> Would you consider gold mining a waste of energy?
If the amount of work put into getting it is not reciprocal to the value of the outcome, then yes I would consider it a waste. So would most commercial gold miners, I reckon.
> If you don't need to perform work of equivalent value to the money you are creating, what do you think will happen?
The work miners do doesn't give Bitcoin it's value, the supply and demand economy does. Miners are supposed to validate blocks and push the ledger forward, without an active trading economy their work is inherently wasted. That's like... Bitcoin 101 right there. God help you if you own any.