After seeing so many people disagree, I just wanted to say I agree with the OP. Those who were here in 2011 saw a quick bust of a bubble. That is not the time-scale it usually happens on, and it already dealt quite some damage. A long bust of a speculative mania can be quite destructive.

But if it is about ideology, there's not much reason to be distressed by this. Bitcoin is just a tool, replaceable and one of many potential solutions. If it really is superior, it will survive anyway. If not, chances are it wasn't fit for the job in the first place. Time will tell, but one way or another, it is just one of many battles against insane financial policy. And Bitcoin alone can't win that war anyway.

Also, sane policies would render Bitcoin entirely redundant. Value can be stored in gold and cheaply transferred via banking -- at a better computational order than Bitcoin offers. If the efficient combination of the two classic methods weren't suppressed, Bitcoin could hardly compete.

So don't fret; let's enjoy the show and be curious how it turns out in the end.