I'm fully aware of that. My point is that its value is just about the same as any random sequence of bits. The fact that those bits are in a super inefficient ledger doesn't matter.
Did you realize, that money is just green paper? Deep.
It's green paper backed by a government. If I printed my own paper money it'd also be worthless.
Our bank accounts are also identified by mere bits. What's that quote...
> Cosmo: The world isn't run by weapons anymore, or energy, or money. It's run by little ones and zeroes, little bits of data. It's all just electrons.
(To be clear, I'm extremely ambivalent about cryptos, so I don't entirely disagree with your sentiment. I can see the "it's a new form of currency" side, and I can see the "mass delusion and speculation bubble" side. History will prove someone right, but I don't know how to estimate a probability of any one cryptocurrency winning, if any do.)