[dcdanko]

Personally I think that the value of (1) Money is extremely dependent on proven track record and the network size. Since the value of (2) and (3) are dependent on (1) I think this has outsize importance. Though as programmers I think we tend to underestimate this value.

Not to say Bitcoin isn't in a speculative bubble, who knows?

Aside: I don't know if it's fair to call bitcoin pseudonymous. Tumblers mean that one can effectively obscure their transactions if that's their goal, pseudo-pseudonymous if you will.