In the grand scheme of things I'd say if you let the merchants do their thing first, Bitcoin gains traction as a currency, everyone wins. If you let the speculators do their thing first, there might not be anything left.
This.
Services like bitpay may help mitigate the volatility to a large extent, but its definitely not helpful to see BTC value fluctuate more then thermometer in the Siberian spring. It does huge damage to its image, it prevents non dynamic setting of prices and basically makes a bitcoin economy almost impossible. The only way to use it is buy the bitcoins before your purchase, with the merchant selling them for dollars instantly with bitcoins never remaining in the economy. Thats not entirely useless, but really not what it could be.
Anyway, I dont hate speculators, I do hate stupid speculation, and honestly, this is what we are seeing. There is nothing going on in bitcoin land that warrants the swings we have seen. No real increase in commerce, no real threats or opportunities. Whatever you thought in may bitcoin might achieve over time, all that is still valid today. Why price would go up and down by an order of magnitude makes no sense. This daily buying and selling makes no sense, it is a lottery. Its literally a zero sum game. If you want to speculate, at least take the long view.