It's an abstraction of work. All sound money requires equivalent value work to produce. And the work done is stored as protective "walls" in the blockchain, one on top of each block, piled higher and higher as time goes on, to become impenetrable. It's quite beautiful.

It's literally doing busywork just to assign a value to the mining. It's beautiful if you're a business major who has no regard to real world.

What do think happens if you let people create money without doing the equivalent work?

Why do we let people create money where the work is "waste energy" instead of create money where the work is "build something we need"?

Because then you are monetizing the work in other ways and so you still end up creating the money for free.

You waste less energy? Ethereum seemed to figure this out despite being entirely dysfunctional.

For him, wasting energy is the entire point that assigns value to the tokens… Does it make sense? No, of course not.