>The value of bitcoin is driven by speculation, and in turns that increases the incentive for the miners, not the other way around. There's no value created by

>The value of bitcoin is driven by speculation, and in turns that increases the incentive for the miners, not the other way around. There's no value created by crunching random SHA-256. So you are saying increasing security, uncounterfietability, censorship-resistance, and decentralization of money distribution has no value? The central banks/treasuries spending $$$$ yearly to secure their money and governments spending $$$$ on militaries, intelligence, LEO, etc... to add layers of security would disagree with you. Increased hash rate leads to higher prices and increased prices lead to higher hash rate. Both are true here, this loop is a key component of the NGU (Number Go Up) technology in Bitcoin.