- As expected, anonymity, what was supposed to be a hallmark of Bitcoin -- is going away, as MtGox has issued a note requiring proper ID of its users. This is easy to understand, because if you don't know what's going on in your network (the ledger), the entire network may be shut down by authorities. Poof.
- As I've argued before, price volatility may make it interesting for investors, but Bitcoin was meant to be a currency used for transactions. However, even the criminal underground is wary of using Bitcoin and its wildly fluctuating valuations. In other words, Bitcoin isn't useful as a currency, which was heralded as another hallmark of Bitcoin.
Bitcoin has already ironically failed. I know there are going to be a lot of people insisting that Bitcoin hasn't failed, and true it hasn't collapsed yet, but Bitcoin is no longer working as its intended function. Bitcoin is now just a fake virtual commodity and nothing like the virtual currency people thought it was.
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