In my opinion, Bitcoin is nothing more than a main stream condoned ponzi scheme. People are paying real government backed currency for something that doesn't even actually exist. Just like a ponzi scheme those that got in early at low prices will make out like bandits, but those who got in later at very inflated prices will most likely lose their asses. Many people who bought into Bitcoin did so because they no longer trusted government backed currencies. What will really be ironic is that those same people who had no trust in government currencies will beg those same governments to save their financial asses when Bitcoin blows up.