For me it’s the fact that mining is centralized. Censorship resistant? Good luck if pools collude to stop you from spending. Code is law? Good luck if they deci

For me it’s the fact that mining is centralized. Censorship resistant? Good luck if pools collude to stop you from spending. Code is law? Good luck if they decide to amend the protocol and fork the blockchain. Take as a simple example of making mining more democratic — ie we can all mining on our CPUs without being completely dwarfed by those who imported Chinese hardware. That’s an easy change to the protocol. Do you think that the current pools will vote for that? The whole thing is a facade.