Is there a term for this?
No Bitcoin pumpers can give a proper value analysis because its actual value is something approaching 0. It has no use for which it is better than alternatives, even among cryptocurrencies. It is a classic bubble where people buy assuming that a greater fool will come along and buy at a higher price.
Doesn't mean other people don't understand this though, and that number increases every day.
This is ridiculous because Bitcoin is arguably much more vulnerable to centralized manipulation than fiat money. You only need to compromise 2-3 of the major mining pools and suddenly a 51% attack isn't so unfathomable, and that's just one potential attack vector. The pools obscure the real source of the mining power -- wouldn't it be funny if it was a nation-state who had a backdoor, or even one who was just interested in promoting bitcoin because it makes it so much easier for them to track their citizen's activities and exchanges? What happens if a bitcoin core dev gets compromised? What about MtGox^WCoinbase? What if you wanted to destroy bitcoin, and blew up a hotel where the central bankers^W^Wmajor pool operators were all meeting at the same time, as they've been known to do? etc. Could go on for a long time.
If I wanted to disrupt the Federal Reserve the same way, where do I start? Can I get the interest rate changed by phishing Janet Yellin's Gmail password?
Bitcoin as an experiment in a democratized, decentralized mechanism of exchange that normal people could use as an alternative to conventional payment methods has completely failed. This is, in large part, due to the short-sighted design of the difficulty mechanism, which makes it impossible to mine on commodity hardware. As soon as someone releases affordable hardware that is useful for mining, it defeats itself on the next difficulty bump.
Bitcoin is something weird right now, but it's assuredly not what it was meant to be, because a central cartel of power brokers have it wrapped around their finger and the average citizen can't do anything about it, exactly the circumstance that most early adopters were hoping bitcoin could help solve.
Also, the Byzantine Generals Problem was solved multiple times in the paper that introduced it.
You were somebody's greater fool. You believe that there will be more greater fools to come. Eventually, you will run out of fools.