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I'd wholeheartedly agree with you. As someone that speculatively bought (or should I rather say, bartered) for Bitcoin on IRC before the big crash in 2009, it's the absolute wild-wild west. The saddest thing is seeing newcomers invest some money, they see the price go up, they dump in _everything_ and then there's some mini-crash and they panic sell everything.

Fear and greed are emotions that Bitcoin will teach you about. Don't risk what you can't afford and are not willing to lose.

Maybe I should suffix this and say that I don't think Bitcoin is a bad investment. It has an enormous potential and I still fervently have "faith" that it's going to turn out being something extremely useful long-term, which is why I haven't "cashed out" yet. I'd also gladly trade my BTC for goods as and when stores come online that accept them (e.g. I would gladly trade BTC for second hand books)