Hey! I have an idea! Let's make sure an organized body with enforcement powers issues the currency and that way if anyone does anything bad, they will be beholden to the courts of that organized body. We can call the currency they issue "fiat" and the court will be the legal system. The organized body can be called a government.
The whole point of a distributed system is that no one body can control the system and the whole point of proof of work and a public ledger (blockchain) is to prevent double spending. If someone gets ripped off, then I guess you have to negotiate better, or develop your street smarts or get a better sense of how to read people, or be less naive.
this is not about bitcoin (the protocol). this is about the businesses.
secondly by it being an open contract. there is no 'oversight committee' or organization involved. instead a business just signs the contract, and ANYONE can enforce it,
its called decentralized empowerment. the contract is about giving consumer confidence and empowerment to enforce their consumer rights without needing a 'consumer body' made by a government.
its a contract between business and consumers.. not a 'oversight committee' and business
