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I also have been questioning why at this point you would ever build on ethereum because if its not truly decentralized then whats the point?

If a contract can be updated then its not decentralized so now you are trusting some dev or some group of people. If a contract can't be updated then it will have bugs and you can't trust it....and so on...

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It's truly decentralized. Really, I don't think decentralization is a good thing, and this is demonstrating why. If you've got a truly decentralized system, pretty much anybody can tear the whole thing down while no one is paying attention.

In a centralized system, there's a small group of trusted people who are responsible for keeping it safe.

And this is why I'll be pouring my money into a serious government backed digital currency. It's a shame Canada isn't going all in on this, they were pioneers with their digital money project last decade. I'm reassured by Bank of England's latest (95 page) note on the matter.

Perhaps the problem boils down to putting all of your eggs in one basket?

A basket with a bunch of holes in it.

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