1.  It has a massive target in the form of a centralized dev team - same as Ethereum.   This is a very easy target for governments to crack.  

2. Network effect is close to zero

3.  The dev penalty is widely known and contrary to cypherpunk principles. Hence no buyers of last resort.  It can easily run to zero and stay there. 

4. ASIC resilience is a scam.

It has one thing going for it, they capped supply unlike Grin. Grin team fucked up the economics, same mistake as Monero.