The situation reminds me a little bit of the Keynesian beauty contest: what matters isn't what I think of bitcoin, it's what other people think.

Do I think the average person buying bitcoin today is even aware of these problems? Not a bit. Are they going to wise up soon? Probably not.

So maybe it makes sense to bet that Bitcoin will be popular and unaffected by these issues for a while. (I mean, you can still use it to buy heroin, right? Growth potential.)

On the other hand, ignoring the long-term problems feels a little like knowingly buying into a pyramid scheme.