[flatulent1]

But what of value was actually produced by that "computational effort"? What is the current total worth of the results for all of that computational effort? If effort produces nothing of lasting value, is it a valid basis for value?

Machine rights and slavery are being ignored as people blindly treat the work done by machine slaves as if it was done by "owners". Some publicly act as if slavery of machines or other humans should not be the basis for a currency, yet we still have slaves. The slavery still around isn't just about mining the materials for the capacitors in your tech toys. And it wasn't just a part of past colonies.

http://www.thenational.ae/news/worldwide/middle-east/men-sho...

How many hours of CPU work, or how many bitcoins does a slave cost? If some do decide or admit that slavery is acceptable, or just a fact of life, would the value of a slave be a more stable value for the basis of a currency? (measured in prime adult slave-years perhaps). Perhaps one should have to be a slave for a time to obtain bitcoins. However if one is born into debt, it might take some time to have a positive balance.

Does being born into a society where there is public debt associated with a national currency amount to defacto slavery?

[DavidSJ]

But what of value was actually produced by that "computational effort"? What is the current total worth of the results for all of that computational effort? If effort produces nothing of lasting value, is it a valid basis for value?

The computation power secures the network from double-spending. Do security guards also produce nothing of lasting value?