Gox, the biggest bitcoin exchange failed, and ~$500 million Bitcoins disappeared, despite months of speculation (some pointing to transaction malleability bug), hacking and leak of data, claim of fraud (backed by thorough analysis), and a Goxcoin proposal to find a solution, no progress has yet been made. This brown guy thinks that while Buffett has a valid point that Bitcoins are just like checks, what Buffett missed out on is that, unlike checks, Bitcoins are not tied to a particular set of banks (bank of the sender and receiver), this decentralization alone strongly diminishes the power of traditional financial institutions in the long run.