Earlier quoted context omitted.
I think it's worse than that - as far as I can see it's only moves wealth from one pocket to another. Usually many pockets to few pockets. I've not heard of how it's increasing labor efficiency or enabling completely new capabilities for anyone, with maybe a few minor exceptions. So its really a pretty successful parasite.
Bitcoin has produced nothing but returns for long-term holders.
yes, that's exactly my point. it's moving money from newer gamblers to previous gamblers. it's not actually enabling much new economic value.