I think that both are equally true! Prices are obviously driven by speculation, there is tonnes of fraud, and no regulation. It is a wild wild west goldrush situation right now. Maybe this is unfortunate but I'm also not surprised by it. Isn't this how all markets get started? I don't have great sources but I think the situation was similar for the securities markets for many years.
I also think the blockchain is an incredibly remarkable piece of technology that it will be put to use in increasingly important and useful roles and that cryptocurrencies are here to stay. Both can be true.