I have been reading about this and seeing video of it here and there but last night I saw it with 2 friends. We checked it out with binoculars and wow what a colorful show! Don't know what it is?

My gut feeling is it is a way off bright star that due to it's place in the sky has a lot more of our atmosphere to cut through for us to see and the light is somehow going through a prism effect? Whatever it is it is cool!