I've felt like writing a "Money is not a real thing" article for a while, and this would be a prime example of why you don't optimize for revenue but rather e.g. physical goods.
The generalization of your argument is that rapidly increasing productivity of any good is bad, because it decreases the relative power of existing capital holders.
If all the miners on all proof-of-work currencies lost all their revenue and the currency was equally secure, I would consider this a good thing since the electricity could be allocated elsewhere.
The generalization of your argument is that rapidly increasing productivity of any good is bad, because it decreases the relative power of existing capital holders.
If all the miners on all proof-of-work currencies lost all their revenue and the currency was equally secure, I would consider this a good thing since the electricity could be allocated elsewhere.