Bitcoin mining is the problem with Bitcoin.
That's true, it is a problem, but it also provides fair distribution that is pretty safe from exploitation. OpenCoin are struggling to find a fair way to distribute XRP without mining.
Yes not sure what you mean by "fair" as their entire business plan is based on the appreciation in value of XRP. That is why I decided to speculate in XRP because the company's interest are aligned with mine for a change. It has worked out very well so far for myself and I assume for them as well.