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So let's put our weight behind an incredibly wasteful platform that eats up ungodly amounts of electricity for very little gain?

Not sure where your logic is coming from. Mining bitcoin is a free market in its purest form.

This comes with a side of geopolitical challenges sure, but that's not an issue the technology itself is responsible for solving.

What about Etherium, Golem, and other attempts to turn the mining phase into useful computing power?