A Bitcoin has no inherent value. The only value attributed to Bitcoin is that someone, somewhere had to spend electricity to create a Bitcoin. Sort of like whe

A Bitcoin has no inherent value. The only value attributed to Bitcoin is that someone, somewhere had to spend electricity to create a Bitcoin. Sort of like when you eat in the morning, go to work and get a paycheck, your work has value. Now, is the Bitcoin price crazy? Maybe a little bit, but it's reacted very strongly to the Donald Trump election since it's considered to be alternative to existing remittances that cannot be taxed (IE, remittances to Mexico). Now in regards to your scammers, Mt Gox was the only exchange and you know 'power corrupts... I forget the saying' Butterfly Labs got raided because they took a lot of money from the community for mining gear and delivered nothing.