Bitcoin here is a wealth transfer from the older generation to the newer generation. The older generation owns and invests the real estate, and this keeps the prices high and exclusive. The newer generation (techn-savvy) can now use crypto profits to fund innovation and progress. Several people I know funded their own startups.
Of course the crypto market attracts tons of scum and shady people too. And the hype can be damaging (older generation buying in at all-time-highs, and panic selling, causing high variance).
Early adopters were far from the huddled masses. Can't really blame them for others jumping on the hype train, just like you can't judge someone holding gold, by all the criminals holding gold or states going to war over it. Forget energy usage for a second, and wonder, "how many people actually die yearly to keep the dollar valuation high?" I feel the "resource waste" is more a feature, than a bug. If you need the electricity of entire countries to attack the network, the network becomes more robust.
And then let the new rich generation use their profits on creating more green or nuclear energy, then keep on mining and holding. Tesla could perhaps help here. Industries where energy is a large part of the budget have the right economic incentives to make renewable energy more cost-effective. Older economies, industries, and hegemonies are married to oil, in aggregate pollute far more, and lack the right incentives.
Poker is a game of skill which will serve you well if trading. Don't judge the game by the drunk pot-splashing tourists, or the risk-averse spectators in the stands, or the regulators looking for a ban after being lobbied by the older generation.
Edit: I stopped bickering about and promoting bitcoin on HN when the price was around 4500$. The very sentiment then: This is a waste, and a hype, and a bubble, and only criminals use it, tulip mania, gambling addicts. All the nay-sayers back then should realize they actually lost people money! I got into Bitcoin and ETH early due to an enthusiastic post on HN. Please think back a few years, has your viewpoint changed? Do you allow yourself to keep commenting negatively, knowing how wrong you were for years now? Are you really doing the HN community a service with your expert hot takes?
