>In essence, the creation of a new Bitcoin requires the performance of a complex calculation that has no value except to show that it has been done.
This is incorrect, the massive amount of electricity that goes into cooperative bitcoin hashing also contributes towards the security of bitcoin. It would take, at minimum, an equally massive amount of electricity to compromise the network.
This is incorrect, the massive amount of electricity that goes into cooperative bitcoin hashing also contributes towards the security of bitcoin. It would take, at minimum, an equally massive amount of electricity to compromise the network.