That's overhead.
It's only people trying to tell me that the overhead is negligible who seem to be under the impression that low technical overhead means low overhead in general. Gas prices are evidence to the contrary of that.
Cost and value are two different things. Ethereum blockspace is in high demand with respect to its supply and that drives its value (gas prices), and this is irrespective of its cost to settle that blockspace (energy consumption, HW costs, etc...).
That's because like fine art, the mechanism that produces block space can only generate a very limited amount per unit time, and latent demand is always orders of magnitude higher than the supply. You can't just flood the market with fresh Ethereum block space any more than you can flood the market with fresh Banksies.
...no? Duplicating a painting has a huge overhead. Either paying an expert to laboriously reproduce tiny intricacies of the original, or building and programming a robot to do it.
And of course you'd have to research all the paints, strokes, etc, involved.
> You can't just flood the market with fresh Ethereum block space any more than you can flood the market with fresh Banksies.
And that's the overhead, yeah. Even after PoS, it's still a network that doesn't scale. Thousands of computers are doing the same thing, repeating the same calculations and therefore not improving capacity in any way.
Duplicates don't sell. This is very similar in crypto - if you duplicate an existing blockchain, its block space doesn't sell. Art - and blockchains - sell because they are original, liquid, come with durable social proof, and have resale prospects and/or utility (real or perceived).
> Thousands of computers are doing the same thing, repeating the same calculations and therefore not improving capacity in any way.
I think I get what you're saying - if a blockchain were able to run on a single computer, then gas would be very cheap because each calculation would only need to be run once.
Current blockchain protocols, of course, do not work like that. So if I might try to paraphrase your argument about overhead, it boils down to "if blockchains did not work the way they do, then gas costs would be cheaper." Which I can't really argue with.
Eth is now POS, a laptop in a corner can now "mine" eth.