> Clearly, this expenditure pattern is a massive misallocation of resources. The last 20% of network hashpower provides vastly less value to the ecosystem than

> Clearly, this expenditure pattern is a massive misallocation of resources. The last 20% of network hashpower provides vastly less value to the ecosystem than those same resources would if they had gone into research and core protocol development. So why not just.... cut the PoW budget by 20% and redirect the funds to those other things instead? I would prefer probably the other way for Bitcoin: keeping at least 1% inflation for securing via proof of work would be great, but as it's immutable (unlike Ethereum), the two networks will be even more different over time. I view this as a great thing, we don't need the same system twice. I love how boring Bitcoin is just like I love to see the new UniSwap version with its great improvements.