsicly unique value, based on circular logic:
>Why buy bitcoin? Because it goes up.
>Why does bitcoin go up? Because people buy it.

I own and use bitcoin, but I wouldn't trust it with my life savings.