There's a non-sequitour in your depiction of an attack. Gaining 50% of hashing power is not that interesting unless you really want to prevent someone from using their Bitcoin. And you can only prevent them from using it while your attack is sustained. When someone has gained ~50% of the hashing power, they only can do a small number of attacks [1], that are only profitable under external conditions, and even then, extremely risky unless you have a lot more than 50%.
There really are no arguments for a race-to-the-bottom boundless energy spenditure. The equilibrium point is the market's appreciation of the service of securing a network of inflationless, politically neutral money, which is a pretty cool thing to have in our world of tyrannic governments.
There really are no arguments for a race-to-the-bottom boundless energy spenditure. The equilibrium point is the market's appreciation of the service of securing a network of inflationless, politically neutral money, which is a pretty cool thing to have in our world of tyrannic governments.
[1]: https://en.bitcoin.it/wiki/Weaknesses#Attacker_has_a_lot_of_...