When I read your post I was thinking about all the different things the regulators have under them:
Isnt Forex regulated? We saw that manipulated.
Commodities are regulated? We saw gold manipulated.
Banks are regulated? Many went under because they loaded up on mortgage backed securities
Bernie Madoff was under their noses when he bilked investors out of billions.
Sorry but their track record really isnt that impressive.
As to your point, yes I think there is a value to bitcoin...it is what the market says it is. Value is agreed upon between a buyer and seller.