[patricius]

What you call inefficiency (I guess in terms of power consumption) is a misuse of the term in a world where value is subjective. It is efficient and necessary for the use case and value it provides. You can argue it is ineffecient compared to Proof of Stake for example, but Proof of Stake is a completely different system and has a completely different incentive structure.

I’m saying also that L2 (and L3, … Ln) is a way to scale the number of users without increasing power consumption. Every time you add a layer, there are other trade-offs for the benefits gained. But at the base layer you still have the benefits of not having a central authority censoring and controlling exchange of an economic good.

[acdha]

> What you call inefficiency (I guess in terms of power consumption) is a misuse of the term in a world where value is subjective

No, it’s simply recognizing that competing systems match or exceed on security without the same cost. You’ve effectively acknowledged this by saying that the system will be more usable and affordable by using something better designed which eventually clears in Bitcoin to reduce the number of expensive transactions.

[patricius]

No, not something better designed. Something augmenting Bitcoin to make it cheaper to transact while maintaining a base layer for final settlement that is secure and decentralized.

You leave out other characteristics that make Bitcoin an attractive economic good, when you think that matching or exceeding the security at a lower cost is a valid argument against Bitcoin. If it was all about power consumption, Bitcoin wouldn’t keep increasing in demand and price.

Look, you can theorize all you want about the inefficency of Bitcoin, but the market has spoken and continues to speak.