That's a stupid argument at so many levels I barely know where to begin.
BT, for all it's inefficiencies, at least does something useful - chances are your post and mine both travelled over an openreach line. Had you picked a hedge fund, or spread betting firm your argument might make more sense.
Second, Bitcoin mining uses an estimated 0.59% of energy consumption. That's not "immeasurably small", by virtue of the fact that you can write it down as a number.
Third, given that 100% of global economic activity in the last 200 odd years has been enabled by the "fiat system", I'm not sure what you're aiming at. Fiat currencies paid for 100% of everything. Your argument is as effective as blaming criminality on air.
Whatever the many, many faults the global financial system undoubtedly has, it has the virtue of not requiring an ever increasing amount of energy just to build the raw materials on which it functions. Proof-of-work cryptocurrencies solve none of our problems, while exacerbating one (excessive energy consumption) for no tangible benefit.
Biting the hand that feeds IT
