I find many defenses of bitcoin hilarious. A lot of people are pointing out how great it is that bitcoin increases in value over time. Except there are at leas

I find many defenses of bitcoin hilarious. A lot of people are pointing out how great it is that bitcoin increases in value over time. Except there are at least two problems with this. One, few people who say such things have any concept of economic theory. Two, nobody seems to care where that value comes from. Somehow they just think it comes from magic, or somehow it has no cost associated with it. All in all it's precisely reminiscent of any and every speculative bubble throughout history. The market will always go up! up! up! Where does the increase in valuation come from? How is it possible for it to be sustained? Who cares?! We're gonna be rich! Yeah, good luck with that. (Edit: all of which is to say, if you want to fly in the face of conventional economic theory, go ahead, but bring some better arguments to the table than "well, it's just been going up the last few years!")