It is indeed anti-efficient by design, because it is intended that the cost to attack needs to exceed the cost to run, otherwise, it would not be secure. It ha

It is indeed anti-efficient by design, because it is intended that the cost to attack needs to exceed the cost to run, otherwise, it would not be secure. It happens that some people care about sound money enough that they need the security offered by this game theoretic model and they're willing to pay the electricity costs to get it, and your opinions on the matter mean nothing to them. Although I'm not sure what non-bitcoiners mining "crypto" are wasting their money on, because they're not getting sound money, but useless fiat tokens.