Without bad investment good investment is impossible.   These are the same fallacious arguments made by defenders of the credit-bubble blowing schemes of central banks.   Without the cheap dumb money, good ideas would never come about.  

It is a complete fallacy.  By diverting money into get rich quickism bs schemes like pets.com many good ideas were never funded.  You fall into the trap of believing that credit bubble ACTUALLY expand resources.  That ponzi's draw in new investment dollars and make things happen.

Its all wrong.  Bad ideas and ponzi's shread and destroy good things.  The Winkle-cock twins see another angle to play to suck value from the productive without innovating or creating a dam thing.  Just like they did with facebook.  Love or hate the company, zuck built a product people like and use and benefit from in some way.  The Winkle-cocks cried foul b/c they thought the value was in the idea.  It wasn't, plenty of losers have good ideas.  They just don't have the creativity, work ethic, management skill and ability to martial the wherewithal to achieve the dream of the idea.  

Then there are the leaches like the Winkle-cocks, who use the courts and the scamish infrastructure of society to suck out value without producing a god dam thing.

Listen to what they say, they are open about it.  They don't really talk about what they will do to make  Bitcoin succeed as a system that will benefit their users.  They are talking about overcoming a regulatory challenge to shuffle paper and let people speculate on its future as oppose to helping to actually shape and contribute to that future.  They literally say they are looking to sell the idea of Bitcoin only, and make it easier for people to "buy-in" to the idea.

That make them leaches, not inventors or innovators, but why would you expect an old dog to learn new tricks?  First with Facebook, now with Bitcoin.  A leach is a leach.