811 points 428 comments so far and staying at the top at HN for a full day, that alone explains "why do you waste so much time on the internet?" :)
I spent about two hours online daily for job-unrelated stuff, on average: 30 minutes youtube, 30 minutes twitter, 30 minutes HN, and 30 minutes email/general news etc. Half of the time is wasted.
As software developer we're trying to optimize our code for the CPU all the time, but we're wasting our own CPU, the brain, which is ironic.