I agree it is a sham. Bitcoin is not currency it is a speculative bubble.
maybe there are people using it as a sham, but there are also people using it as a currency everyday.
Of course, but the activity of non speculators is not sufficient to support current valuation or anything even close to it; even more so now that Silk Road has gone which did give Bitcoin some unique utility in terms of accessing that market.
have you ever heard of the phrase "listen to the market"?
you can go on all day long with your false assumptions but at the end of this day, yes TODAY, the market is hitting an all time new high.
the message is loud and clear: you're wrong.