Yet there doesn't seem to be any better logic in their own system which, if I understand it from a quick read, just creates new bitcoins for validating existing bitcoins.
Sounds like getting a new $10 bill whenever you run the special validation pen across 1000 other $10 bills. Oh, wait, you have to swipe the pen across 100,000
Like regular money ($, £, €) bitcoins will only work as long as people trust them. I will stick to the Government validated stuff. Bad as they may be, at least they are elected from time to time.
A modern high performance graphics card has thousands of times better performance, memory and bandwidth available and even so will only earn cents per day.
The second way is to sell mining equipment. Just like a gold rush - the most reliable way to get rich is by selling shovels.
For what it's worth, I don't see Bitcoins ever being accepted for general use in their current form because they are completely unaccountable - it's the electronic equivalent of leaving banknotes under the park bench and hoping that the person who takes them decides to send you the goods you were promised.
Unless/until the transfer can be bound into a contract you would be mad to trust that as a payment system.
I believe it's technically possible using the same PPK mutual signing approaches proposed for secure exchange systems, but I don't see any sign of it happening yet.)
Bitcoin realm seems rife for ripoffs too. So many cases of bitcoin thefts in the news recently.
Well - then it's no different than any other payment system, then, is it? I mean, if you buy something from someone, then send cash in the mail, nothing says they'll send you your item. Or even if you pay with paypal, or a credit card, or a check.