I'm not that intelligent, but a few folks on the BC forums and other places have brought up some great points:
1. Government shutdown
2. BitCoins P2P network is very vulnerable to denial of service attacks; ones that actually cost money!
3. Public Node can be tracked; no more anonymity.
4. Technical merits of the crypto implementation have not been fully tested; is there a possible flaw?
5. Social engineering and one-time inflation.
6. Unreliable and opaque banking organizations; no one is backing it.
There are many more, and they could all be fixed if bit coin was a centralized currency system, but it is not. It is too soon to say "BitCoin is ridiculous and will never work", but someone with a motive and means can definitely make a miners life hell.
1. Government shutdown
2. BitCoins P2P network is very vulnerable to denial of service attacks; ones that actually cost money!
3. Public Node can be tracked; no more anonymity.
4. Technical merits of the crypto implementation have not been fully tested; is there a possible flaw?
5. Social engineering and one-time inflation.
6. Unreliable and opaque banking organizations; no one is backing it.
There are many more, and they could all be fixed if bit coin was a centralized currency system, but it is not. It is too soon to say "BitCoin is ridiculous and will never work", but someone with a motive and means can definitely make a miners life hell.
https://en.bitcoin.it/wiki/Weaknesses http://forums.xkcd.com/viewtopic.php?f=8&t=69178
Here are some things BC has going for it though!
1. Distributed with no single point of failure.
2. No "mint"; could be a bad thing.
3. No individual company can be arrested and shut down.
4. "Anonymity"