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Bitcoin has value simply because it has the qualities that enable people to attribute value to it. It is transferrable, scarce, somewhat fungible, and used by enough people. Paper currency is similar. The systems that create these qualities are very different between BTC and paper currency, but the product is similar. Of course, paper currencies fail. Bitcoin could too. As all that hardware is ASIC, I don't think they are useful beyond the walls, roof, and cooling systems.Personally I think that Bitcoin has been a successful subsidization for building huge data centers that will power our digital future, but I don’t think it will exist past that purpose.