Krugman criticizes bitcoin because it has no utility while consuming resources. As a counter-argument, they bring up Krugman's habit of flying on airplanes. Okay, so that argument proves one thing only: You have no real counter-argument. Just admit it.<p>Back when I used to trade stocks, I discovered an unnerving psychological problem with it: No matter the news related to the respective company, having $100,000 riding on it makes you a cheerleader. I was holding Merck when the Vioxx scandal came out, and I somehow tried to justify that to myself--no matter how many people it killed. I think this phenomenon is common. Okay, so you own worthless hash strings, and because you paid real money for them, you're their cheerleader.<p>When you sell, you'll be their detractor. That always happens, too.