Bitcoins may be self-regulating, but the value of a bitcoin does depend too much on strange factors.

For example, the version update of the Bitcoin software affects a bitcoin value. For instance, if the software is not updated properly, the system won't work properly. Then, suddenly everybody will be reminded that the nerds on the back end are vital to the system. At that moment, the value of a bitcoin will plummet.

That brings up another point. There needs to be transparency with who is updating the software. Yeah, Bitcoin is open source, but still somebody needs to be updating the thing properly, right? What if the programmers all die today? Who will take over updating the software? These kinds of questions affect value.

Also, as previously noted, the value of a bitcoin is affected by the reliability of electricity and the Internet. If the Internet goes down for just one half hour across the USA, everybody will be leaving the Bitcoin currency in droves.

I'm a bit of a conspiracy theorist. These factors I brought up give a huge amount of power to one group, the pogrammers and engineers. People keep repeating the idea that bitcoins are self-regulating. That may be true IF we assume the system works properly at all times. The programmers and engineers have the responsibility of making sure the system works properly. Thus, they have god-like power within the realm of Bitcoin.