I like the idea of Bitcoin, with one exception... that the resources could be used for grater good, instead of wasting them. How about making "valuable" calculations, instead of calculations, for calculations sake?
What I am talking about is modifying the BOINC client (
http://boinc.berkeley.edu/) and getting Bitcoins for generated work on finding a cure for cancer or some other project.
Participating in bitcoin IS valuable. Unfair monetary practices and manipulation has caused a lot of injustice and even deaths just like cancer, the wars the US is waging right now would be impossible to sustain with an honest money system. So yeah I believe supporting bitcoin is very valuable use of the CPU time at my disposal.