I am far from understanding blockchain. So this is a neophyte question. My current understanding is that the work done to mine bitcoins is not futile, but the required processing for the functioning of the system. It is not like digging holes and filling them, Keynes style, but rather like doing the processing for the network and getting paid for it. Is this wrong?
Thank you for the very interesting and useful article.
RE: Not picking on Bitcoin, I love Ford's Model T too!