And for good reason.
Is it a currency? Yes and no.
Is it a store of value? Yes and no but sure is volatile.
Is primary use case illegal transactions? Definitely, sometimes.
Is it a anarchist mechanism to shelter wealth and detach from any nation state? Yes absolutely, probably most of the China money that drove the last price bump was getting cash out of China.
Is it a pyramid scheme? Absolutely in many cases, ICOs are making this way easier.
The answer I've arrived at, and why I am compelled by crypto is that in each use case above it has the potential to be the BIGGEST, at a scale never recognized before.
EG
Crypto could be the biggest currency. All it takes is adoption and figuring out scaling. Way easier to transact in a flat-world with a portable currency.
Crypto could be the biggest store of value. The beautiful math behind bitcoin (and others) is self-limiting creating real scarcity. With mass adoption will come stability.
Crypto could drive the majority of illegal transactions. If they figure out privacy more completely it's the perfect mechanism.
Crypto could become the "people's" wealth vault, and undercut nations ability to tax & control markets by truly privatizing wealth. All it takes is MOST of us to decide.
And finally, because it's entertaining to think about, Crypto could drive the biggest pyramid scheme the world has ever seen. There is absolutely no SOFTWARE of structural limitation to running a $1 trillion dollar end game pyramid on Crypto. In fact you figure out the privacy side, add in mass adoption and you could just leverage the current ICO structure for it.
I love crypto because it's boundless.
You have to have some imagination and blind faith to believe any of the use cases above will become true.
But the fun part is there is no limiter on any of those things becoming true.