This is a really good point, and it's also funny, because Sztorc claims (correctly) that PoS has a higher cost than thought, because of the opportunity cost of

This is a really good point, and it's also funny, because Sztorc claims (correctly) that PoS has a higher cost than thought, because of the opportunity cost of locking up capital. However, we see here that there are really social utility costs, beyond the environment, to locking up GPU hardware. I suspect that the capital lockup costs are less damaging for the same dollar amount, because capital is more fungible, so the void can be filled by more sources of capital. In the case of GPUs, however, the void can only be filled after a time-lag in changing production focus.