As a currency it is not, and likely won't ever be. But as a network that enables trustless asset exchange, it is incredible. Digital scarcity was never a thing before the blockchain. Yet the value of the first is intrinsicly linked to the function of the latter. That's the craziest thing about it.
I haven't been following bitcoin so much in the past few months but wasn't the point of a recent fork to fix issues with transactions taking too long to process? I never looked into how that turned out and am now curious. Shouldn't that have prevented this?
The fork has not yet been implemented, nor has there been much agreement about if it is needed, or how to do it. Thus, this madness. Also, this isn't just about the blocksize, but the effect of many duplicate transactions clogging up the memory pool on a node. EDIT: I made a related post the other day. BitcoinXT, the bigger blocksize fork (the max blocksize change has not been implemented) has a fix for what is happening now: