Yes it is decentralized, but it relies on central authorities to work, which in turn relies on a stable, cross-border legal system - which many believes is currently not in a good state (see Freak_NL's response for example: https://news.ycombinator.com/item?id=12230903 ).

People have different views on this of course, but I think we all can agree that it needs a major overhaul to make the majority happy (the legal system that is).