It is also interesting to note that a deflationary currency like this actually rewards early adopters (which is why bitcoins have been compared to Ponzi Schemes by numerous experts). Finally, the "mining" of bitcoins is remarkably inefficient in its use of energy and computational power when compared to other systems of creating currency.
all been discussed many times before.
early adopters are rewarded for risk taking and spearheading new technology.
proof of work may appear inefficient but is the only proven method
for distributed consensus.