Obviously, you are absolutely right. Then again, as much as I despise myself for it I did make a killing last time a bunch of idiots started buying them for >20$ a pop so I wouldn't mind. Taking money from speculators and giving money to geeks... I'm sure someone could spin this into something positive.
I don't think it's going to hurt bitcoin, it's proven itself to withstand it and is here to stay.
I don't think I'm a speculator. I just started mining back in the day when CPU mining was still viable. Early in the day when we got a 50 bitcoin batch every other week. I didn't buy a single bitcoin. I just sold the ones I mined. Is this really speculation?
You speculated that the electricity you used to mine the bitcoins would be worth the cost of mining them. I'd say it was as safe a speculation as one could make. =pp
By that definition any and all investment is speculation. Does this word mean anything on its own then? Though the fervour with which I deny being one proves it must.
I don't think it's going to hurt bitcoin, it's proven itself to withstand it and is here to stay.