"What does the word 'waste' mean to you? Why would you use this word to describe what is done by the proof of work?"
Because it's a waste. It's not worth what it costs to do, and it's making our world worse by eating up more resources.
Because it's a waste. It's not worth what it costs to do, and it's making our world worse by eating up more resources.
If you concede that it has utility at all, then all you're saying is "I wouldn't be willing to pay that much". But clearly the market will bear a higher price than you're willing to pay.
Other things that are proof of waste: 1k USD iPhones, Cartoons on TV, all-you-care-to-eat restaurants, dabbing, hoverboards.