No. The "output" of Bitcoin is bigger than that. You focus on a single aspect of the system (processing transaction) and disregard everything else. You fail to look at the big picture, at what the system indirectly creates outside of transactions (helping people escape inflation, and yes redistributing wealth that is donated to charities, etc.) The point is: none of these benefits would exist if Bitcoin/cryptos didn't exist.
Your argument is like saying that "cars are a waste" because one aspect of their operation (engines losing energy as heat) is waste.
What the fuck is the point of bitcoin if the majority of all transactions are off-chain?
LOL. No transitions get denominated in BTC. Cyrpto is way to volatile for that. Anybody sane prices their stuff in USD or some other currency.
Whether bitcoiners admit it or not, the fiat value of their internet tokens are the only thing they care about. What is their BTC worth and when can they go buy their lambo (using fiat, of course...)
Are you serious? Like, that’s a serious argument? Cartel bosses donate money... same thing right?
>Transactions don't consume energy. This is the biggest misunderstanding floating around here.
The misunderstanding is that you think there is a difference between transaction number and miner power. We don’t care. It’s the same thing because what we’re looking at is total power used (massive) and dividing it by a transaction number which is effective output which is transactions.
Bitcoin is a resource waste, you’re defending it in part because “some people have donated to charity. Good luck with that.