it is decentralized and peer-to-peer by design, i.e., rather difficult to destroy w/o bringing down the entire 'net. they can easily shut down single nodes in the network. however, bitcoin does not depend on single nodes to operate. ergo, it will not be completely destroyed, but they can prevent it from becoming mainstream by going after merchants who accept it as currency, individuals who are known to have used it etc. it is technologically resilient, but for it to succeed it has to gain political legitimacy. it will be to interesting to see how it all goes down...

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They will, I think, go after it in some form at some point - imagine: not only outside the current monetary system but also difficult (impossible?) to enforce taxation as far as I understand from what I have read.

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