“It’s hard not to look at that and conclude that obviously Bitcoin is a bubble that will go to zero. But there is at least the possibility that what we’re seeing is network effects pricing themselves in real time, and acting like any other Internet protocol (or company) whose value grows like crazy the more people who are using it. If you were able to put a ‘value’ on Napsterin its early days as more and more people put their files on it, the chart might have looked similar. Does that mean Napster was a speculative bubble? No (although eventually it crashed for other reasons).”

http://www.businessinsider.com/im-changing-my-mind-about-bitcoin-2013-12

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