The value of a bit coin is much like the value of gold (aside from its industrial applications) Its value is there because it is hard to obtain and other people place value in it.
A bar of gold is about as useful as a bitcoin.
So by regulating the rate that new bitcoins are added to the economy you have a stable currency that cant be inflated or deflated on the whim of a government. The mining process sets the exchange rate between the bit coin and real currency. As long as the cost/effort to produce a bitcoin remains high the currency remains high.
Power plus Hardware * Risk premium should be the exchange for a bit coin.
In the end spending money to mine bitcoins and spending money to mine gold accomplish the same thing.
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