Redirecting 0.5% of global energy to productive use is very clearly significant. That's the whole-country level of energy usage. Markets also value Ponzi schem

Redirecting 0.5% of global energy to productive use is very clearly significant. That's the whole-country level of energy usage. Markets also value Ponzi schemes highly. So what? Markets can be a useful guide to value in certain circumstances, but it's correlative, not probative. I've had plenty of intellectual curiosity around Bitcoin, blockchains, etc. For a while I was hoping something good would come out of it. But it's been 10 years and there's been almost no economically positive use demonstrated. It's great for certain kinds of light financial crime (ransomware, money laundering, etc) and it's great for creating the sort of unregulated markets in which scammers, fraudsters, and other economic parasites thrive. I'm personally very happy never to have put a nickel into cryptocurrencies. Could I have made a bunch of money? Maybe! Would have it been through creating value? No, not at all. It's a "greater fool" game, and I don't play those. I haven't since I quit working for financial traders in the 1990s, as I don't think it's moral to get paid when no value is created.