[camjohnson26]

Any system that generates value will create an incentive to waste an equal amount to get it. In proof of work all of that wasted energy is on chain, since that's the most efficient way to get the benefit. Every other protocol provides the same incentive to waste work. Just look at how much work financial institutions spend to chase the money released by the US government in the form of debt.

http://www.truthcoin.info/blog/pow-cheapest/

[ForHackernews]

No. You are tragically misinformed. Most systems that generate value incentivize generating as little waste as possible.

There is nothing "efficient" about proof-of-work -- in fact, it's deliberately inefficient because it's a zero-sum game and all the miners have to waste as much electricity as possible to compete with the other miners.

The wasted energy is not "on the chain". It's gone, converted into CO2 poisoning the planet.

Banks may do stupid or damaging things, but they aren't in the business of wasting energy just to prove they wasted it.

[camjohnson26]

Every system of currency creation is a “zero sum game” because someone ends up with the unit of currency and everyone else doesn’t. The wasted energy is on the chain as hashes which are difficult to recreate. These are the basics. Do you seriously think people aren’t wasting energy trying to get their hands on created dollars? And they’re incentivized to waste up to a dollar to receive a dollar.

[ForHackernews]

"Currency creation" is not value-creation. A good currency is a medium of exchange and a unit of account.