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I pretty well understand that there are rules that are technically implemented to be enforced (protocols, cryptography etc) but when there is some problem in the system (hacking, fraud etc.) there is no one to enforce fairness. The value of given currency is not based only on technical implementations but on trust. In this case the trust and Authority is the technical implementation of this protocol (all bitcoin markets participating). The technical implementation cannot self improve. You can only trust that technical implementation (cryptography, protocols etc) are implemented as specified.



If someone hacks into your computer and steals bitcoins, you report them to the computer crimes division of the police. It is not the job of the currency itself to enforce fairness. If someone steals $100 from me, it's not the Federal Reserve that gets involved.


And you expect police to return you stolen bitcoins?


No more than I expect them to return stolen property. If I had a large amount of bitcoins, I'd probably want to insure them, or at least keep the private key in a secure location, such as in a security deposit box.

The police act as a deterrent, and make it more difficult to offload stolen bitcoins without being caught.




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