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jsteinhardt comments on Bitcoins are not digital greenbacks - Less Wrong
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This seems unlikely. If you're going to invest that much capital, why waste it on bitcoin hashes when you could instead provide a product and sell it? This would be analogous to worrying that everyone will go into the financial sector because it pays so well, and we'll have no one left producing actual goods.
Hmm. I think you're probably right, now that I think about it. The maximum size of the bitcoin reward falls towards transaction fees, which are themselves a small fraction of any given transaction. So there should tend to be significant money out there to reward manufacture of other kinds of space based goods more highly than bithashes.