Bitcoin seems like just another medium of exchange. Almost all the properties of bitcoin - decentralization, anonymity, worldwide acceptance - apply equally well to gold bullion. The one additional property bitcoin had was convenience. But as transaction costs increase this is becoming less true.

Given the above, why would anyone expect bitcoin to behave differently than physical gold in the real world? The world of gold is chock full of middlemen, dubious financial instruments, and companies taking advantage of those that don't know better. Bitcoin is just following the same well-tread path.