From what i understand with bitcoin futures, i think that this is backed by institution with a huge amount of bitcoins on hand, What they will do is to have you put the x amount of bitcoin ahead of time in terms of a contract, something like betting, now if by that time bitcoin's price rise from the amount on the contract then i guess you double your bitcoin but if it dips then you will lose double because you will not be able to sell it short.
Looks like I agree with your opinion.
If the current bitcoin price increase is caused by pump manipulation of a group of people, then this becomes a high risk investment, which can be a sudden loss in case of a panic dump.
The problem that still exists today is about the number of transactions that stuck in the chain, if this continues to happen then btc sales will not happen instantly anymore.