This is going to turn into another disaster.
for whom?
For bitcoin, I'm afraid. I just think that odds are this is the result of a pump and dump effort, and we're still in the pump phase. I'm just mentally preparing for the whole project to get set back another couple years.
I don't agree. Prepare for everyone and their grandmothers buying bitcoin. I have argued in other threads that this ride is substantial. There will be setbacks in the price for sure (I think -30% is possible after the hype cools down, maybe even -50% (something like $32 -> $75 -> $40)), but not in adoption. Bitcoin is useful and it's being discovered by more and more people who are not cryptonerds / weedheads.
Most of bitcoins value still stems from it's function as a store of wealth and I think it will remain so until bitcoin has reached "world payment system" status (quite a ways to go). There's nothing wrong with that.
But go ahead, proudhon, try to catch that rocket
That's an encouraging thought, I'll give you that. It just seems to me that bitcoin is too tempting a market for biggish market participants not to thrash around, and I just worry that all that thrashing around will wear people out. But, maybe I've lost sight of bitcoin's appeal.