So, you're saying that none the of innovation or money funneled into finding Bitcoins will lead to zero reusable innovation? It will not create more profitable companies that produce ASICs? It won't possibly lead to even lower power ASICs? Better manufacturing techniques?
Doesn't the fact that money is being redistributed to technology companies good for technology, by definition?
Also, you're asking how Bitcoin mining, the use of technology, and SV start-ups will directly impact the future. I can't do that.
Of course, I couldn't tell you in the late 90's how a search engine company would lead to better self-driving cars (among other things), or how a company that made paying online popular would lead to electric sports cars and rockets.
I bet convincing most people that Likes and building a better social graph in 2005 would lead to any sort of innovation would have been a stretch too.
All of those startups combined are a small fraction of the chip market. And I don't see a Google/Amazon-like culture of innovation in these companies where the profits from a monopoly are invested to create new things. What I see are cutthroat, beyond-lean companies that are trying to extract as much value as they can in the short term, cash out, and move on.
Doesn't the fact that money is being redistributed to technology companies good for technology, by definition?