[TeMPOraL]

> While I'm sure it's inaccurate, that's about the gist of it, isn't it?

You forgot the waste of electricity and people-hours that is designing the spam. Otherwise, that's about it for the primary waste. There undoubtedly are second-order effects as well.

What's worst, this waste is practically unbounded. The answer to your competitor acquiring customers through sending out spam is to send out even more spam.