The problem with it is that your natural move.. e4 forces white to play Ne1 and black has an advantage.
Anyone know of an opening similar to this?
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You need to have a/some pawns in the centre, otherwise your pieces can pushed to bad squares by the centre pawns as pointed by notmtwain.
Or at least a pawn at d3 and/or e3, to counter the pawn advances that notmtwain mentioned, even if only to provide a central retreat square for your knights.
My friend used this against me the other day. I'm curious if anyone knows of an opening line for white similar to this or can point out the problems with the opening.