Indeed it is, aside from the fact that you pay a transaction fee for every step so at some point you run out of money.
Some other things that run on Turing-complete code: passenger jets, medical equipment, self-driving cars, and nuclear reactors.
I write and audit Ethereum scripts for a living. It takes a lot of care, but it's manageable because the scripts are typically under a thousand lines total, implementing simple business rules rather than complicated algorithms. It's feasible to make it very solid if you take your time, make the code as simple and clear as possible, write lots of unit tests, hire expert review, publish the code and maybe post a bounty. It's also good practice to build in something to handle emergencies, just in case.
People are working on formal verification for Ethereum contracts, so down the road we should be able to actually prove their properties.
Some other things that run on Turing-complete code: passenger jets, medical equipment, self-driving cars, and nuclear reactors.
I write and audit Ethereum scripts for a living. It takes a lot of care, but it's manageable because the scripts are typically under a thousand lines total, implementing simple business rules rather than complicated algorithms. It's feasible to make it very solid if you take your time, make the code as simple and clear as possible, write lots of unit tests, hire expert review, publish the code and maybe post a bounty. It's also good practice to build in something to handle emergencies, just in case.
People are working on formal verification for Ethereum contracts, so down the road we should be able to actually prove their properties.