> On top of a blockchain like that, a smart contract can implement a token which enables a central authority able to reverse transactions or authorize users, if that's what we really want. We can do that and see exactly what capabilities the authority has, just by looking at the code.
...and when that code has a bug, we're fucked.
And until then we've spent a ridiculous amount of effort to get what we already have.
Not necessarily fucked. If you want the authority to be able to handle that scenario, then you can give it the power to swap out the contract code. Some smart contracts on Ethereum do exactly that.
But to the extent you want immutability, you can have it this way.
...and when that code has a bug, we're fucked.
And until then we've spent a ridiculous amount of effort to get what we already have.