Let me preface by saying that I haven't thought in depth about bitcoin so I am definitely willing to change any of the opinions I currently hold.

I do not understand why people are especially excited about bitcoin. It's certainly moderately interesting and could provide some benefits but doesn't seem revolutionary in any sense I can see. I'd like to hear solid arguments for why bitcoin is something radically different from other currencies rather than a moderate upgrade on currency technology which will eventually be incorporated into existing currencies.

I recently updated downward on the important of bitcoin when Brandon Rienhart noted to me that the primary vulnerability with bitcoin is likely to be user vulnerability rather than scheme vulnerability which seems like it dramatically reduces the chances that BC changes the nature of banking.