[PrettyPastry]

> There is no (intentional) intrinsic value to the problem you are solving when you mine a new BitCoin. If you were looking for interesting and valuable solutions to compute, you would almost certainly not pick any of the ones have been found as a result of BitCoin mining.

I agree that Bitcoin doesn’t have an intrinsic value, but I think he is missing the argument people actually make. The value isn’t in the problem they solve, but the power spent to solve it. At least, that is what I have always heard.

[jstanley]

Spending power doesn't automatically create value, otherwise you could get rich by spending as much electricity as you can get your hands on boiling water away for no reason.