[asn0]

What about the costs of market distortions and mis-allocation of resources when a fiat currency can be inflated with almost no cost?

How much energy (and other resources) were expended in the dot-com boom, and the housing boom? Think of all the houses that were built to replace houses that were perfectly usable, and are now empty? And all the IT equipment built for dot-coms that died after 6 or 12 months?

Probably need to include at least some of the costs of wars and military forces, as those are necessary to maintain the "full faith and credit of the XYZ government" that is the fiat currency.

And definitely need to factor in all of the energy and materials put into huge volumes of cheaply imported products (including oil), that is only possible because fiat currencies enable huge trade imbalances. And all of the energy and materials put into re-creating the manufacturing industry in other countries, as those products become "cheaper", enabled by fiat currencies. And all of the energy used by those products, as their "low" prices make them more pervasive than they would normally be.

You don't have to continue this train of thought too far to realize that the costs of maintaining Bitcoin are minuscule when compared to the true costs of using and maintaining a fiat currency.