oops i managed to derail the topic... sorry ppl, i was too tempted
@DeathAndTaxes, maybe you're right or wrong, the correct answer lies within your words. I give can give you some hints if you like...
energy is lost or stored just like you say, efficiently or not based on the existent friction in a device, but for that to happen you have to get it from somewhere first. A good example is a squeaky swing loosing the energy through heat at it's hinges. What do you do ? "Instinctively" you put some grease at it and increase efficiency. After that you have to push little less and have it go higher and get rid of the annoying squeaking too. Friction is a natural effect of collisions between particles that have mass, and not only.
I would love to talk more on the subject but not in this thread though. Feel free to open another one and i will chime in
Back on topic:
Apart from us giving value to bitcoin by trading it, is true that "non-replication" could be it's base intrinsic value ?