A few thoughts.
Bitcoin is open source, so it really doesn't matter what a developer says. He could say he his largest donor is Rothschild, wouldn't make a difference. It is 100% decentralized transparent down to the transactions themselves. And if by some distant chance the market loses faith in Bitcoin for whatever reason there are dozens of competitors already vying to take its place.
When standard practices are followed, it would still take the most powerful computers in the world billions of years to brute force one key. Ditto for anyone who takes the extra step of encrypting their hard drive with in case of confiscation. Faced with both tasks, you're looking at longer than the age of the universe. Also, the government uses the same standard technologies for highly sensitive national security communication. So even if they were to find some kind of backdoor attack (highly unlikely), they would not be able to use it in a prosecution without blowing their cover. And governments worldwide are passing laws making it illegal if you don't hand over passwords for such encryption to law enforcement, which would not be necessary if it were crackable. Real plausible deniability ("Whoops, I lost it") in the face of such a prosecution has yet to be tested in court.
The fact is Bitcoin has become the perfect money laundering machine, and that is what is driving its success. Right now, with laws and regulations like this, they are starting to attack the entry and exit points (exchanging local currency to btc and vice versa), but even that cannot hold up against a determined market. People are already starting to set up in-person exchanges especially in economically oppressed countries like Iran. At this point the activity really starts to mirror the war on drugs, and we all know how successful that always is.
The weak points, as with most technology, are humans themselves. The more popular Bitcoin becomes, the more people using it who are not crypto geeks and therefore not being meticulous about following best practices, and therefore leaving themselves in a compromised position. But for those who know what they are doing, the only way to truly stop the juggernaut is to unplug the internet or outlaw encryption altogether, either of which would be a total SHTF scenario anyway. It's like a hydra -- cut off one head, two more grow back. We see it over and over, the war on drugs, P2P filesharing, etc.
Bitcoin's inherent value is privacy and security. If that is compromised, then it becomes worthless, but for now, considering the current state of technology, slowing of Moore's law etc., I'd be very hesitant to label what we are seeing right now a bubble.
