Howstuffworks says only 8% exists as physical currency. I got a little graph
:
Where M1 is the total physical currency in the US plus some more (and M3 is of course shown only up to when its publication was discontinued.) I think US makes a fine example.
Of course, whether US thinks it's legal or not probably won't have great effect on its usability.
This makes no sense. It doesn't matter who or what is using (or wasting) time. If I own a factory to make certain goods, their value depends only on what people are willing to pay for them, not whether I personally invested my time into producing them or if I bought a machine/assembly line to do all the work for me while I sit around and wait. Time is not a resource only humans are capable of expending.
And this makes even less sense. I'm not sure what point you're trying to make. Of course the panels/turbines cost regardless of what I use the electricity for. How is this relevant? They don't generate infinite amounts of electricity; if you use a certain amount electricity for bitcoin mining, you won't be able to use that electricity for the rest of the household, so either you make up for it for buying electricity off the grid (i.e. running the rest of the household WILL cost more), or you simply live with the fact that the amount of electricity for the rest of the household is reduced, in which you simply have less value (for the rest of the household) for the same initial investment, which again means that it does cost more.
And in any case, I repeat that the cost of creating bitcoins (or any fiat money) has little relation to its value. I'm simply pointing out that the "creating bitcoins is free" argument is fallacious.
But you don't seem to accept the fact that the money you normally use is no less virtual.
"Does not exist".
Yes it does. I already went though this once. Now you're just deliberately ignoring arguments. Not something you should be doing if you want to comment on the intelligence of the society, mind you.
"Unregulated computer program"
It is regulated; it just isn't regulated by the government. And what does easy to manipulate have to do with this? Yea, you can do that, but the protocol works by consensus, and your "easy modifications" are
WORTHLESS unless you can get a people to use your modified protocol. Again, I've been through this. You still seem completely unaware of how the protocol actually works, and given that it's already been explained in this thread with plenty of links to more in-depth material, it's as though you're being deliberately and wilfully ignorant.